China and Germany signed a collection of commercial accords valued at $23.5 billion this week. Meanwhile, the nations’ leaders publicly affirmed their commitment to a multilateral global trade order, while the United States adopts a more protectionist policy. “We both want to sustain the system of World Trade Organization rules,” German Chancellor Angela Merkel said during a press conference. Chinese Premier Li Keqiang, also present, agreed and stated protectionism must be prevented for the good of the global economy. Chinese President Xi Jinping has already pleaded for governments to maintain an open trading policy. “We reject selfish, shortsighted, closed, narrow policies, [we] uphold World Trade Organisation rules, support a multi-lateral trade system, and building an open world economy,” Xi said in an incredibly hypocritical speech from last month. While China has promised to open its market a bit, the country’s trade practices remain exceptionally protectionist. All banks are state-owned and the nation has proven highly aggressive in keeping foreign investments to a minimum — unless they somehow benefit the country in the long term. The automotive industry sees this in the form of state-mandated partnerships that require manufacturers to join with established Chinese firms. Critics claim these moves force businesses hoping to gain… Read full this story
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