US-China Economic Relations: From Conflict to Solutions—Part I

Outright trade war between the world's two largest economies would be devastating to the working people of both countries, as well as destructive to the future of the entire world economy. The costs of conflict between China and the United States far outweigh the current causes of dispute in their economic relationship. These costs would be both direct, in terms of short-term losses of growth and employment, and indirect, in terms of long-term damage to the world trading system, diminishing investment and efficiency. There are points of genuine dispute between the United States and China over their economic interaction. Even if their economic significance is often exaggerated, these are legitimate points of contention and have to be addressed in a constructive manner. The analyses in this volume aim to contribute to a more reality-based consideration of both countries' enlightened self-interests, which would yield progress on points of dispute in a manner consistent with keeping the world economy open for business.

Contents:

I. A Constructive Approach to China-US Trade Tensions

 1. Economic Truths Towards Resolving China-US Trade Conflict

     Ha Jiming and Adam. S. Posen

  2. China-US Trade Conflicts: Factual Background and Analysis

     Lu Feng

  3. China-US Trade Conflict and Its Impact on the Two Economies

     Ha Jiming and Feng Yangmei

  4. The Accumulating Self-Inflicted Wounds from Trump's Unilateral Trade Policy

     Chad P. Bown

  5. The Impact of Unilateralism on the Global Trading System

     Sun Yuanjiang

  6. US-China Trade Frictions and the Global Trading System

     Robert Z. Lawrence

  7. Foreign Direct Investment Activity in China's High-Technology Manufacturing

     Huo Jianguo

  9. China and the United States: The Contest for Systemic Leadership

     C. Fred Bergsten

II. Economic Reform and Growth

  1. Prospects for Economic Reform and Medium-Term Growth in China

      Nicholas R. Lardy

  2. China's Economic Restructuring: Progress and Gaps

     Zhang Bin and Zou Jingxian

  3. Prospects for Economic Reform and Medium-Term Growth in the United States

     Jacob Funk Kirkegaard

III. Financial Reform and Regulation

  1. Macro-prudential Policy Framework and Financial Regulatory Framework Reform

     Li Bo

  2. Facts Speak Louder than Words: Review of and Prospects for China's Foreign Exchange Policy

     Guan Tao

  3. A Stability-Oriented Exchange Rate Policy for China: 2018 Edition

     Joseph E. Gagnon

  4. Market Discipline in Chinese Finance: Getting the Sequence Right

     Martin Chorzempa and Nicholas Véron