13 Nov Unit 5_MT220_Discussion response
13786Respond or elaborate on the response below:
Government policies and trade play a crucial role in forming international economic ties, and there is compelling evidence that China is adopting a neo-mercantilist economic approach. State control over trade and industry is emphasized by neo-mercantilism as a means of enhancing national power via export surpluses and technological superiority. By encouraging domestic consumption while maintaining its focus on export growth and self-sufficiency in key sectors, China’s dual-circulation strategy reflects this approach. By reducing reliance on foreign economies, this policy increases China’s market dominance worldwide.
According to Harrell (2024), China’s economic system is becoming more and more dependent on state guidance, whereby trade and technological flows are shaped by government policies and subsidies in order to accomplish geopolitical objectives. Likewise, Ponnuru and Strain (2020) characterize China’s trade policies as a contemporary manifestation of mercantilism that subverts liberal drive for supply chain dominance and technological independence is an example of a neo-mercantilist strategy intended to strengthen global dominance rather than advance free trade.
The United States and other countries should fortify their ties with like-minded partners, diversify their supply chains, and use international organizations to enforce trade regulations in order to guarantee a fair trading relationship. Reliance on Chinese exports would also be lessened by encouraging innovation and making investments in domestic manufacturing. By doing so, trade relations would be balanced and China would be encouraged to participate more openly in the international economy.
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