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FOREIGN TRADE ROLE IN CHINA`S GLOBAL ECONOMIC POLICY

V. M. Kapitsyn, S. A. Barov, B. U. Kitinov, A. G. Lyulina

Abstract

The article is devoted to the issue of the change of China's foreign trade policy and its position in the world economy. The global economic crisis highlighted the new trends in the global economic development, bringing the economies of the newly industrialized countries to the leading positions and thus heralding changes in the international political arena. The United States, Western European countries and Japan, which after the end of the Cold War were the most economically advanced countries in the world, faced the prospect of losing their influence on the global financial and economic system and losing control over the distribution of the global financial flows. It is emerging China which challenges the US global economic hegemony and advocates multipolarity and trade openness. China's foreign trade policy is getting increasingly politicized and serves as an instrument of the foreign policy strategy of the Chinese government. The authors note that China's economic expansion is accompanied by a shift from the isolationist foreign policy course in the regional and world affairs. The PRC strategy envisages the emergence of China as a new world industrial and financial center and an international trade center, accompanied by the consistent displacement of the US, the EU and Japan from the dominant positions in the global economic integration. In its foreign policy, China is paying increasing attention to the problems of multilateral economic cooperation and is actively promoting the concept of "multilateral diplomacy", which provides for the development of a global mechanism for coordinating the interests of different countries and search for mutually beneficial decisions. China seeks to use the formation of the global scale "open trade" system as a means of promoting its national economic interests and demonstrates its willingness to fight for its vision of the future of the world economy through political means.

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DOI resolver: doi.org/10.5593/sgemsocial2018/1.2/S01.011

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