China trade practices

China’s trade policies generated big surpluses that contributed to the imbalances behind the global financial crisis that started in the United States in 2008, the U.S.-China Economic and Security Review Commission said.

“If China continues to pursue huge trade and investment surpluses and to accumulate vast financial claims, it will hinder the necessary global economic adjustment, create excess manufacturing capacity and lay the groundwork for the next financial crisis,” the bipartisan commission said in its annual report to the U.S. Congress.

The fiscal stimulus plan that China has used to combat the crisis, which won praise in some circles, mainly supports more exports and “will only exacerbate overcapacity, aggravating the overall problem,” said the 367-page report.

The commission urged Congress to press the Obama administration to pursue a mix of WTO cases, the application of U.S. trade laws and pressure on Beijing to allow its currency to trade more freely.

“WTO cases, while important, are very industry specific, and fail to have an impact on the trade-distorting aspects of China’s industrial policy or to deal with the underlying causes of the U.S.-China trade deficit,” it said.

Source : Konaxis

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