China's Trade Policy China Joined Research Paper

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China's currency manipulation is one of the most important. The Chinese government buys foreign currency, keeping the value of the yuan low. While this is a benefit to Chinese exporters, it makes non-Chinese products more expensive in China. High prevalence of government control in key industries is another non-tariff barrier. Some of this changed with China's ascension into the WTO. A government entity, COFCO, handled both imports and exports of a wide range of agricultural products, but now many of China's agencies for agricultural trade have been converted to for-profit enterprises, reducing the impact of government intervention in agricultural trade (Carter & Rozelle, 2004).

Tariffs and minor trade disputes, however, have proliferated between China and major trading partners in recent years as China seeks to stimulate its economy.

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For example, China has increased tariffs on American chicken (89% of China's chicken imports) in order to protect domestic producers (Food Manufacturing, 2010).

Overall, China has lowered its tariffs over the years since it ascended to the World Trade Organization. Its tariffs are progressive for a developing country, but still are not as low as might be expected from a developed nation. There are also strong concerns about non-tariff barriers to trade such as government intervention in markets for specific goods and currency manipulation that makes foreign goods expensive in China.

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