35Received 17.02.2025. Revised 03.03.2025. Accepted 31.03.2025.
Abstract. The article evaluates the current state and prospects of economic relations between China and the United States. The US share in China’s foreign trade is gradually decreasing. China’s position looks stronger. The expansion of domestic demand allows China to overcome the effects of reduced exports due to US restrictive measures. At the same time, Chinese products also enter the American market through other countries. China is not critically dependent of exports, as well as imports from the US but is dependent on US technology. Foreign capital is important for China as it attracts new technologies. The China’s economic policy is not related to mercantilism. China gradually reduces import tariff protection, applies national treatment to foreign manufacturers, attracts foreign direct investment and actively invests abroad. At the same time, China uses well-known protectionist methods in foreign economic activities. The main contradictions between China and the United States relate to the US trade deficit; US prohibitive measures against Chinese supplies of high-tech products; restrictions on supply of US advanced technology and equipment to China; China’s restrictions on imports of US commodities, etc. The economic contradictions between China and the United States have caused a trade war and a mutual increase in import duties. However, both sides have so far refrained from drastic measures. The trade war with China has become a political tool of the US administration to constrain China’s development, primarily in the field of technology. Under any U.S. authorities, tensions in Sino-American trade and economic relations will remain, as well as the predominance of a policy of containment and severe measures against China on the US side.
Keywords: import tariffs, China, direct investment, private consumption, Mercantilism, advanced technologies, semiconductors, protectionism, trade deficit, trade wars, USA, TikTok, growth factors, exports
REFERENCES
1. Maslov A.A. China 2020: Pandemic, Society and Global Alternatives. Moscow, RIPOL Classic, 2020. 368 p. (In Russ.)
2. Potapov M.A. On the Growth Factors and Model of Economic Development of China. Far Eastern Studies, 2023, no. 2, pp. 55-71. (In Russ.) Available at: http://doi.org/10.31857/S013128120024900-1
3. Potapov M.A. Foreign Economic Policy of China. Moscow, Bukva, 1998. 320 p. (In Russ.)
4. Kotlyarov N.N. Economic Relations between China and the USA. Moscow, Tsentrpoligraf, 2003. 351 p. (In Russ.)
5. Bergsten F., Gill B., Lardy N., Mitchell D. China. What You Should Know about the New Superpower. Moscow, Institute of Comprehensive Strategic Studies, 2007. 256 p. (In Russ.)
6. Novoselova L.V. Chinese Economy in the Conditions of Trade War. World Economy and International Relations, 2020, vol. 64, no. 6, pp. 76-84. (In Russ.) Available at: http://doi.org/10.20542/0131-2227-2020-64-6-76-84
7. Mikheev V.V., Lukonin S.A. Beijing’s Pain Points. World Economy and International Relations, 2020, vol. 64, no. 5, pp. 5-15. (In Russ.) Available at: http://doi.org/10.20542/0131-2227-2020-64-5-5-15
8. Bown C.P. US-China Trade War Tariffs: An Up-to-Date Chart. Washington, Peterson Institute for International Economics (PIIE), 06.04.2023. Available at: https://www.piie.com/research/piie-charts/2019/us-china-trade-wartariffs-date-chart (accessed 12.01.2025).
9. Ostrovskii A.V. China is on Its Path to Economic Superpower. Moscow, MBA Publishing House, 2020. 496 p. (In Russ.)
10. Robinson J. Contribution to Modern Economics. N.Y., San Francisco, Academic Press, 1978. 274+xxii pp. Available at: http://digamo.free.fr/jrcontrib78.pdf (accessed 24.01.2025).
11. Zhukov S.V., Maslennikov A.O., Reznikova O.B., Sinitsyn M.V. U.S. Protectionism against China’s Mercantilism. World Economy and International Relations, 2024, vol. 68, no. 11, pp. 15-28. (In Russ.) Available at: http://doi.org/10.20542/0131-2227-2024-68-11-15-28
12. Arapova E.Ya. Private Consumption Model in China. World Economy and International Relations, 2024, vol. 68, no. 12, pp. 49-58. (In Russ.) Available at: https://doi.org/10.20542/0131-2227-2024-68-12-49-58
13. Mikheev V.V., Lukonin S.A. Beijing’s Pain Points – 3. (The Change of Economic Model and Foreign Policy Risks). World Economy and International Relations, 2022, vol. 66, no. 1, pp. 28-37. (In Russ.) Available at: https://doi.org/10.20542/0131-2227-2022-66-1-28-37
SOURCES
1. World Trade Statistical Review 2023. World Trade Organization, 2023. 138 p. Available at: https://www.wto.org/english/res_e/booksp_e/wtsr_2023_e.pdf (accessed 07.01.2025).
