During these trying times such as a global pandemic and increasing trade tensions between the world's two largest economies, China is determined to be self-reliant when it comes to new and innovative technology that is more than just made in China. And while it is a good thing for the Chinese to be self-reliant when it comes to critical components, the country is still young when it comes to innovation and thus still needs the expertise of international entities. Thus the desire to ensure global cooperation with the rest of the world despite the current situations.
Even with the desire to be more self-reliant, China is keen on making sure that the rest of the world will continue to do business with the Chinese. And that also means the United States. Chinese authorities are pushing back on the US-China "decoupling" since it is not beneficial for the two countries in the long run as any trade is better than no-trade.
https://www.cnbc.com/2020/10/30/china-talks-up-a-future-in-which-it-needs-collaboration-with-the-us-.html
I think this is all something that will be more clear after the election and next year as well. Depending on who is president, I feel that that truly determines how our trade will run with China. Right now tensions are high, so it is hard to say whether this will actually happen soon.
ReplyDeleteI think we will see greater trade with China, but we are unlikely to return to our previous levels of cooperation. Even without Trump's tit-for-tat "deals" with China, suspicions of one another run deep in both countries. Each party will trade with the other so long as it is mutually beneficial. But economic concerns are not all that is at stake. China is becoming more assertive and self-reliant. Many in the U.S. are concerned about Chinese state sponsored enterprises and the continuing repression in Xinjiang, Tibet, and Hong Kong. Even without Trump, I think we will see tumultuous relations between Beijing and Washington.
ReplyDeleteThe thing is that distrust among countries towards China have been rising whether it be the aggressiveness of Xi Jinping in promoting his power or China to the global stage. There is wariness with trading with China and that is something that countries will have to balance. Either trade with China, the 2nd largest economy and largest exporter or resist Chinese expansion at the cost of alienating a growing superpower.
DeleteIt is important for open economies, such as the US, to continue with trades. Regardless of who they are trading with, it is crucial for the economy to make capital any way that they can. Trading is a huge part of the US economy and it would only hurt us, as well as many other countries, to close down trades.
ReplyDeleteIt is clear that like all Americans, the Chinese government is awaiting the elections as well to see whether they can or should trade with the US or not. China is a self reliant country and therefore, the US government does not realize how much they need the imports from China. China exports its goods to the whole world so one less country might not affect them as much, while a large sum of the US government's GDP caused by imports consists of goods by China.
ReplyDelete