Trade policy of China
China is the world's largest exporter, a position it has maintained continuously since 2010. It is the largest trading partner of over 120 countries, as of at least early 2024. As a member of the Regional Comprehensive Economic Partnership (RCEP), China is part of the world's largest trading bloc.
China began promoting overseas investment through the Go Out policy, which Jiang Zemin formally announced as a national strategy in 2000. After its 2001 entry into the World Trade Organization, China focused on export-led growth and became a major link in global supply chains. Through this process, China developed large trade surpluses and foreign currency reserves.
History
[edit]In 1999, the Chinese government began promoting investment abroad through the Go Out policy[1] and Jiang Zemin formally announced it as a national strategy in March 2000.[2]: 56 The policy was implemented top-down from central government leadership.[3]: 123 During Jiang's tenure, the policy greatly expanded China's investment and influence in global South countries, especially those in Africa and Asia.[3]: 124
After its entry into the World Trade Organization (WTO) in 2001, China began pursuing export-led growth and became a key link in global supply chains.[4]: 235–236 China formed the policy-based insurer Sinosure to support the exports and overseas business of domestic companies.[5]: 77–78 Chinese businesses were encouraged to trade directly with foreign companies (instead of working through SOEs as previously). with the exception of certain state monopoly sectors deemed critical to national security.[6]: 39 China's industrious and cheap labor also proved attractive to foreign investments.[4]: 235–236 China's share of the global trade surplus increased rapidly after it joined the WTO.[7]: 274 The country accumulated large trade surpluses and foreign currency reserves, which greatly increased government resources.[4]: 235–236
In 2016, China joined the Transports Internationaux Routiers Convention (TIR Convention), a multilateral treaty reducing administrative boundaries for international transportations of goods in customs-sealed containers.[8]: 149 The majority of TIR members also participate in China's Belt and Road Initiative and membership significantly facilitates China's trade.[8]: 149
China is a member of the Regional Comprehensive Economic Partnership (RCEP).[8]: 148 RCEP is the first trade agreement to include all three of China, Japan, and South Korea.[9]: 176 In January 2022, RCEP became the world's largest trade bloc (in economic terms) and continues to be the world's largest as of at least early 2024.[8]: 148
China provides foreign aid to advance both foreign trade objectives and foreign policy objectives.[10]: 18 Since the 2018 creation of the China International Development Cooperation Agency to coordinate aid, China has placed a lesser emphasis on aid to advance foreign trade and a greater emphasis on aid to advance foreign policy.[10]: 18
In 2020, China signed major free trade agreements with the European Union as well as fifteen different Asia-Pacific countries.[11]: 259 As of at least 2023, China is the world's largest exporter, a status it has maintained continuously since 2010.[12]: 88
Impact
[edit]As of at least early 2024, China is the largest trading partner of over 120 countries.[8]: 147 Given the scale of China and its economy, the country's impact on international trade flow is major.[7]: 272 As of at least 2024, the global current account surplus is largely composed of China, Europe, and the Middle East.[7]: 274
See also
[edit]- Economy of China
- Economic history of China 1949-present
- History of trade of the People's Republic of China
References
[edit]- ^ 更好地实施“走出去”战略 2006年03月15日
- ^ Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. doi:10.2307/jj.2915805. ISBN 9780674271913. JSTOR jj.2915805. S2CID 259402050.
- ^ a b Garlick, Jeremy (2024). Advantage China: Agent of Change in an Era of Global Disruption. Bloomsbury Academic. ISBN 978-1-350-25231-8.
- ^ a b c Zhao, Suisheng (2023). The Dragon Roars Back: Transformational Leaders and Dynamics of Chinese Foreign Policy. Stanford, California: Stanford University Press. ISBN 978-1-5036-3415-2. OCLC 1332788951.
- ^ Chen, Muyang (2024). The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance. Ithaca and London: Cornell University Press. ISBN 9781501775857. JSTOR 10.7591/jj.6230186.
- ^ Jin, Keyu (2023). The New China Playbook: Beyond Socialism and Capitalism. New York: Viking. ISBN 978-1-9848-7828-1.
- ^ a b c Lan, Xiaohuan (2024). How China Works: An Introduction to China's State-led Economic Development. Translated by Topp, Gary. Palgrave Macmillan. doi:10.1007/978-981-97-0080-6. ISBN 978-981-97-0079-0.
- ^ a b c d e Curtis, Simon; Klaus, Ian (2024). The Belt and Road City: Geopolitics, Urbanization, and China's Search for a New International Order. New Haven and London: Yale University Press. ISBN 9780300266900.
- ^ Ma, Xinru; Kang, David C. (2024). Beyond Power Transitions: The Lessons of East Asian History and the Future of U.S.-China Relations. Columbia Studies in International Order and Politics. New York: Columbia University Press. ISBN 978-0-231-55597-5.
- ^ a b Chen, Muyang (2024). The Latecomer's Rise: Policy Banks and the Globalization of China's Development Finance. Ithaca and London: Cornell University Press. ISBN 9781501775857.
- ^ Marquis, Christopher; Qiao, Kunyuan (2022-11-15). Mao and Markets: The Communist Roots of Chinese Enterprise. Yale University Press. doi:10.2307/j.ctv3006z6k. ISBN 978-0-300-26883-6. JSTOR j.ctv3006z6k. S2CID 253067190.
- ^ Brown, Kerry (2023). China Incorporated: The Politics of a World Where China is Number One. London: Bloomsbury Academic. ISBN 978-1-350-26724-4.