Chinese President Xi Jinping Condemns Protectionism, But No One Believes Him

Must read

Our Dot Grid Notebook is Here to Help You Reach Your Goals

The stress from a daily routine can interfere with someone's ability to achieve their goals. In this interactive e-book, you will learn how easy...

Dji news rumors: Check Reviews and Announcements of New Drone Now

It's no secret that DJI is about to release a new drone. What is less known is the extent of their latest toy's capabilities....

Google Meeting Live Stream and See How Easy it is to DDOS.

Last week, a massive distributed denial of service (DDoS) attack took down major sections of the internet. The attack was carried out by using...

Is It Worth Buying ULIP Plans for 10 years?

These days, several financial instruments meet the needs of every investor. The variety of choices allows investors to meet their varying requirements, but it...
Chinese President Xi Jinping Condemns Protectionism, But No One Believes Him 1
Lucille Barretthttps://bloggingkits.org
Future teen idol. Hardcore tv lover. Social media guru. Zombie aficionado. Travel scholar. Biker, shiba-inu lover, audiophile, Mad Men fan and proud pixelpusher. Working at the junction of minimalism and elegance to answer design problems with honest solutions. I'm fueled by craft beer, hip-hop and tortilla chips.



Mercantilism is a loaded term that’s endured 500 years, and U.S. President Barack Obama cited it in an interview with CNN to describe the other world superpower China. It means a nation increasing anti-outsider trade regulation to ensure its own companies prosper. As China hosted a meeting of the 20 most influential world leaders Sunday and Monday, its President Xi Jinping urged them to “resolutely oppose” the practice better known as protectionism.

Automobiles

It’s unlikely anyone outside China took him seriously.

Read More Articles :

“Actions speak louder than words, and the ball is in China’s court to implement its own needed domestic reforms and to provide greater market access for foreign goods, services, and technology,” James Zimmerman, chairman of the American Chamber of Commerce in China, said in a statement Monday. That day, leaders whose countries account for 80% of world trade met in Hangzhou’s Chinese city for another session of the Group of Twenty or G20. Other big players are India, Japan, and Russia.

Obama was blunter and used not only the old “M” word in his CNN interview before the G20 leadership summit this week: “Even though you still have a lot of poor people, you know, you can’t just export problems,” he was quoted saying in comments aimed at China. “You’ve got to have fair trade and not just free trade. You have to open up your markets if you expect other people to open up their markets.”

Obama has alleged that China illegally subsidizes automotive exports, making rival foreign manufacturers move production overseas so they can compete. Another common charge is that China keeps its yuan undervalued rather than adjusting the foreign exchange rate in line with shifts in other world currencies. A weaker currency allows Chinese exporters to earn more money, and China enjoys a trade surplus with the United States.

Last week the European Chamber of Commerce in China asked for “reciprocity” in openness to foreign investment between the host country and Europe. It noted automobiles, banking, and infrastructure. “Chinese companies have successfully completed several eye-catching deals to acquire leading European companies in a wide range of areas…yet European business is still heavily restricted from making similar investments in China,” the chamber said in a statement. “This lack of reciprocity is unsustainable and could lead to protectionism and increased tension.”

China has come under the spotlight for protectionism because of its market size, aggressive outbound investment, and slow-to-change trade rules, says Eng Teck Tan, senior portfolio manager with Tokyo-based Nikko Asset Management. “My view is that…China will continue to protect certain industries it wants to nurture,” he says. “Things will change slowly but not at the rate foreign investors want it to.”

Chinese state-run media drew attention this week to populist pressure on leaders in numerous countries to impose more trade barriers, reminding critics that protectionism is not only China’s game. Other countries in Asia are known for many the same practices that have China under fire, Tan notes. The United States has faced criticism for using Cold War-era rules to determine what Chinese imports are being “dumped” into the American market.




More articles

Latest article

Our Dot Grid Notebook is Here to Help You Reach Your Goals

The stress from a daily routine can interfere with someone's ability to achieve their goals. In this interactive e-book, you will learn how easy...

Dji news rumors: Check Reviews and Announcements of New Drone Now

It's no secret that DJI is about to release a new drone. What is less known is the extent of their latest toy's capabilities....

Google Meeting Live Stream and See How Easy it is to DDOS.

Last week, a massive distributed denial of service (DDoS) attack took down major sections of the internet. The attack was carried out by using...

Is It Worth Buying ULIP Plans for 10 years?

These days, several financial instruments meet the needs of every investor. The variety of choices allows investors to meet their varying requirements, but it...

Youtube Downloader Online 

Youtube Downloader Online is an awesome tool if you want to save videos to watch later. It works by automatically downloading videos from Youtube...