The Dynamics of Sino – American Economic Relations in Contemporary World Order
Publication Date: 19/08/2020
Author(s): Sheriff Ghali Ibrahim, Momoh Mohammed Kabir .
Volume/Issue: Volume 3 , Issue 2 (2020)
Abstract:
The paper focuses on the dynamics of China-US economic and trade relations in the contemporary world system and analyses the changing nature of their bilateral ties, which is seen to be a relation between the first and second largest economy of the world. The paper adopted historical-descriptive research from the secondary methodology using library instrument for data and relevant information. The paper discovered that China and the United States have different national conditions, and are at different stages of development, market economy and market maturity. They both have sensitive economic fields and their own focuses of concern in economy and trade. Factors such as national conditions and stages of development determine the status, division of labour, openness and developing paths of the two countries in globalization. A correct view on their differences is important to accurately grasp the historical trend and promoting the balanced development of the bilateral economic and trade relations. Findings also show that the two are in a difficult moment since the beginning of the trade war or ever since President Donald Trump came to power. This has exacerbated to closing embassies both in the United States and China in July 2020. Looking into the future, China is willing to make joint efforts with the US to encourage Chinese enterprises to participate in US infrastructure construction, further open up markets, promote two-way investment, and promote bilateral investment treaty negotiations to further strengthen China-US trade and economic cooperation. At the same time, the two sides should properly deal with economic and trade frictions through dialogue and consultation under the principle of mutual respect, equality and mutual benefit. China-US economic and trade cooperation has great prospect and huge potential. The paper recommends that the two sides should try as much as possible to mitigate tension and enhance Trade and Economic Cooperation between and among their Provinces. Trade and Economic cooperation between the two sides would serve as an important basis for robust commercial relations that can promote friendship and expand mutually beneficial cooperation, among other things.
