Economic Relations between United States and China

Philip Samson Adamu (2023) Economic Relations between United States and China. Külkereskedelmi Kar.

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Absztrakt (kivonat)

The study delves at the bilateral relations between the United States and China, the world's two economic superpowers. This begins with the early 1970s economic highs and lows, developments, which was encountered between the United States and China. Along with changes in China's economic policies as it begins to invest in large scale production of consumer goods in the early 1990s. These reforms were carried out by Chinese revolutionary leader Deng Xiaoping, who opened up the economy to international investment, technology, and foreign education in order to promote self-sufficiency in the country and introduce its large labor force to the global market. This development for China was majorly due to the influence of the United States and other international institutions such as the World Bank, which helped China become the world's second biggest economy as well as the fastest expanding economy. In addition to this China integration into global economies as it joins the World Trade Organization (WTO) in 2001, following this the U.S seize this opportunity for a close economic relationship. The research investigates and analyzes the impacts of the current economic cooperation between the United States and China. This connection has currently caused a trade friction that has destabilized global trading system. This trade tension was developed in 2018 by the United States through increase in tariff as mechanism to penalize China for not complying with global trading system standards, and China reacted with a reciprocal tariff rise. These tools employed in trade relations between the United States and China have distorted growth in both economies, with a greater impact on the United States. This research also examines the primary implications of this cooperation on the rest of the world, as well as the key concerns with each country's model, particularly for China as there have been accusations of exploiting its state-owned enterprise system (SOEs) to create an unfair competitive environment for other international corporations, mostly U.S firms. China uses the SOE system to subsidize its largest corporations in each area of the economy, leaving American businesses unable to compete in these sectors. China economic model also utilizes protective measures and preferential access to its market to the United States which is being condemned by other economies mostly those with close ties with these two nations. Furthermore, we examine the existing phase one agreement, which is being utilized as a way of settlement but is also destructive to the rest of the globe. The phase one agreement imposed by the United States on China to purchase $200 billion in goods in 2020 to compensate for the bilateral trade deficit incurred while trading with China, as well as other policy changes in areas such as legal administrative requirements for foreign businesses, forced transfer of technology, and issues concerning intellectual property rights. Although this Phase One agreement was utilized to resolve issues diplomatically between the two countries, it failed to address the core issue, which is a significant reduction in the usage of tariffs in order to establish a more free trade environment. However, the adoption of quantitative targets to facilitate trade has generated a distortion in global trade environment and welfare for other nations with greater effects on developing economies that provide inputs to China.   This privileged access has also prompted an examination of the WTO role in resolving difficulties that emerge during the cooperation and also why the WTO has been ineffective. There have been questions about why the WTO has not been able to perform its role as the world regulatory trading system and also easing dispute among it members. Furthermore, why WTO has not been able to address leakages in its policies that China has been able to exploit, as well as why it has not been able to keep the WTO commitments it agreed upon. The study also discovered that the WTO has consistently outperformed when it comes to its dispute settlement system, favoring the United States over China on most dispute related matters. Furthermore, the research discovered that throughout the trade tension between the two countries, the WTO appellate body was essentially non-existent owing to an obstruction of appointments by the United States. With these difficulties recognized, both nations should focus more on tariff escalation and argue for the appointment of the new WTO judicial body.

Intézmény

Budapesti Gazdasági Egyetem

Kar

Külkereskedelmi Kar

Tanszék

Nemzetközi Gazdaságtan Tanszék

Tudományterület/tudományág

NEM RÉSZLETEZETT

Szak

Nemzetközi gazdaság és gazdálkodás (angol)

Mű típusa:	diplomadolgozat (NEM RÉSZLETEZETT)
Kulcsszavak:	barriers, bilateral, business, China, Conflict, diversion, Economic, enterprise, free trade, institutions, investment, macroeconomics, models, Policies, relations, tariff, tension, trade, United States
SWORD Depositor:	Archive User
Felhasználói azonosító szám (ID):	Archive User
Rekord készítés dátuma:	2023. Ápr. 20. 14:05
Utolsó módosítás:	2023. Ápr. 20. 14:05

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