{"id":6910,"date":"2021-12-28T17:05:46","date_gmt":"2021-12-28T17:05:46","guid":{"rendered":"http:\/\/lonecandle.com\/?p=6910"},"modified":"2021-12-28T17:05:46","modified_gmt":"2021-12-28T17:05:46","slug":"china-joined-rules-based-trading-system-then-broke-the-rules","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=6910","title":{"rendered":"China joined rules-based trading system \u2014 then broke the rules"},"content":{"rendered":"\n

\n\n“It\u2019s been 20 years since China entered the global trade body, the World Trade Organization, a move that gave it access to the international trade system.”
…
“China\u2019s WTO accession has rendered the U.S. undeniable gains. Consumers have enjoyed two decades of relatively inexpensive<\/a> imported consumer goods, which boosted their buying power and the economy. A 2019 analysis by the London School of Economics of the impact of China\u2019s WTO entry on U.S. consumer prices<\/a> concluded that \u201ceach US household saw its annual purchasing power increase by $1,500 thanks to lower prices caused by increased trade with China from 2000 to 2007.\u201d<\/p>\n\n\n\n

WTO-brokered access to the Chinese market for U.S. agricultural products has reaped an export boom<\/a> for farmers and agribusiness. And the U.S.-China Business Council\u2019s 2021 member survey<\/a> revealed that \u201cninety-five percent of respondents report that their China operations were profitable over the last year.\u201d<\/p>\n\n\n\n

But there is compelling data that China\u2019s WTO entry helped accelerate America\u2019s deindustrialization. A 2020 analysis<\/a> by the nonprofit Economic Policy Institute, a labor-oriented think tank, estimated in January 2020 that the U.S. trade deficit with China resulted in the loss of 3.7 million jobs from 2001-2018.<\/p>\n\n\n\n

The Chinese government\u2019s willingness to push its economy to a more market-oriented setting broadly ground to a halt by around 2008. And that may have been the plan.<\/p>\n\n\n\n

\u201cWhen we promised to adopt a market economy, we made it absolutely clear that it would be a socialist market economy,\u201d Long Yongtu, China\u2019s chief negotiator for WTO accession, said in an interview in May<\/a>. That effectively meant that China exploited foreign market access while blocking the U.S. from the Chinese market through measures largely outside of the WTO\u2019s supervision and enforcement mechanisms.”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

“Practically..the WTO may be incapable of bringing China\u2019s unfair trading practices to heel because all 164 member nations \u2014 including China itself \u2014 need to accede to any new agreements.<\/p>\n\n\n\n

\u201cI don’t think the WTO can adequately discipline Chinese government practices because the rules of the WTO are now old,\u201d Barshefsky said.”<\/p>\n\n\n\n

https:\/\/www.politico.com\/news\/2021\/12\/09\/china-wto-20-years-524050<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“It\u2019s been 20 years since China entered the global trade body, the World Trade Organization, a move that gave it access to the international trade system.”<\/p>\n

…<\/p>\n

“China\u2019s WTO accession has rendered the U.S. undeniable gains. Consumers have enjoyed two decades of relatively inexpensive imported consumer goods, which boosted their buying power and the economy. A 2019 analysis by the London School of Economics of the impact of China\u2019s WTO entry on U.S. consumer prices concluded that \u201ceach US household saw its annual purchasing power increase by $1,500 thanks to lower prices caused by increased trade with China from 2000 to 2007.\u201d
\nWTO-brokered access to the Chinese market for U.S. agricultural products has reaped an export boom for farmers and agribusiness. And the U.S.-China Business Council\u2019s 2021 member survey revealed that \u201cninety-five percent of respondents report that their China operations were profitable over the last year.\u201d<\/p>\n

But there is compelling data that China\u2019s WTO entry helped accelerate America\u2019s deindustrialization. A 2020 analysis by the nonprofit Economic Policy Institute, a labor-oriented think tank, estimated in January 2020 that the U.S. trade deficit with China resulted in the loss of 3.7 million jobs from 2001-2018.<\/p>\n

The Chinese government\u2019s willingness to push its economy to a more market-oriented setting broadly ground to a halt by around 2008. And that may have been the plan.<\/p>\n

\u201cWhen we promised to adopt a market economy, we made it absolutely clear that it would be a socialist market economy,\u201d Long Yongtu, China\u2019s chief negotiator for WTO accession, said in an interview in May. That effectively meant that China exploited foreign market access while blocking the U.S. from the Chinese market through measures largely outside of the WTO\u2019s supervision and enforcement mechanisms.”<\/p>\n

…<\/p>\n

“Practically..the WTO may be incapable of bringing China\u2019s unfair trading practices to heel because all 164 member nations \u2014 including China itself \u2014 need to accede to any new agreements.<\/p>\n

\u201cI don’t think the WTO can adequately discipline Chinese government practices because the rules of the WTO are now old,\u201d Barshefsky said.”<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[89,1349,217,165,272,355,314,226,619,830],"class_list":["post-6910","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-china","tag-economic-growth","tag-economics","tag-economy","tag-foreign-affairs","tag-foreign-policy","tag-international-relations","tag-trade","tag-united-states","tag-wto"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6910","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6910"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6910\/revisions"}],"predecessor-version":[{"id":6911,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6910\/revisions\/6911"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6910"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6910"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6910"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}