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China embraces free trade

by:VIPUTRANS     2020-08-04
   German media said that the future US president does not value the free trade agreements with Southeast Asia and Europe. Now even the Chinese hope that Donald Trump will not take it seriously. But if this is the case, China may benefit the most.


  According to the German 'Economic Weekly' website reported on November 29, Obama called the 21st century 'Pacific Century', which made Europeans unhappy. The outgoing US president used this to describe the continuous expansion of the US economy in Asia. Considering that globalization and digitalization have continuously strengthened the network of the world, this is a logical development.

   reports that in recent years the Obama administration has influenced the development of draft agreements between the United States and many countries in the region. Now, just before a breakthrough is made, Donald Trump is elected as the next president of the United States, and the entrepreneur who will enter the White House at the end of January has made it clear that he does not value these trade agreements very much.

   But ideally, all parties will benefit from the agreement. China could not help showing its enthusiastic support for free trade. The logic of China is that Trump is a businessman. When the election dust is settled, he will act from economic rationality and abandon protectionist measures. The agreement negotiated by the Obama administration is valid for all signatories only if the United States also participates.

  On the other hand, on the other side of the Atlantic, the European Union has also been busy with a free trade agreement with this big country for some time. This is because the national sentiment of individual countries or the public feels that such an agreement is not good and has been severely criticized during the negotiations. The discussion revolved around consumer protection issues and the degree of dependence on the arbitral tribunal. However, in addition to the discussion of matters, Europe-like the United States-also has a general rejection of free trade, globalization, and free migration. Both the Brexit referendum and the US election results also point in this direction. And just a few weeks ago, especially because of these concerns and rejections, the EU-Canada free trade agreement hit the rocks.

   reports that, in other words, the new and old continents are now becoming rusty, and the new continent and China are becoming estranged. On the other hand, China does not hesitate to invest overseas, diversify its investment, or transfer technology to China. The Chinese are also very active in Germany, making many acquisitions and investments. Sooner or later, China will form a network with the economies of the world and thus become dependent on it. At the height of the financial crisis, people saw how much foreign currency the US dollar held in China.

   The initial summary of the era of globalization shows that in poor countries, globalization has now alleviated the poverty of a large number of people and brought greater wealth. At the same time, in rich countries, it makes a few rich people even richer. Countries such as China, India, and Mexico have benefited from the era of globalization-similarly, countless consumers in Western industrial countries have also benefited from lower prices. On the contrary, the unimpeded free flow of funds (especially through investment and various financial instruments) has led to the concentration of wealth. It is faced with stagnation of wages and the hollowing of social welfare behavior in Western countries to some extent.

   reports that this is the gulf that separates China from the United States (and the entire West). This contradiction reveals the reasons for the different views on free trade and different political evaluations. In the West, this has led to a certain degree of stagnation in political action, which can be clearly seen in discussions with the United States and China on free trade agreements. The winner is China. If we continue in such a way that the United States withdraws from global affairs and stays isolated, China will have a say in economics and finance through multiple ways of interweaving.

   reports that in general there is no place to be condemned. However, China is using this to determine standards and rules. If the West withdraws from this process, then the authority parameters will be determined by China. With the election of Donald Trump, the possibility of this development has further increased-the development from which China may derive decisive benefits. What started from this is not the Pacific Century, but the Chinese Century.
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