ChinaUnit 5
A neo-mercantilist trade policy is defined as a situation where the state plays an active role in shaping trade, building a close relationship with the country's businesses. In doing this, the state will take steps to encourage exports, discourage imports, and generally seek to create the conditions where the nation's producers can thrive (Thoma, 2009). Based on this definition, it is hard to argue against the idea that China is employing a neomercantilist policy. The PRC exerts strong control over imports, while providing a wide range of support to exporters. These supports include currency manipulation – not allowing the yuan to float freely is passive manipulation – the provision of financing by the state-owned banking system, and a system of favorable trade barriers.
China's trading partners should take action – the question is what? There are limits to what actions can be taken within the confines of law, and without creating a pointless trade war. But certainly, other nations that so desire should seek to protect their own industries from ones China is supporting, and should be cognizant of ensuring that trade policy with China allows for mutually beneficial trade – where reciprocity is a key tenet.
Unit 6
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