<label id="xi47v"><meter id="xi47v"></meter></label>

      Commentary: Truth, not myths should prevail over China-U.S. trade

      Source: Xinhua| 2018-04-19 13:18:20|Editor: Lifang
      Video PlayerClose

      BEIJING, April 19 (Xinhua) -- Though repeating a lie creates the illusion of truth, yet myths, unlike the plain truth which is sustained by fact, can't stand the test of time.

      Washington has been adept at blaming other countries for its domestic woes and its recent trade offensive against China, to some extent, also falls into this category.

      The Trump administration claims that since China joined the World Trade Organization (WTO) in 2001, the United States has lost more than 60,000 factories.

      However, a quick fact-check will show that the reality is something else. Statistics indicate that the decline in U.S. manufacturing jobs is more of a domestic issue than due to trade with low-wage economies like China.

      According to U.S. economist Philip Levy, irrespective of China's entry into the WTO, the share of manufacturing employment in total U.S. nonfarm payrolls -- the primary indicator used to assess U.S. job creations -- fell about 30 percent every 16 years. The China factor, instead of generating the decline, actually represents slowing of an existing trend.

      What's more, in a study on the impact of expanding Chinese imports on jobs, Yale University professor Lorenzo Caliendo said access to low-cost intermediate inputs from China has increased employment in non-manufacturing sectors, including retail, construction and services, to offset the job losses in manufacturing, resulting in a rise in welfare.

      A number of sobering facts explains what truly causes job losses.

      First, it is not Chinese workers that take away jobs from U.S. workers. U.S. firms are choosing to invest and set up factories in China, where the workforce is skilled and cheaper.

      Actually, U.S. investors' foreign investments have risen dramatically since the 1990s, shifting low-value-added, labor-intensive industries to developing countries for low-cost assembly.

      Second, U.S. factories don't need as many workers as they used to because robots are increasingly doing the work and the industry is becoming more productive and closer to markets.

      In fact, while trade accounted for about 12 percent of the lost U.S. factory jobs, 88 percent of the jobs were taken over by robots and other factors at home.

      Moreover, there is no downturn in U.S. manufacturing output. Rather, investment in automation and software has doubled the output per U.S. manufacturing worker over the past two decades.

      Last but not the least, the two largest economies in the world are interdependent and more than bilateral trade partners. According to the U.S. Department of Commerce, U.S. exports of goods and services to China supported an estimated 910,000 jobs in 2015 -- 601,000 were supported by goods exports and 309,000 by service exports.

      For years, the United States has enjoyed service trade surplus with China. The surplus recorded 38 billion U.S. dollars in 2016, 11.6 percent more than in 2015 and up 908 percent from 2001.

      More importantly, when looking at the overall U.S. trade deficit, the proportion of U.S. trade deficit with China is on the decrease year by year. The United States' claim that its trade deficit with China is widening is based on questionable algorithms. No one can deny that the majority of the profits goes into the U.S. pocket.

      It's primitive for the U.S. Government to tackle trade disputes by wielding the trade protectionism stick. The drop in U.S. manufacturing employment should not be the only indicator to gauge the balance of benefits from the economic relationship with China, nor should it overshadow the sizable benefits of the trade to the American economy and the potential of fresh trade gains.

      Any trade war will affect millions of workers in hundreds of real and varied places, and ultimately produce unexpected ramifications for local communities in the United States.

      Targeting China will only divert energy from the real challenge and put the future of the U.S. economy at risk.

      TOP STORIES
      EDITOR’S CHOICE
      MOST VIEWED
      EXPLORE XINHUANET
      010020070750000000000000011100001371222861
      主站蜘蛛池模板: 久久久国产精品福利免费| 精品亚洲成a人片在线观看少妇 | 精品久久免费视频| 亚洲综合色一区二区三区小说| 免费高清小黄站在线观看| 亚洲最大在线观看| 99精品热线在线观看免费视频| 日本高清免费不卡视频| 亚洲中文字幕在线第六区| 亚洲国产综合专区电影在线| 亚洲日韩久久综合中文字幕| 日韩久久无码免费毛片软件 | 亚洲毛片无码专区亚洲乱| 久久99毛片免费观看不卡| 亚洲妇熟XXXX妇色黄| 午夜精品一区二区三区免费视频| 亚洲精品无码专区在线在线播放| a级男女仿爱免费视频| 大香人蕉免费视频75| 久久亚洲AV成人无码国产最大| 亚洲精品免费在线| 亚洲第一福利网站在线观看| 亚洲AV无码成人精品区天堂| 国产亚洲精品AAAA片APP| 蜜桃AV无码免费看永久| 国产v亚洲v天堂a无| 免费人成在线观看网站品爱网| 久久精品国产亚洲AV香蕉| 国产在线a免费观看| 亚洲一区二区三区高清| 四虎在线最新永久免费| 亚洲国产精品不卡在线电影| 91精品免费久久久久久久久| 亚洲乱人伦中文字幕无码| 亚洲人成色7777在线观看不卡| 国产高清不卡免费视频| 亚洲kkk4444在线观看| 不卡一卡二卡三亚洲| 特级毛片全部免费播放a一级| 中文字幕专区在线亚洲| 国产片AV片永久免费观看|