The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly proposed，Accelerate the construction of a domestic circulation as the main body、A new development pattern in which domestic and international dual cycles promote each other。The key to building a new development pattern，It lies in the smooth flow of the economic cycle。This requires persisting in deepening supply-side structural reform，Improving the quality and allocation level of my country’s production factors，Comprehensively improve the quality and efficiency of bet365 sports development，Relying on high-quality bet365 sports development to promote high-quality economic development。

　　Smooth bet365 sports cycle connecting supply and demand system

Building a bet365 sports with supply-side structural reform as the main line，The core is the smooth circulation of the industry，Thus achieving high-quality development of the industry。The Central Economic Work Conference in 2017 will “cut overcapacity、Destock、deleveraging、Reducing costs、Making up weak areas” is the main task of supply-side structural reform，After the efforts during the “Thirteenth Five-Year Plan” period，Our country has achieved significant results in many overall reform tasks，But the weak links are still obvious。“Reducing overcapacity” and “destocking” have significant effects，Go to government financing platform leverage、Reducing costs for small and medium-sized enterprises and other major issues still require hard work，ERBU Technological Innovation、The shortcomings of the "stuck neck" technology are even more arduous and there is still a long way to go。current，Promoting supply-side structural reform is still in the "three-phase superposition" period，The macroeconomic characteristics of “four drops and one rise” still partially exist。Specifically，During the “14th Five-Year Plan”，Our country may still be in the throes of structural adjustment，We still need to focus on preventing the occurrence of systemic risks。At the same time，Considering the instability and uncertainty of the international environment，The solution of these deep-seated problems needs to be in the process of building a bet365 sports，Promote it from both supply and demand aspects。

The smooth circulation of industry is the hub linking the reform of supply and demand。From the perspective of optimizing the supply system，Improving the level of bet365 sports supply itself is the core of supply-side reform，Constructing a new development pattern further requires the establishment of an independent and controllable modern bet365 sports system，Enhance my country’s bet365 sports innovation capabilities and technological self-reliance and self-reliance；From the perspective of upgrade demand system，Secure the strategic basis of expanding domestic demand，make production、Assignment、Circulation、Consumption relies more on the domestic market，This requires high-quality bet365 sports development to provide strong support for the general growth of urban and rural residents’ income；From the perspective of enhancing the adaptability of the institutional system，Creating an environment for high-quality bet365 sports development is the core of system construction。For example，Institutional construction in the financial field should be based on better serving the real economy；The construction of the free trade zone system aims to promote investment and trade facilitation，Create a better bet365 sports development environment；Promote the Yangtze River Delta regional integrated development strategy，We need to break down administrative barriers，Promote the free flow of elements between regions，Achieve better resource allocation and bet365 sports balance。

　　Independent and controllable capabilities highlight bet365 sports competitiveness

United States、The bet365 sports cycle characteristics of developed economies such as Japan can be characterized from two dimensions。First, the main industries in which internationally competitive enterprises of the two countries are located；The second is the characteristics of the domestic and foreign markets of the two countries。

It can be seen by analyzing the industry characteristics of the 20 companies with the highest market value in the U.S. capital market，These companies are mainly distributed in three fields。The first is the digital field represented by the Internet，This type of enterprise has the highest number and market value，Representative companies include Apple、Amazon、Google、Microsoft、Facebook, etc.；The second is medicine、Brand consumer services represented by retail，Including Johnson & Johnson、Walmart、Procter & Gamble, etc.；The third is high-end materials、Device、Software and other basic industries，includes NVIDIA、Tesla、PAYPAL、Intel, etc.。Because the U.S. market occupies an important proportion in the global market，Also because of the openness and competitiveness of the market，These American bet365 sports giants are expanding their domestic market share at the same time，Further exploring the international market in the form of a multinational company，Actively participate in international market competition，Thus achieving the circulation and balance of domestic and international markets。At Microsoft、Google、The composition of operating income or profit sources of Amazon’s three digital economy giants，Both the domestic market and the international market contribute nearly half。Based on such characteristics，The U.S. bet365 sports cycle model can be summarized as: first importing low-end bet365 sports products and raw materials from other countries，Subsequently produce high-end equipment and bet365 sports products in the country、Software and provision of Internet services，Finally, occupy the international market while meeting the needs of the domestic market。

The industry distribution of important companies in Japan is different from that in the United States。Due to the lack of digital economy giants，Japan’s large multinational companies are mainly distributed in core bet365 sports intermediates、High-end equipment and other fields，These companies are among the top 20 in market value in the Japanese capital market。For example，Toyota in the automotive field、Honda，Dajin in the field of electric power、Mitsubishi、Keyence、Sony，Shin-Etsu Chemical, etc. for semiconductor materials。Subject to the relatively small domestic market，Toyota’s domestic sales are about 20%、Overseas sales up to 80%，Overseas sales of Daikin air conditioners exceed 70%，About 70% of Shin-Etsu semiconductor materials are sold overseas。Visible，The market characteristics of Japan’s competitive industries are manifested through the coordination of domestic enterprises and overseas investment，Consolidate the domestic market、The goal of developing international markets。The bet365 sports cycle model can be summarized as: first import assembly products from other countries、Labor-intensive bet365 sports products，Then we focused on the development of high value-added parts in the country、Material、High-end equipment，And invest in terminal products overseas，Finally achieve a higher share of the product in the domestic and international markets、Stronger competitiveness and weaker substitutability。

