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originally posted by: Scapegrace
What a welcome and surprising change! The UK, France and Germany grew a pair and warned China about its lawless claim of the South China Sea.
As the article notes, these three nations rank among the Top Seven GDPs in the world. They possess enormous potential clout over the highly export-dependent Chinese economy.
In 2017, China’s total exports were valued at $2.26 trillion. The United States and EU combined to buy 35 percent of China’s exports. China’s exports to Japan, South Korea, Taiwan, Australia, Singapore and Canada were 18 percent of its total. These eight economies alone buy 53 percent of all Chinese exports. As far as China’s concerned, there’s no substitute for the consumer markets of these nations and the EU (plus the UK).
And while China manufactures an enormous amount of the world’s goods, including a huge amount of pharmaceutical products, there’s no reason manufacturing can’t be moved elsewhere. India, the world’s largest democracy, would be delighted to provide cheap, smart, hard-working labor.
It’s time for the First World nations to lay down the law to China, which has ruined competitors by dumping products at below cost. It engages in wholesale theft of proprietary knowledge totaling hundreds of billions of dollars per year.
China violates human rights with an arrogance that’s simply breathtaking, as demonstrated by its interment of hundreds of thousands, perhaps millions, of Uighurs, and breaking its pledge to let Hong Kong remain a democracy. “One country, two systems.” What a sick joke!
China isn’t nearly as powerful as the free world thinks it is, but its authoritarian government allows it to act swiftly, decisively and ruthlessly. We need to realize we hold the whip hand over China, not the other way around. We can outsource production elsewhere, but they can never find another consumer market like the free world.
I wonder if the China virus was the last straw for the UK, France and Germany? The pandemic has devastated the world economy, not to mention fundamentally changed the way we live. If Trump is re-elected, the free world just might slow China’s thinly veiled ambition to dominate the world.
originally posted by: paraphi
The EU is slow to act on China because of Germany's unwillingness to antagonise an export opportunity.
The UK outside of the EU is likely to be less tied to the prevarication and indecision the EU often displays when faced with problematic foreign affairs.
No sure about France, but the UK is one of the countries who has made China all grumpy by sailing naval ships through international waters in the South China Sea.
Personally, I have viewed China as an affront from many years.
Much to my surprise, I totally agree with you. No one to blame but ourselves. And there’s plenty of blame to go around. Democrat and Republican politicians and business people. And consumers, like me, although I’m trying (often unsuccessfully) to buy products made anywhere but China. We created this monster. It was so unbelievably foolish and short-sighted, and we were given ample warnings along the way as we grew ever more dependent.
originally posted by: odzeandennz
Don't do business with China....
Not hard. Right?
If they are so evil, why exactly are other countries at their economic mercy? Why does the US owe China so much in debt?
When it was good, it was great. Now China is growing at a very quick pace...They're evil now.
How and why did China become such a juggernaut in manufacturing..everything?
When US and European and south east Asia were happy to use cheap labor in order to get rich quick, i.e. The capitalist framework, Why were there no outcry in the potential dangers of using cheap labor until our own economic fortitude did a quick 180 turn?
The companies in the US getting rich from china's cheap labor are somehow saints now?
We went to China, China never came to us. Let's firmly remember this.
Both the United States and China are assiduously preparing to fight each other. I don’t think either wants a war, but China’s been getting away with just about every gambit it’s tried in the last decade, and no one has stood up to them until recently. Who would have thought they could simply take all those islets and atolls in the South China Sea, or steadily encroach on the border with India with no repercussions other than political protests and a few casualties against the Indians?
originally posted by: CthruU
a reply to: Scapegrace
This is the first time in history that these 3 have joined forces to issue a NOTE which is a public 2 page voicing of concerns over chinese wolfwar diplomacy.
According to Steve Tsang director of SOAS the 3 have spoken before on the issue but only called for peace and stability.
The fact that the 3 now publicly are warning and criticizing china is a sign of things to come.....wouldn't be surprised if real conflict initiates before Christmas folks.
Normalized Trade Relations
U.S. President Bill Clinton signs the U.S.-China Relations Act of 2000 in October, granting Beijing permanent normal trade relations with the United States and paving the way for China to join the World Trade Organization in 2001. Between 1980 and 2004, U.S.-China trade rises from $5 billion to $231 billion. In 2006, China surpasses Mexico as the United States’ second-biggest trade partner, after Canada
China Becomes Largest U.S. Foreign Creditor
In September 2008, China surpasses Japan to become the largest holder of U.S. debt—or treasuries—at around $600 billion. The growing interdependence between the U.S. and Chinese economies becomes evident as a financial crisis threatens the global economy, fueling concerns over U.S.-China economic imbalances.
Which is better for consumers: cheaper goods or better-paying jobs? Outsourcing production to China has given us the former at the expense of the latter. I’d rather have millions of good jobs. Much of our opiates epidemic can be attributed to U.S. firms outsourcing jobs, often just to increase profits.
originally posted by: CriticalStinker
a reply to: odzeandennz
I think you're right on this one.
Multinationals gave consumers a taste of cheaper goods, and we allowed over time the moving of industries.
It's cheaper at the time of purchase, but over time it's the same price IMO when you see the economic effects.
I think the economic argument alone is enough to justify a restructuring of relations with China... But then if you look at their human rights, that's when the situation becomes truly alarming.
And we're all throwing gas on the fire, and crossing a point of no return.
I don't know if we can even walk this back now.
originally posted by: angelchemuel
This is no more than a 'controlled demolition' of the global economy.......and as much as I used to think it was a 'cabal' of all the financial 'cabal' that control everything behind the scenes, I am now beginning to think this was all a two pronged attack by China......send out a virus....watch the West close down their economies....thus protecting China's own.