The U.S. economy has suffered a severe setback due to the impact of the epidemic. In order to save the market, the Federal Reserve has resorted to an unlimited quantitative easing (QE) policy. However, the U.S., which has always admired the free market, has actually intervened in the financial system in broad daylight, and many media and commentators have begun to directly It refers to the "double standard" of the United States, and believes that the accusation of the United States accusing the Chinese government of interfering in the market is unjustified. At first glance, such an inference seems quite reasonable, but before making the accusation of "double standard", it is necessary to clarify what is "intervention in the market" and what the US accusations of market intervention against China are. Can the US market intervention charge stand?
WTO commitments and exchange rate manipulation Intervention in the market is a very general and wide-ranging term, which refers to a free market in which the government intervenes in money and goods flow in accordance with the natural state of the market. In the past, the U.S. accusations against China of “intervention in the market” were all over the place, but here the author divides them into two major categories: trade and finance: commitments that have not repeatedly entered the WTO and exchange rate manipulation. The first is the WTO commitment. wedding photo retouching services In today's international society, the free trade market is a universal value, and the World Trade Organization (WTO) is the institution advocating this value. The reason for establishing this set of guidelines is that in the 1930s, many countries, in order to protect their own enterprises, Through tariffs, quota systems, licenses and other means, trade barriers have been raised successively, which led to the further deterioration of the economic depression in the 1930s, which contributed to the outbreak of World War II.
Therefore, in order to avoid repeating the same mistakes, the international community after the war signed a total of 23 countries. The General Agreement on Tariffs and Trade (GATT) was established to promote trade liberalization, which is the predecessor of the WTO. From the above, it can be seen that the WTO does not have a set of rigid membership treaties, nor is it a multilateral trade agreement. The WTO is only an anti-protectionism. , An international organization that assists in settling trade disputes based on open markets. Many of the US accusations against China stem from China's commitments when it joined the WTO. When China joined the WTO in 2001, in order to assure the world that it would abide by the principle of open markets, it promised a number of treaties in exchange for admission tickets, including general declarations of the spirit of the WTO, such as "giving foreign products in terms of purchase and sale. or service non-discriminatory treatment”, but also quite specific treaties such a