On the second leg of a tour of Africa aimed at promoting American regional investment, U.S. Treasury Secretary Janet Yellen emphasized the importance of addressing Zambia’s heavy debt burden with China. Zambia became Africa’s first pandemic-era sovereign nation to default when it failed to make a $42.5 million bond payment in November 2020. Negotiations over how to deal with the debt load have been ongoing.

In the economic section of the 20th Party Congress Report, Chinese President Xi Jinping repeatedly mentioned the “Dual Circulation Model.” Since its initial proposal in May 2020, this economic development model has been openly advertised by Xi both domestically and internationally, including at the 3rd China International Import Expo, which took place in November 2020 in Shanghai. What is the Dual Circulation, and what exact goals is it set to achieve?