Past, Present, and Future: Research on the Influence of International Competition and Collaboration Relationship between US and China

Wang Yutao(Pepperdine University)

Abstract

‘America has no permanent friends or enemies, only interests’, by Henry Kissinger. US and China have become the usual pattern of new international trade as the top two economic entities since 2010. After former President Trump took over the chair, the trade conflict between the US and other countries, especially China, has been sharpened to increase domestic employment. A new era of international competition on the economy has grown invincibly in a brutal way.

This paper states and analyzes the economic development and historical interactions between China and the US, standing from China’s perspective. Four-time periods are introduced in the paper for China’s progressing procedure: 1949-1978 pre-opening, 1979-2000 post-opening, 2001-2016 WTO period and focusing on the 2017-2021 deterioration. The methodology starting from industrial structure, trade deficit, monetary and fiscal policy. The key questions include; why China has faster growth, why the US tries to restrict China’s development, and its effective influence.

The paper’s conclusion lies in the comprehensive prediction of the future economic relationship between China and the United States in the ongoing 50 years, yields to the world trade habits and potential international economic system revolution, demonstrated from three sectors: economic structure change and technical restrictions.

Keywords

Economic development; Globalization; International trade; US-China Trade War

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DOI: http://dx.doi.org/10.26549/jfr.v5i1.6689