There was nothing inevitable about communist-led China becoming a pillar of globalisation. Such a balancing act has rarely been tried before
, the consensus is that globalisation is in danger of going into reverse, and that a big driver is China’s rise. However, those same blocs—the three largest economies on Earth—disagree profoundly about whether this is China’s fault. America’s secretary of state, Antony Blinken, says China has arguably benefited more than any other country from an open international order, but is now bent on reshaping it.
President Xi Jinping says economic globalisation is under attack and protectionism on the rise, and pledges that China will stay open. But he also calls for a “dual circulation” strategy dominated by the domestic economy, with foreign trade as a useful adjunct. He does not hide his desire for more control of the economy, praising state-owned enterprises as “an important strength and pillar of the party in governing and rejuvenating the country”.
China has not lost all hope in rules. In 2021 it applied to join an 11-nation trade pact suffused with free-market principles, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership . That startled outside observers, because members must agree to limit subsidies for larges, permit most cross-border flows of data and outlaw forced labour. It is no coincidence if China finds such conditions onerous.
Rather than eliminating barriers to trade, many Chinese standard-setting campaigns increase the risks of decoupling. In the West, standards are a form of private-sector self-regulation. In China, the state is the guide. Sometimes Chinese firms seek to export their country’s domestic standards, via projects linked to the Belt and Road Initiative.
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