Faced with evolving global challenges at the level of trading policies, cooperation, innovation and others with China, Beijing based international affairs observer, Yi Xin says the United States is headed in the wrong direction. According to the expert, several aspects need to be reviewed to put the nation back as a leadership of a functional multilateral trading system.
China is gradually climbing the ladder to be at the helm of economic affairs with its competitor, the United States. Though relations have soared between the two economic giants over the years, Yi Xin an observer of international affairs is of the opinion that amid the hurdles, China’s contribution to the international scene should not be overlooked.
Last month US Treasury Secretary Janet Yellen visited China where she accused Beijing of threatening the global economy with industrial overcapacity, a statement which undervalued the basic laws of market economy as developed nations like the United states still depend on products from China to beef up businesses.
A move by the Biden administration through its CHIPS and Science Act and the Inflation Reduction Act to earmark about 30 billion US dollars in subsidies for advanced semiconductor manufacturing is feared to negatively impact the interests of not only America’s adversary but also its allies.
Statistics from 2023 indicated that over half of global new energy enterprises emerged from China, data that depicts a clear advantage of China on the global clean technology market. Highlighting this, Professor Jeffrey Sachs in Op-eds explains the term overcapacity used was based on giving a blinded eye to reality. With the points, China like other allies does contribute to global growth and development.