Different from developed countries such as the United States and Japan，In the past, our country basically followed the law of static comparative advantage，Seize the opportunity of division of labor and trade within global products，Realize global bet365 sports chain、Supply chain、Value chain embedding and upgrading。The first category of my country’s export products is mechanical and electrical products，Mainly includes laptop computers、bet365 sports products such as mobile phones that are in the assembly process and have low technical complexity。Since joining WTO，my country has made a huge breakthrough in embedding itself into the global value chain，One of the important features is "foreign advanced equipment + key intermediate products + human capital dividend"，This has formed the international competitiveness of Made in China。But this model relies too much on exports，Leading to relative imbalance in my country’s domestic and international markets，Key core technologies are controlled by others，The strategy of expanding domestic demand, especially the expansion of household consumption demand, has many shortcomings，The domestic market potential and independent innovation capabilities need to be fully explored。Therefore，Achieving high-quality bet365 sports development under the new development pattern，The key is to push the slave device、Basic software、Localization of a series of key links from materials to production and manufacturing，Achieving independent control over the core parts of production design，Realize export products to be mainly core intermediate goods and complex capital goods。Only in this case，Only my country’s export products can have strong international competitiveness and high added value，This in turn prompts domestic enterprises to shift their main investment direction from expanding production capacity to innovation iteration and human capital improvement。

　　The foothold to achieve high-quality bet365 sports development

Comparing the bet365 sports cycle characteristics of developed economies such as the United States and Japan，It has the following implications for understanding the high-quality development of industries under the new development pattern。

First，Insist on making good use of the domestic market to enhance the international competitiveness of the industry。General Secretary Xi Jinping pointed out，The new development pattern is by no means a closed domestic cycle，But a more open domestic and international dual cycle。Building a new development pattern，It is necessary to form a strong domestic market，We need to implement it on a larger scale、Wider area、Deeper opening to the outside world。Currently，Global pandemic of COVID-19，Countries around the world are in the dual dilemma of the impact of the epidemic and weak economic growth。In view of the complex international environment，The ultra-large domestic market enables our country’s economy to demonstrate strong development resilience and room for maneuver，Must rely on domestic market advantages to achieve innovation-driven development，Coordinate and promote the completion of short boards and forging long boards，Promote bet365 sports structure upgrading and internal efficiency improvement，Improving the international competitiveness of the industry，And then realize the transformation of our country’s industry into a global bet365 sports chain in the mutual promotion of domestic and international dual cycles、Climbing up the high end of the value chain。

Second，Catching up in key industries is the key to breaking the situation。From the perspective of global bet365 sports competition pattern and China’s bet365 sports development trends，The reason why developed economies such as the United States and Japan have strong bet365 sports foundations，Because some of its key industries and core technologies have irreplaceable international competitiveness and influence。These industries mainly include digital economy (Internet platform、artificial intelligence, etc.)、Basic Manufacturing R&D (Integrated Circuits、High-end equipment、Basic software, etc.)、Biomedicine and other fields。In the process of building a new development pattern，Our country will compete head-on with developed countries in these fields。According to the development characteristics and laws of different industries，Give full play to the decisive role of the market and the role of the government in resource allocation，Implement targeted catch-up bet365 sports policies，Leverage the dynamic comparative advantages of late-developing countries，will become the key to promoting high-quality bet365 sports development in our country。

　Third，Understanding bet365 sports development under the new development pattern from the perspective of national strategy。current，Under the requirements of building a new development pattern，Our country has planned and formulated a series of policies and measures，To achieve high-quality economic and social development during the "14th Five-Year Plan" period，Among them, bet365 sports safety and smooth circulation are the most important policy goals。For example，About the policy of "Optimizing and Stabilizing the bet365 sports Chain and Supply Chain"，Reflects the profound changes in the layout of the global bet365 sports chain under the impact of the new coronavirus epidemic，Require our country to speed up breakthroughs in “stuck” technologies in key areas，Effectively enhance the independent controllability of the bet365 sports chain and supply chain；About the policy of “strengthening anti-monopoly and preventing disorderly expansion of capital”，It lies in insisting on equal emphasis on dynamic competition and dynamic innovation，Guide my country’s platform companies to actively engage in technological innovation and Internet services，Promote high-quality development of my country’s digital economy through healthy competition，At the same time, we can better meet the people’s needs for a better life。

　　(This article is a phased result of the National Social Science Fund’s major project “Research on the Construction of a ‘Dual Cycle’ bet365 sports from the Perspective of Domestic Demand-led Global Value Chain” (21ZDA007)

(The author is deputy director of the Yangtze River Institute of bet365 sports Economics, Nanjing University、Researcher)