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China is replacing the United States as the dominant player in global trade, according to Wang Huiyao, founder of the Center for China and Globalization. In a recent interview with CGTN, Wang highlighted the negative effects of US trade protectionism on its own economy and the global market.
“Trade protectionism has had negative impacts on both the US economy and the global trade landscape,” Wang stated. “While the US is building trade barriers, China is opening up and engaging more with the world.”
Wang pointed out that China’s commitment to free trade and globalization has allowed it to strengthen partnerships, especially with developing countries. Initiatives like the Belt and Road are fostering international cooperation and economic growth across Asia, Africa, and Latin America.
“China’s proactive approach in collaborating with other nations is enhancing its global influence,” he explained. “Meanwhile, the US risks isolating itself by withdrawing from trade agreements and imposing tariffs.”
The shift in global trade dynamics is significant for countries in the Global South, as increased trade with China can lead to more opportunities for development and investment. However, Wang cautioned that a divided global trade environment could lead to instability.
“It’s important for major economies to work together to promote inclusive growth,” he said. “Protectionism benefits no one in the long run.”
As the world navigates complex economic challenges, experts like Wang advocate for open dialogue and collaboration to ensure a prosperous future for all nations.
