On China, United States, W.T.O and Currency Manipulation
China has been in an economic war with industrial economies for over twenty years, and that has heightened due to the policies of globalization. In less than twenty years, China has almost doubled its economic size by production and by exchanged rates, but one can argue, its economic size by exchange rates has mostly been affected by currency manipulation. The recent trade negotiation between Beijing and Washington isn’t about reducing trade deficit as the media plays it to be, it’s about stopping China from becoming an economic oppressor.
The China 2025 economic plan undermines economic sovereignty of states and should be countered by multi-partisan approach, the reason why China pulled out of the trade negotiation is that it fundamentally disrupts its economic model, China practice a state capitalism system.
They’ve been successful at stealing IPs and engaging in unfair trade practices while the W.T.O turned a blind eye, Huawei rolling out 5G, the Silk Road initiative and its continuous investment in Africa. A unilateral approach against China might not be effective due to its multi-level interactions with the global economy and that’s why it’s important to address global systems such as the W.T.O.