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Fair trade badly needed in a time of crisis

(Xinhua)

08:20, June 20, 2012

BEIJING, June 19 (Xinhua) -- As world waits anxiously for the true dawn of the global economic recovery, restoring stable growth has become the main topic at the ongoing Group of 20 (G20) summit. And to make this happen, it is more imperative than any other time for fair trade to be maintained.

In a speech delivered at the G20 summit, President Hu Jintao called for the resolution to create a free, open and fair global trade environment and oppose all types of protectionism.

"Efforts must be made to keep bilateral and regional trade open and inclusive, and safeguard the multi-lateral trade system," Hu said.

China's firm stance on fair trade is reasonable, as fair trade can fall by the wayside during economic crises, and this has indeed happened since 2008.

According to a World Bank report, protectionist measures surged as the financial crisis hit the global economy. Between November 2008 and March 2012, world governments adopted more than 1,000 discriminatory trade measures, of which most of them were G20 members.

China has become the biggest victim of international trade frictions for 17 consecutive years, a view given by the Chinese government and echoed by the Global Trade Alert, an independent think-tank on global trade. China has also come under repeated attacks on the issues of intellectual property rights and renminbi exchange rates.

The phantom of protectionism looms even larger this year, as the trade remedy investigations into Chinese goods increased 80 percent in the first three months compared to last year.

For the highly-integrated global economy, nations should bear in mind the "all in the same boat" psyche in this time of crisis. But instead, major western economies have resorted to protectionist measures to impair free trade -- giving the lame excuse of opposing inequality.

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Email|Print|Comments(Editor:姚春、马茜)

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