关键词: 双循环, 内外联动, 泡沫经济, 改革开放

Abstract: After World War II, Japan established a dual cycle development pattern. It formed an internal cycle development pattern by increasing national income, improving supply quality, and expanding domestic demand, and formed an external cycle development pattern by developing import and export trade, foreign direct investment, and government development assistance. The internal and external circulation patterns have developed in coordination and linkage with each other, which has achieved an economic miracle of rapid growth. However, after the collapse of the bubble economy in 1990s, structural problems became prominent, the internal circulation was in a predicament, the dual cycle development pattern became unbalanced, and the depression lasted for three decades. There are many similarities between China and Japan in terms of economic development model. The success or failure of Japans dual cycle development pattern has important implications for China to build a new dual cycle development pattern. China should be very vigilant against the development of economic bubbles, promote supplyside reform and demandside management, properly handle the relationship between market and government, persist in deepening reform and expand opening to the outside world.

Key words: dual circulation, internal and external linkage, bubble economy, reform and opening-up