China’s growth in power has posed both challenges and opportunities in U.S.-China relations, and for the effect on the global economy. Economically, militarily and politically, China and the U.S. are playing on tumultuous turf.
This paper presents five elements to a successful approach to trade with China:
- make preparing America for the rise of China and shaping the surrounding environment in our favor a top, sustained priority
- vigorously implement programs that equip Americans to compete in the global economy and provide social insurance in support of mobility and opportunity
- vigorously pursue critical trade enforcement actions that have the greatest consequences for American competitiveness-with intellectual property theft and China’s comprehensive subsidization of its exports as central targets
- push for more rapid adjustment of China’s currency as a critical component of a broader policy to induce appreciation in Asian currencies and to facilitate an orderly decline in global trade imbalances
- undertake sustained economic diplomacy at the highest levels to shape multilateral and regional economic structures and agreements favorably
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