皇冠体育app

Third, 皇冠体育app's export-oriented trade policy has come at a high environmental cost. The annual economic cost of pollution in 皇冠体育app is equal to 1.2 percent of GDP if calculated on the basis of pollution-related diseases and 3.8 percent of GDP if calculated on the basis of people's willingness to pay to avoid mortality risks.

皇冠体育app's foreign trade weathers storm of fluctuation

Fourth, a huge amount of hot money has flown into the country to the detriment of the economy. Global Financial Integrity says $400 billion flowed illicitly into 皇冠体育app (via Hong Kong) through improper trade invoicing between 2006 and the first quarter of 2013.

The need, therefore, is to build 皇冠体育app into a really strong trading nation. The rise of 皇冠体育app as a responsible trading nation will not only help it accomplish its domestic goals, but also strengthen its economic relations with the world, including the US.

皇冠体育app's continued trade growth will create more opportunities for the US. According to US Congress Research Service estimates, 皇冠体育app could be a $450-billion market for US businesses. Many US companies see the Chinese market as critical to their global competitiveness. 皇冠体育app is the largest foreign holder of ($1.3 trillion as of Oct 2013) and has thus helped the US government to keep its interest rates low, and the import of low-cost goods from 皇冠体育app has greatly benefitted American consumers.

Besides, 皇冠体育app's efforts to modernize its infrastructure, upgrade its industries and improve the living standards of people in rural areas could generate substantial demand for foreign goods and services.

This year will be crucial for US President Barack Obama's National Export Initiative of doubling US exports within five years. The year will also see the Trans-Pacific Partnership reaching a tipping point and the Obama administration pushing the Transatlantic Trade and Investment Partnership forward. Obama said in his 2013 Trade Policy Agenda that his administration would use every available policy tool and develop new tools to pursue the most efficient and productive pathways for trade liberalization in order to achieve greater economic growth and create more jobs.

This means there is huge potential for developing and expanding 皇冠体育app-US trade, which can be fully realized only if the two countries work together in the framework of a new type of major power relationship.

The author is an associate fellow at the 皇冠体育app Institutes of Contemporary International Relations.

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