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Is China's record trade growth 'fair' to the rest of the world?

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Is China's record trade growth 'fair' to the rest of the world?

By Li Yong, CGTN
2018-01-12


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Thanks to the recent global economic recovery, though moderate, China’s trade numbers hit a new record of 27.79 trillion yuan (about 4.28 trillion US dollars) in 2017, reversing the previous two years of decline.

Trade with China’s top three trading partners – the EU, US and ASEAN – is in line with the overall trend of growth, 15.5 percent,15.2 percent 16.6 percent respectively, and the aggregate of the three accounts for 41.8 percent of China’s total trade. The increases of trade volume with countries along the Belt and Road routes are also attributed to overall pick-up.

China’s policies have played a role in the 2017 trade performance, which not only benefited China’s exports but encouraged imports, helping the economies of other countries.

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VCG photo

However, the attention on China’s trade development is not always based on objective assessment, but seen through the lens of prejudiced judgments.

Some trade analysts and observers outside China are openly suspicious of the statistical reliability of China’s trade numbers, and continue to cast their eyes on trade balance issues, notably, trade deficits between some of China’s largest trading partners.

The trade deficit has been conceived as imposed on unfair trade practices and worse still, the result of free trade. The world in 2017 was immersed with worries about the rise of economic nationalism and trade protectionism, which have distortion effects on the normal flow of trade and the value chain embedded therein. “Free trade”, which has been the core value of the multilateral trading system for decades, became a word of contention that some countries wanted to avoid in the statements of G20 and APEC meetings.

To justify the arguments for protectionist measures and to threaten to impose unilateral actions, “free trade” is masked with other adjectives, such as “fair” and “reciprocal” to in an attempt redefine international trade order. Countries were even encouraged to put their countries first. There are also demagogues associating trade deficits with national security.

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Reuters Photo

The discontent about free trade and grudges over trade imbalance seemed to be based solely on the status of a country’s trade being in the red, which is seen as the pure and only result of “unfair” and “non-reciprocal” trade, but economic fundamentals have largely been ignored in assessing economic success and failure of a country.

A lot of other factors come into play to determine today’s pattern of international trade, such as economic globalization, integration of global supply chains, and re-division of labor, all of which make comparative advantages a holistic business decision across the globe rather than “my country first” choices. The question is, if trade is not free, how can it be “fair” and “reciprocal”?

This simplistic reductionist mindset will only lead to irrational trade frictions that will benefit no one, particularly when the cause of trade imbalances comes from within – usually due to a country’s failure to make structural adjustments and reforms.

This is, however, not to say that balanced trade is unimportant. It is important in ways that countries work together to find win-win solutions to achieve a more balanced picture. China, in its recent central economic conference, has put forward, for the first time, a notion of “balanced trade”, which shows China’s goodwill to contribute to global well-being, and that can be seen by the creation of the China Import Expo.

To make special reference in the discussion of trade balance here, China’s trade with the U.S. has grown by 15.2 percent to 3.95 trillion yuan, making the US the largest single-country trading partner. Although China’s imports from the U.S. increased faster than its exports (17.% vs. 14.8%), the trade deficit the US has with China increased by 13%. This has been achieved amid grudges over China’s “unfair” trade practices, while a series of unilateral actions have been taken to curb China’s exports, and may add fuels for tougher US trade positions against China in the new year. One thing that should not be forgotten and ignored is that America’s imports from China are the consequences of rational market decisions (most of the American importers are small to medium-sized companies and live on profitable imports), consumer confidence and business optimism. China’s competitive products have also been translated into the competitiveness of US exports, which is up by 5%.

All in all, trade deficit is not an appropriate way to evaluate a trading relationship and has no correlation whatsoever with losing an economic race to another country.

(Li Yong is a senior fellow of China Association of International Trade. The article reflects the author's opinion, and not necessarily the view of CGTN.)

https://news.cgtn.com/news/34556a4d78677a6333566d54/share_p.html
 
Chinese soft power department punching themselves in the face again.

