What Is the Russian Trading System?

The international trading system is a dual structure system consisting of developed and developing countries. Developed countries control technology-intensive industries, liberalize labor-intensive industries, and gain more than 15% of domestic GDP through price scissors. It is necessary for all WTO members to uphold and reaffirm their commitments within the WTO to promote a well-functioning, rules-based, open, fair, predictable, non-discriminatory and development-friendly multilateral trading system.

International trading system

in

UNCTAD document on 55th UNCTAD

After 2005, when global economic growth reached 4.2% without inflation, economists agree

Following the US Deputy Secretary of State Zoellick's proposal that China is a "stakeholder" in the international system, the United States

Universal Vision Current

The fast-growing Chinese economy, with wages less than one-tenth of the United States and artificially low exchange rates, is

International trading system

Unfairly forced the closure of US factories and deprived thousands of American workers. Allegedly, the growing US trade deficit with China is evidence. The actual situation is certainly not so simple. Although the Bush administration has complained about China s yuan pegged to the US dollar exchange rate policy and recently imposed trade barriers on televisions and bras imported from China, it has also rejected most protectionist trade bills proposed by lawmakers. Chinese officials and analysts argue that China's trade surplus with the United States is a special case because China has a trade deficit with several Asian countries, and its import growth is growing faster than its export growth, while total import and export trades are becoming balanced. Lin Yifu, director of the China Center for Economic Research at Peking University, predicts that even if the RMB exchange rate is adjusted, it will not necessarily increase imports from the United States. He pointed out that most of China's exports to the United States are labor-intensive products, and the United States has rarely produced these products. Mr. Lin added that the United States and Japan's arguments against China were wrong. "I think they just want to find a scapegoat. If they are in trouble, they blame others."

China is not a non-existent trade barrier. On the contrary, China's economy remains open to foreign economic and trade cooperation and investment, and is fully integrated into the global trading system. Its degree of openness far exceeds that of Japan and South Korea at similar stages of development. Take a look at the front line of the manufacturing industry, such as the private Chinese company "Qumei Furniture" or the American auto parts supplier Asimco, and you will understand how deeply China is integrated into the global trading system. Qumei Furniture s bright workshop outside Beijing is not a sweatshop, although female workers who work under the sewing machine and male workers who nail their covers to the sofa frame earn only RMB 1.500 to 2.500 per month. between. Qumei is expanding: the new plant under construction will be four times larger than the existing plant. The company is exporting furniture to the United States, Europe and Asia. But according to Xue Shuping, vice president of the company, most of the company's tables and chairs are sold to the rapidly expanding Chinese market. Qumei also imports products and services from abroad. The company hires designers from Scandinavia and imports most of the beech and other wood it needs from Europe. Director of the Bank's Investment Banking Division, Paine Webber, has been active in the Chinese market for more than 10 years. He said it was wrong to think that all US manufacturing jobs would be lost to China. But he also pointed out that US factories need to adapt to the new situation. His company is a good example. After years of struggling with a joint venture with the local government, Asimco began exporting from China in 1998 and traveled across the ocean to the United States for its first overseas acquisition. In Grand Harbor, Michigan, Asimco has acquired a camshaft plant from federal Federa l Mogul, which has filed for bankruptcy protection. Some production processes will be moved to China where labor costs are lower, but high-tech operations will remain in the United States. Mr. Perkowski said that two years later he would be able to announce that he had taken over a lingering business and developed a Chinese strategy for it to bring it back to life. He added: "There will be more business, not less, in the US plant." However, neither this prospect nor the reaffirmation by China that half of its exports come from foreign investment or joint ventures is not sufficient for the United States. The growing political tone has cooled. In a statement in Hong Kong, U.S. Ambassador to China, Reid, criticized China for failing to fulfill its commitments made when it joined the WTO.

Such arguments are not entirely convincing in the context of Washington's reluctance to abide by WTO rules and to lift illegal tariffs on imported steel. However, Mr. Reid pointed out that US products and services have encountered obstacles in many areas of China's economy, including distribution, financial services, and agriculture, and have also suffered from widespread piracy of software and other products. China's response to American criticism has been basically restrained and low-key. China's Ministry of Commerce "deeply regrets" and "resolutely opposes" the United States' restriction on the import of three kinds of textiles, knitted fabrics, corsets, and robes. Beijing has also proposed to procure more high-value US products to narrow the bilateral trade surplus. These proposals are good news for American companies like Boeing, but they do not meet the principle that trade should be dominated by market forces. Beyond that (and then adjusting the RMB exchange rate within a managed framework), Beijing's options are limited, at least until China's banking system is robust enough to allow the RMB to convert freely. For the time being, Chinese officials can only reiterate that China's import and export trade as a whole tends to be balanced and that a deficit may occur. Wang Mengkui, director of the Development Research Center of the State Council, cited the results of the Asian Development Bank's research and pointed out that China is expected to become Asia's largest exporter in 2010, but will soon become Asia's largest importer in 2005. "The possibility of a (trade) deficit in China in the near future is possible," he said, "but not worried about it." However, until the US election is over, the trade deficit with China will still be American. Focus. When U.S. Ambassador Reid was asked whether the deficit might reflect the shortcomings of the United States and not necessarily the unfair competition of the Chinese side, he replied: "China's import growth rate is 40%, and the United States accounts for 26% of it. It's really prejudiced; as an American, you can't believe you don't know how to compete. "