Global Dominates of China's Development

January 2017
Journal of International Economic Policy;2017, Vol. 26 Issue 1, p134
Academic Journal
The end of XX - the beginning of the XXI century was marked by the bright discovery that Chinese economy became one of the leading factors in global development, the powerful locomotive of globalization. On the background of negative impact of the global financial crisis of 2008-2010 the People's Republic of China (PRC) has proven to be the most stable and able to definite development, though at a slower pace on the vast majority of countries in the world. Only due to China the centre of world progress started shifting from Western Europe and North America to the APR. An analysis of peculiarities of the course of globalization processes shows that China, under the slogan of open peace-loving politics, actually strengthens its political and economic activities aimed at transformation of the existing unipolar world headed by the United States into a multipolar world. China's foreign policy is aimed at achieving the status of a superstate until the middle of 21st century. In the article PRC Concept "Belt and Road Initiative" is considered as a proof of existence of such a strategy. At the same time, attention is drawn to the fact that in order to achieve its goal, China establishes trade ties with all countries of the world, primarily through the introduction of free trade zones (FTAs) and an increase in investments, which is clearly manifested in its Eurasian policy, as well as in the implementation of the Concept of "Belt and Road Initiative". The article proves the expediency of establishing an FTA between Ukraine and China and more active involving Ukraine in the implementation of the New Silk Road project based on the analysis of trade and economic relations between Ukraine and China and based on the specific state of its economy in the conditions of geopolitical and geoeconomic instability. The article covers the key tendencies of Ukraine's foreign trade cooperation with China in the context of the FTA initiative. The main goods, which account for the majority of exportimport operations from both countries are determined. The customs tariffs of Ukraine and China for individual goods, export of which is important for the Ukrainian economy are analysed. As a result of this analysis, it was determined that the main issue of potential negotiations on FTA with China is the need for a significant reduction of China's tariffs on wheat and maize, which is 65%. The political risks of concluding an agreement on the FTA, in particular, because of the possible negative impact of such an agreement on the prospects of Ukraine's EU membership, were identified, and recommendations were made to relevant government bodies both to ministries and to the profile committee of the Verkhovna Rada of Ukraine.


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