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Global supply chains experienced unprecedented changes in 2020 and the relationship between domestic and global markets needed adjustments considering the long-term impacts of the changes that are unfolding around these markets. China has become the first country to announce a formal strategy – “Dual Circulation” Strategy (DCS) – to guide its self-reliant economic development in the post-COVID era. However, what exactly is the DCS and what drove China to publicize this strategy is not yet clear. This study aims to answer these questions.

Based on an extensive review of literature and media reports, a background has been constructed that justifies the DCS as a long-overdue historic necessity.

A novel definition of “Dual Circulation” is introduced. A novel construct to visualize the domestic circulation in light of international and domestic markets and international circulation has been presented. The study argues that maintaining optimum levels of consumption and saving rates is crucial to the DCS’s success.

The study pioneers the first scientific definition of the “Dual Circulation” that will pave way for future debate on the topic. Also, it is the first time an academic study on the DCS has been executed.

This study aims to examine how participation in the Belt and Road Initiative (BRI) affects province-level regional economic resilience. In the context of dual circulation – the new development paradigm proposed by the Chinese Government – participating in the BRI is an important means of connecting both international and domestic circulations and achieving high economic resilience. The complex causal relationship between participation in the BRI and province-level regional economic resilience is investigated.

Based on the complex system view, this study uses fuzzy set qualitative comparative analysis (fsQCA) to examine the impact on regional economic resilience when provinces participate in the BRI through unimpeded trade, infrastructure connectivity, financial integration and people-to-people bonds under the two conditions of attention allocation and buffering capacity. Qualitative textual analysis is applied to analyse provincial work reports, and relevant statistical data are used to measure the economic resilience from 2013 to 2020.

The authors identified three condition configurations that lead to a high regional economic resilience at province-level and one condition configuration that lead to no high-level regional economic resilience.

In-depth analyses of qualitative materials should be conducted to explain the systematic relationships among the conditions.

This research is of practical significance to the development of the theoretical framework and practices of the BRI in the context of dual circulation.

The final stage of the changeover to the euro consisted of the introduction of euro coins and banknotes on 1 January, 2002. The national changeover plans, that provided the scenarios, were based on the exclusive transaction function of money. However, in most European countries high‐denomination banknotes were significantly hoarded and/or used in the underground economy. Since the holders of these banknotes could not convert them anonymously in the two months changeover period, some feared that many banknotes would invade the payment system, leading to a cash‐crash. Nevertheless the changeover process evolved smoothly. As for the future, chances are that some users in the regular sector have permanently changed their payment habits by shifting towards electronic means of payment. In the longer run we believe, however, that the tolerant attitude of the authorities with respect to currency use in the underground sector, will sustain the demand for currency.

The socialist political economy with Chinese characteristics is the scientific fruit of Xi Jinping thought on socialist economy with Chinese characteristics for a new era. People-centred philosophy is the core values of the Communist Party of China (CPC) Central Committee's governance of China with Xi Jinping as the core and has become the core values of the socialist political economy with Chinese characteristics. According to Xi Jinping thought on socialist economy with Chinese characteristics, it represents the interests of all people and determines the disciplinary attribute of the socialist political economy with Chinese characteristics, that is, people-centred economics. Xi Jinping has defined the essence of the socialism as eliminating poverty, improving people's livelihood and gradually realising common prosperity. That determines the main line of socialist political economy with Chinese characteristics is to liberate, develop and protect the productive forces and achieve common prosperity. This study aims to discuss the aforementioned statements.

Xi Jinping's scientific judgement on the new stage of development and the principal contradiction facing Chinese society has put forward the requirement of problem orientation for the study of socialist political economy with Chinese characteristics, involving the main contradiction facing Chinese society, high-quality development and modernisation. China's socialist basic economic system consists of a socialist market economy in which public ownership plays the leading role alongside other forms of ownership and distribution according to work is the mainstay, while other forms of distribution coexist alongside it. And this socialist basic economic system, marked out from three dimensions—production, distribution and exchange analysis, is the key of analysis of systems in the socialist political economy with Chinese characteristics. The economic operation analysis in political economy mainly involves resource allocation and the government's macroeconomic regulation and control.

The new thought and new practices about the role of the market and the government in the new era have opened up a new realm for the economic operation analysis in the socialist political economy with Chinese characteristics. The new development philosophy and new development paradigm define the content of the economic development theory in the socialist political economy with Chinese characteristics. The new development paradigm reflects the dual circulation theory of social reproduction.

The socialist political economy with Chinese characteristics is to study laws of economics in various aspects from economic system, economic operation, economic development to foreign economy and provide the basic principles of socialist political economy with Chinese characteristics. Its mainstream economic position will be consolidated continuously.

This article aims to provide an in-depth analysis of the late-mover advantages and disadvantages of China's futures market.

This paper reviews the establishment and evolution of China's futures market via historical and comparative analysis, deeply analyzing the market's late-mover advantages and disadvantages.

The establishment and evolution of China's futures market as a late-mover enjoys benefits in overall design, pilot, and post-development. However, it also suffers disadvantages brought by institutional transformations, advantage enjoyment, catch-up strategies, and international integration.

This paper is the first to systematically explore the laws affecting the formation of the price system in China's futures market. The findings of this research provide important policy implications for the development of China's futures market and references for other developing countries.