Making good use of trade
Updated: 2015-11-09 08:03
(China Daily)
|
|||||||||
Trade volume between China and the US hit $441.6 billion in the first three quarters of the year, surpassing the $438.1 billion in trade between Canada and the US. [Photo/IC] |
At a moment when the United States is strongly pushing the Trans-Pacific Partnership free-trade deal as a foundation for "21st century trade", that the US' politically sensitive trade gap with China widened to $36.3 billion, as imports hit a record $45.7 billion in September, will likely further stoke the US' specious argument that China should not write the trade rules for 21st century.
However, for those who are true believers of free trade, the US Commerce Department data actually provides more cause for optimism than meets the eye.
The latest data show China is set to become the biggest trading partner of the US this year, eclipsing Canada for the first time, as low prices have slashed the value of the US' energy exports to its neighbor.
The symbolic importance of such strengthened trade relations between the world's two largest economies is obvious.
On the one hand, stronger trade between China and the US will give a huge and much-needed boost to global trade, a long-term growth engine.
On the other hand, closer trade relations will make the world's two largest economies more interdependent and enable them to avoid unnecessary trade frictions.
Yet the really encouraging news is the current size of their bilateral trade represents a milestone rather than a peak, because Chinese consumers are just beginning to demonstrate their growing appetite for imports.
The online Singles' Day sales on Wednesday, China's rival to the US' Black Friday and Cyber Monday, will highlight the potential of Chinese consumers' purchasing power for quality products from the US and other countries.
As the online shopping holiday will show, it is not about who writes the rules of trade. It is about who can make most use of trade to sell as much as possible of what they are best at producing.
- Locals have tradition of drying foods during harvest season
- Beijing-Tianjin-Hebei govts to cooperate on emissions control
- Web promotion of prostitution to be targeted
- Two more spells of smog predicted to sweep North China
- Glass bridge in grand canyon of Zhangjiajie under construction
- Road rage cases pose huge safety challenge
- Can Chinese ‘white lightning’ make it in US?
- Gunmen go on a killing spree in Southern California
- Chinese, South African presidents hold talks to cement partnership
- China, Zimbabwe agree to boost cooperation
- First lady visits Africa's 'new window' on China
- BRICS media leaders to secure louder global voice
- Western science in the eyes of Chinese emperors
- Top 10 smartphone vendors with highest shipments in Q3 2015
Most Viewed
Editor's Picks
8 highlights about V-day Parade |
Glimpses of Tibet: Plateaus, people and faith |
Chinese entrepreneurs remain optimistic despite economic downfall |
50th anniversary of Tibet autonomous region |
Tianjin explosions: Deaths, destruction and bravery |
Cinemas enjoy strong first half |
Today's Top News
Shooting rampage at US social services agency leaves 14 dead
Chinese bargain hunters are changing the retail game
Chinese president arrives in Turkey for G20 summit
Islamic State claims responsibility for Paris attacks
Obama, Netanyahu at White House seek to mend US-Israel ties
China, not Canada, is top US trade partner
Tu first Chinese to win Nobel Prize in Medicine
Huntsman says Sino-US relationship needs common goals
US Weekly
Geared to go |
The place to be |