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    Scholars predict that global trade challenges may become hot spots in the two sessions

    2021-03-01 | Pageviews: CHANGZHOU FOAN M AND E CORPORATION
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    In the past few months, China has signed several trade agreements, even though it still has conflicts with some countries, such as Australia, the United States and the United Kingdom. Experts said the contradiction shows that despite political differences, many countries understand that given China's manufacturing capacity, it is beneficial to trade with China.

    Before China's upcoming two sessions to discuss the new five-year plan, the Australian Center of the Asian Association and the zenabas consulting company in Beijing predicted that although China welcomed foreign investment and expertise, it would reduce its dependence on exports. At the same time, China is expected to start signing more trade agreements, especially with developing countries.

    "Any major economic shift away from export dependence will continue for several years," said zenabas. In the near term, trade agreements will help increase exports and give domestic companies the opportunity to compete in global markets, thereby enhancing their own strength and strengthening political relations with other countries. When exports start to decline, China will look for other tools to expand its foreign relations. "

    Bala Ramasamy, Professor of economics at CEIBS, shares the view of the Asian Association and zenabas. He believes that although China wants to build a "double circular" economy, it also needs global trade. "China needs access to natural resources and technology to keep its production machinery running and to meet the growing needs of its people," he said

    But Julian Shays, a trade professor at City University of Hong Kong, said China faces global pressure to deal with other economies, such as the United States, and this will release some of the pressure.

    Zhang Mo Nan, chief researcher of the US European Research Institute of the China Center for international economic exchanges, said that this is likely to be the main point of discussion on Global trade at the two sessions. "With regard to trade agreements, China has to formulate more reform measures and a timetable to point out the direction of China's development," she said. For example, the reform of state-owned enterprises will be the key to the strength of China's market economy. One of the major problems facing China now is to formulate new financial and trade rules to speed up its opening up. During the two sessions, it may be a top priority to establish a high standard rule system for an open economic system. "

    Zhang Monan said that in addition to reform, although Trump's trade protectionism policy and COVID-19 triggered the "decoupling theory", some countries have been developing self-sufficiency of some important commodities, but China is still at the core of many manufacturing supply chains.

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