18 but china has been making a concerted and

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18 But, China has been making a concerted and successful push to reduce its dependence on trade; the share of total exports in its gross domestic product fell from over 30 percent in 2007 to under 20 percent last year. During that same time, the share of exports to the US fell from approximately 9 percent of China s econo- my to just over 4 percent. If Beijing concludes that trade tensions with Washing- ton are likely to stay, and perhaps even intensify, it may well take steps to acceler- ate that trend. 19 China plays the globalisation game by what we might call Bretton Woods rules, after the much more permissive regime that governed the world economy in the early post - war period. China s practices are not much different from what all advanced countries have done historically when they were catching up with others. One of the main US complaints against China is that the Chinese systemat- ically violate intellectual property rights in order to steal technological secrets. But, in the nineteenth century, the US was in the same position in relation to the technological leader of the time, Britain, as China is today vis - à - vis the US. And the US had as much regard for British industrialists trade secrets as China has today for the American intellectual property rights. 17. Ana Swanson and Keith Bradsher, Trump Doubles Down on Potential Trade War With China ”, The New York Times, April 5, 2018, available at: https:// - trade - war - china .html 18. “ With China Tariffs, Trump Barks but Doesn t Bite ”, Stratfor Analysis, March 23, 2018 available at: - china - tariffs - trump - barks - but - doesnt - bite - 2018 - 03 - 23 19. Ali Wyne, The Greater Danger of US - China Trade Tensions ”, The Diplomat, May 9, 2018 available at: - greater - danger - of - us - china - trade - tensions/
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US - CHINA Trade War: Analyses of Deeper Nuances and Wider Implications 19 Made in China 2025 20 China has taken an initiative known as Made in China 2025’ to compre- hensively upgrade the Chinese industry. The Made in China 2025 initiative has clear principles, goals, tools, and sector focus. Its guiding principles are: - To have innovation driven manufacturing. Emphasise quality over quantity. Achieve green development. Optimize the structure of Chinese industry. Nurture human talent. The goal is to comprehensively upgrade Chinese industry, making it more efficient and integrated so that it can occupy the highest parts of global production chains. The plan identifies the goal of raising domestic content of core compo- nents and materials to 40 percent by 2020 and 70 percent by 2025. Although there is a significant role for the state in providing an overall framework, utilising financial and fiscal tools, and supporting the creation of manufacturing innovation centres (15 by 2020 and 40 by 2025), the plan also calls for relying on market institutions, strengthening intellectual property rights, pro- tection for small and medium sized enterprises (SMEs) and the more effective use
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