Domestic Demand-Based Economic Globalization: Strategic Choice for China to Profit from the Second Wave of Globalization*

Liu Zhibiao
Center for the Yangtze River Delta Socioeconomic Development of Nanjing University, Nanjing, China
Jiangsu Provincial Academy of Social Sciences, Nanjing, China

Abstract: China’s first wave of economic globalization is characterized by its full utilization of foreign advanced, especially innovative, production factors in the domestic market to develop its innovation economy. China’s participation in global economy can be described as fully utilizing domestic low-end production factors through foreign markets. This type of participation has been overdone. As China aims to engage in a second wave of economic globalization, the focus is to implement an in-depth globalization strategy under the condition of expanding domestic demands, namely and to develop the global economy based on domestic demands. The purpose is to achieve an economic rebalance with the world and help China out of its overcapacity predicament in weaker globaleconomic climates. Moreover, it will bring China a chance to introduce foreign advanced factors to accelerate growth and develop innovation economy by turning economic crisis in the West into opportunities.
Key words: domestic demands, export orientation, economic globalization and China’seconomic development

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