Way to go...

How hard is to to write a title that portrays China as an indispensable engine of global economic growth and stability for the world?
 
China's record trade is fair to the world.

China works hard at innovation to develop new technologies and patents.

This expanding bubble of new affordable Chinese technologies will obviously push up China's total export value.

It is not China's fault that other countries do not innovate to compete in the world marketplace.

Chinese researchers work hard to bring new technological products to the world market. Consumers buy them, because new Chinese products are useful and affordable.

Hard work by China is not an indication of unfair trade. It is only an indication of Chinese HARD WORK.
 
Blasphemy! Truly revolutionary innovation is Apple's rounded corners and Amazon's one click check out.

Seriously though, China needs to develop their branding/marketing muscles. They're not extracting enough money for many of their products and services. DJI does better. More Chinese should learn from them, minus their ridiculous white worship in the adverisements. The ultimate bullshitters are Apple with their half a trillion market valuation based on hype + CFIUS cockblocking disguised as "national security" concerns...while NSA hacks the planet.
 
Blasphemy! Truly revolutionary innovation is Apple's rounded corners and Amazon's one click check out.

Seriously though, China needs to develop their branding/marketing muscles. They're not extracting enough money for many of their products and services. DJI does better. More Chinese should learn from them, minus their ridiculous white worship in the adverisements. The ultimate bullshitters are Apple with their half a trillion market valuation based on hype + CFIUS cockblocking disguised as "national security" concerns...while NSA hacks the planet.

Needs to take the steps softly not to ruffle any feathers. So far so good, my friend. Although these unfair treatment and pure hatred is annoying, mostly, they are inconclusive, as seen from the trade figure reaching up to $4.5 trillion.

Not taking decisive action basically means saving one's ammunitions and making the enemy more dependent. Hence, any more decisive action in the future would hurt more.

I guess this is one of the ways to think of the whole affair although @Jlaw would disagree.

China's record trade is fair to the world.

China works hard at innovation to develop new technologies and patents.

This expanding bubble of new affordable Chinese technologies will obviously push up China's total export value.

It is not China's fault that other countries do not innovate to compete in the world marketplace.

Chinese researchers work hard to bring new technological products to the world market. Consumers buy them, because new Chinese products are useful and affordable.

Hard work by China is not an indication of unfair trade. It is only an indication of Chinese HARD WORK.

Interestingly, before the Western trade supremacy was unquestioned, there was only free trade, no this stupid "fair" trade. Fair for what? For failing? It is like positive discrimination, a notion that goes against evolution and social meritocracy.
 
Interestingly, before the Western trade supremacy was unquestioned, there was only free trade, no this stupid "fair" trade.

It is unquestioned by their controlled Western media.

This is a problem with noncompetitive non-Western media. So-called Western free trade has been, with some exceptions, based on great exploitation. The exceptions were some of their allies, who were induced to geopolitical cooperation by gaining access to the American market. However, that is no longer purely an economic issue.

Issues such as USAID destroying industries of foreign nations, the use of economic hitmen, overthrowing governments that stand in the way of exploitation by Western capital, etc do not reach the mainstream awareness. Yet, Western media can easily fabricate these fake narratives to demonize China and gain a fake "consensus" via its global echo chamber. This is how a lot of so-called "soft power" is created. It seems to be that China does not understand this psychological warfare. I could be wrong.
 
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,.....earned tons of money year after year in China,and they call China closed market while close door for China super advanced Huawei company?!

What is fair for you westerns??
Is it fair enough that all Chinese commit suicides and then transfer China to the West very capable hands?

From My point of view,China market is opened too much ,should be limited according to USA own rules such as National security,Fresh water of my City Changhzou(and a lot of cities such as Lanzhou 兰州 is controled by French company 威立雅(Veolia)Group,this is never gonna happen in US or in France!!!!
 