2. Customs Statistics. The General Administration of Customs of the People’s Republic of China. (In Chin.) Available at: http://www.customs.gov.cn/customs/302249/zfxxgk/2799825/302274/302277/5668662/index.html (accessed 17.02.2025).
3. National Statistics. State Statistical Office of the People’s Republic of China. (In Chin.) Available at: https://data.stats.gov.cn/easyquery.htm?cn=C01 (accessed 17.02.2025).
4. U.S. International Trade in Goods and Services, December and Annual 2024. Bureau of Economic Analysis, 05.02.2025. Available at: https://www.bea.gov/news/2025/us-international-trade-goods-and-services-decemberand-annual-2024 (accessed 17.02.2025).
5. The People’s Republic of China. China Trade Summary. Office of the United States Trade Representative. Available at: https://ustr.gov/countries-regions/china-mongolia-taiwan/peoples-republic-china (accessed 17.02.2025).
6. World Investment Report 2024. Geneva, UNCTAD, 2024. 189 p. Available at: https://unctad.org/system/files/official-document/wir2024_en.pdf (accessed 07.01.2025).
7. Statistical Bulletin of FDI in China 2023. Ministry of Commerce of the People’s Republic of China, 2023. 60 ð. Available at: https://fdi.mofcom.gov.cn/resource/pdf/2024/03/14/564085296c88430c98e426696f3751e1.pdf (accessed 07.01.2025).
8. U.S. Relations with China. U.S. Department of State, 13.02.2025. Available at: https://www.state.gov/u-s-relationswith-china/ (accessed 17.02.2025).
9. China Corporate Presence and Investment in the US. China Briefing, 22.12.2023. Available at: https://www.china-briefing.com/news/china-corporate-presence-and-investment-in-the-us/ (accessed 12.01.2025).
10. China Gets Rid of US Treasury Bonds and Buys Gold. Zolotoy zapas, 22.04.2024. (In Russ.) Available at: https://www.zolotoy-zapas.ru/news/market-analytics/kitay-izbavlyaetsya-ot-kaznacheyskikh-obligatsiy-ssha-i-skupaet-zoloto/ (accessed 26.01.2025).
11. Weijian Shan. What China Can Do to Make the Best of an Escalating US Trade War. SCMP, 02.12.2024. Available at: https://www.scmp.com/opinion/china-opinion/article/3288819/what-china-can-do-make-best-escalating-us-trade-war (accessed 08.01.2025).
12. TikTok is Back Online after Trump Pledged to Restore It. CNN Business, 20.01.2025. Available at: https://edition.cnn.com/2025/01/19/tech/tiktok-ban/index.html (accessed 20.01.2025).
13. FACT SHEET: President Biden Takes Action to Protect American Workers and Businesses from China’s Unfair Trade Practices. U.S. Department of Commerce, 14.05.2024. Available at: https://www.commerce.gov/news/fact-sheets/2024/05/fact-sheet-president-biden-takes-action-protect-american-workers-and (accessed 31.01.2025).
14. US Imposes New Tariffs on Steel and Aluminum from Mexico. ProFinance, 11.07.2024. (In Russ.) Available at: https://www.profinance.ru/news2/2024/07/11/ccub-ssha-vvodyat-novye-tarify-na-stal-i-alyuminij-iz-meksiki.html (accessed 08.01.2025).
15. China Bans Export of Critical Minerals to US as Trade Tensions Escalate. Yahoo! Finance, updated 03.12.2024. Available at: https://finance.yahoo.com/news/china-bans-exports-gallium-germanium-082140753.html (accessed 08.01.2025).
16. United States Imposes New Tariffs on China Citing National Emergency and Grants a 30-Day Extension to Canada and Mexico. Dentons, 04.02.2025. Available at: https://www.dentons.com/en/insights/alerts/2025/february/4/united-states-imposes-new-tariffs-on-china-citing-national-emergency (accessed 17.02.2025).
17. Tech Wars: US-China Rivalry for Electronics out to 2035. Coface, 19.11.2024. Available at: https://www.coface.com/news-economy-and-insights/tech-wars-us-china-rivalry-for-electronics-out-to-2035 (accessed 08.01.2025).
No comments