International Financial Accounting: Imports and Term Paper

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" (Scott, 2007) the problem in China is addressed in the work of Cui (2007) entitled: "China's Growing External Dependence" published by the International Monetary Fund Journal of Finance and Development (IMF) relates that the key to the remarkable economic performance of China over the past three decades has been its.." rapidly growing foreign trade..." (Cui, 2007) Cui states that the conventional view is that the growth for China is "largely domestically driven...China uses its abundant labor to assemble imported inputs into low-tech consumer goods and capital goods exports, making it the world's workshop.' (Cui, 2007) Cui states in analysis that: "The contribution of net exports to China's growth has increased significantly in recent years, as reflected in the surging trade surplus as a share of GDP. The analysis suggests that a significant part of the increase reflects structural changes in the Chinese economy, particularly the rising domestic content of its exports. Moreover, the two key trends described here imply that China has become more vulnerable to external shocks, such as a real exchange rate appreciation or a slowdown in external demand, than is generally assumed. This underscores the need to hasten the rebalancing of China's growth away from potentially volatile net exports toward a more sustainable path driven by domestic demand." (2007) According to Cui: "The structural changes in China also have important regional implications for trade flows within Asia and the evolution of regional production networks. In recent years, China has displaced the United States as the largest export market for an increasing number of Asian countries. It has also been pivotal in boosting intraregional trade and FDI, particularly in the form of intermediate goods channeled through multinationals as part of cross-border chains. Indeed, intermediate products account for almost three-fifths of the increase in trade within Asia over the past decade. But as China begins to specialize in more parts of the production chain, its imports of intermediate goods from the region could start to fall." (Cui, 2007) Cui predicts that as the comparative advantage of China evolves that the consequence will be a rise in labor costs with "the lower-income countries in Southeast Asia" taking the place of China "at the lower end of these networks." (Cui, 2007)

V. GLOBALIZATION and the CHANGES in CONDUCTION of Business BOTH at HOME and ABROAD for the UNITED STATES

Actions reported by the United States Trade Representative, in the work entitled: "U.S.-China Trade Relations: Entering a New Phase of Greater Accountability and Enforcement" a 'Top-to-Bottom' review of the trade policy with China states that six objectives would be pursued by the United States in the future, which are those as follows:

Participation - Integration of China more fully as a responsible stakeholder into the global rules-based system of international trade and secure its support for efforts to further open world markets;

Implementation and Compliance - Monitor China's adherence to international and bilateral trade obligations and secure full implementation and compliance;

Enforcement of U.

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S. Trade Laws - Ensure that U.S. trade remedies and other import laws are enforced fully and transparently, so that Chinese imports are fairly traded and U.S. And Chinese products are able to compete in the U.S. market on a level playing field.

Further Market Access and Reform - Beyond what is granted under China's current commitments, secure further access to Chinese market and greater economic reforms in China to ensure that U.S. companies and workers can compete on a level playing field;

Export Promotion - Pursue effective U.S. export promotion efforts with special attention to particular U.S. export growth potential in China; and Proactive Identification and Resolution of Trade Problems - Identify mid -- and long-term challenges that the trade relationship may encounter, and seek proactively to address those challenges. (U.S. Trade Representative, 2007)

SUMMARY and CONCLUSION

The hope for promises of the NAFTA free trade agreement have not culminated in many situations and China has not followed the trade rules as closely has would have been desired initially however, new groundwork has been laid in coping with the complexities of the import and export trade with China which has been acknowledged as beneficial for both China and the United States. It will be of primary importance that China is held to the trade regulations in a transparent manner. Greater accountability and enforcement are the call-words in the future trade relations with China and other developing, emerging and rapidly growing countries involved in import and export trade with the United States. The United States has announced intentions to promote export trade with China and other developing countries and their markets......

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