One of the fatal flaws of Chinese people is their extreme kindness. They take this benevolence nonsense way too far. The worst part is that they don't get repaid with gratitude, but by hate and lies. You'd think these guys would learn by now. I hope they're making rational choices and getting something useful in return, but I don't see it.
 
Chinese soft power department punching themselves in the face again.

Way to go...

How hard is to to write a title that portrays China as an indispensable engine of global economic growth and stability for the world?
I don't think Chinese understand the term propaganda in the Western sense. If I were the writer of this article, it be titled
Chinese Trade is rejuvenating the world

CGTN , what do you expect, just another Chinese liberal western ball sucking media outlet. Its totally disgusting
 
One of the fatal flaws of Chinese people is their extreme kindness. They take this benevolence nonsense way too far. The worst part is that they don't get repaid with gratitude, but by hate and lies. You'd think these guys would learn by now. I hope they're making rational choices and getting something useful in return, but I don't see it.
My grandma said exactly the same thing, she is70 old and she think the gov and people of CHINA of today is too kind to foreigners!
THE truth on this planet is stronger and bigger gun takes all while Chinese and CHINA gov still think be good to others and they will be good to you!
Wrong for the current universe!
And applied to ordinary people maybe, but between countries, national interests comes first, that is why I dislike very much N.korea they do not respect CHINA national interests while still asking money, foods and energy resources, I say even a dog would adore you when you feed him every day and night!
 
One of the fatal flaws of Chinese people is their extreme kindness. They take this benevolence nonsense way too far. The worst part is that they don't get repaid with gratitude, but by hate and lies. You'd think these guys would learn by now. I hope they're making rational choices and getting something useful in return, but I don't see it.
No matter how strong China become, she will at best be a regional power. The government may be rational but lack the risk taking ability, over analyse things, can easily be influence by foreign forces.
I hate to say this but if Vietnamese running China you can guarantee China would expand.
 
When Wenchuan汶川大地震 earthquake happened in 2008, PAK bro send us all its reserve of tents immediate ly, and we thank our Pakistan bro sincerely!
CHINA PAK alliance live forever even india magically give up and drop its territory demands from its neighbor countries!
 
I don't think Chinese understand the term propaganda in the Western sense. If I were the writer of this article, it be titled Chinese Trade is rejuvenating the world

CGTN , what do you expect, just another Chinese liberal western ball sucking media outlet. Its totally disgusting

See. I don't know the why behind their choices so I am only speculating. Maybe this is their plan? Maybe they want to lull the West into a sense of complacency eg hide the light, bid our time? Maybe they're idiots. I don't know. All I know is that I understand a lot about the West's soft power/psyop tactics and I can explain how a lot of it works across multiple types of media. I see how they brainwash people in subtle and blatant ways. I see a lot of China's soft power shortcomings (assuming China's goals are to to get more respect and control the narrative). I can help them if they're interested. It is up to them. Their joint ventures in Hollywood have been a giant disaster so there's definitely the strong possibility that they are idiots.
 
CHINA gov has forgotten how to contain another country diplomatically and militarily ! Shame!!!, the territory of CHINA can not be enlarged any more even we are the number1on this planet in the near future!
 
See. I don't know the why behind their choices so I am only speculating. Maybe this is their plan? Maybe they want to lull the West into a sense of complacency eg hide the light, bid our time? Maybe they're idiots. I don't know. All I know is that I understand a lot about the West's soft power/psyop tactics and I can explain how a lot of it works across multiple types of media. I see how they brainwash people in subtle and blatant ways. I see a lot of China's soft power shortcomings (assuming China's goals are to to get more respect and control the narrative). I can help them if they're interested. It is up to them. Their joint ventures in Hollywood have been a giant disaster so there's definitely the strong possibility that they are idiots.
I think some old timer government still believe in "work smart and hard, with your head down. "
They have money, second biggest economy, a strong military but still come across as timid. Recently even small potato Canadian pm tried to preach shit to CPC during a trade negotiation.
 

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