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Road to global economic stability runs through China www.asia.nikkei.com
BEIJING -- The 15th anniversary of China's accession to the World Trade Organization, which fell on Sunday, came amid heightened trade friction and a raging debate over the very nature of the Chinese economy. Finding ways to cooperate with China, however, will be crucial for stabilizing the global economy.
On Dec. 2, the U.S. blocked China's Fujian Grand Chip Investment Fund from buying German chip equipment supplier Aixtron for security reasons. Predictably, this angered Beijing.
"China resolutely opposes the politicization of any normal commercial takeover or the wrong move of political obstruction," a Chinese Foreign Ministry spokesman said.
But Western countries have misgivings about the recent surge in buyouts by Chinese companies. The value of such acquisitions totaled $67.4 billion in the January-September period, surpassing the amount for all of last year, according to data from China's Ministry of Commerce.
Meanwhile, many market watchers note that international companies face restrictions on doing business in China. Foreign automakers, for instance, are required to set up a joint venture with a local manufacturer in return for market access.
China insists it has shifted to a market economy, but Japan, the U.S. and Europe have resisted giving the country that status within the WTO. Recognition would influence the calculation of anti-dumping duties.
Still, there is no denying that China's fast growth helped to prop up a world economy reeling from the 2008 financial crisis. Chinese companies took the opportunity to venture into the global market. And in a way, the trade tensions are a testament to the closer relationship the U.S. and China now share.
U.S. President-elect Donald Trump is urging companies like Apple to bring manufacturing jobs back to the U.S. Trump's economic policy is drawing keen attention in China, where plants churning out Apple products have created more than 1 million jobs.
An executive of Taiwan's Hon Hai Precision Industry, or Foxconn, which produces Apple devices in China, said the American company should never forget that it staged a comeback by divvying up responsibilities between the U.S. and China.
Both countries, the executive stressed, have benefited.
Published Date:2016-12-14
