World Perspectives

China Rebuts U.S.; Political Pickle; Risk of Piecemeal; G-20; Deal Skepticism and Market Mover

China Rebuts U.S. China’s ambassador to the WTO, Zhang Xiangchen, had clever reactions to the U.S. criticism of his nation’s economic system, but that only creates worse worries for the future. He said that China never promised to switch from being a “socialist market economy” to a U.S.-style one as part of its accession plan. There was an assumption that China would change, but the ambassador correctly noted, “There is no one-size-fits-all ‘market economy’ standard in the world.” To his point, many of the transatlantic disputes evolve from ones over regulating the power of the market on the economy. Zhang is also correct that the WTO does not define a market economy and that the organizatio...

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