China’s Economic Model after COVID-19 and Its Implications for Thailand

Abstract

Abstract  

               This article aims to study China's development models and strategies during Xi Jinping’s regime or “Xinomics”, especially its Dual Circulation Model and the current China’s 14th Five Year Plan, in order to learn from China’s experiences in addressing similar economic problems that Thailand is facing and analyze its implications to develop a relevant economic framework for Thailand after COVID-19.

               Based on the findings, it is concluded that China has been able to restructure its economy to be more consumption-driven by implementing the “Xinomics” approach that sought to reduce its overdependence on foreign markets and technologies. With its new development model, China has successfully reduced its export to GDP ratio and gradually increased its consumption to GDP ratio.

               With lessons learned from China’s model, this article recommends that Thailand should transform its economy after COVID19 with the C.C.C. framework, which stands for Circulation, Consumption, and Competition, and to be a more advanced and innovative nation with the T.H.A.I. Model covering Technology, Human Capital/Talent, Advanced Agriculture, and Innovative Industries. Nonetheless, it is imperative to be aware that the context of Thailand is significantly different from China’s context in many aspects.