A New Entanglement in U.S.-China Relations: Hole Cards Reveal the Deep-seated Reasons for America's Fear.
Recently, due to a series of unilateral sanctions adopted by the United States, China-US relations have become more complex and uncertainties have further escalated. The US top brass has called for launching a full-scale new Cold War, pushing the contradictions between China and the United States to an unprecedented height. However, there are inevitable contradictions between China and the United States in terms of national nature, development path, and core interests, which is an objective law.
Although the United States has always adopted a Cold War mentality and a zero-sum game mentality towards China, which has led to increasingly complex and difficult Sino-US relations, we have not seen an extreme situation occur so far. This can't help but raise the question: What kind of cards exist between China and the United States that make the United States dare not act rashly?
China's hole card one: the powerful power of manufacturing.
History tells us that there were four countries and a group of countries that were close to the United States, including the United Kingdom, Germany, Japan, the Soviet Union, and the European Union. However, they were eventually defeated by the United States and have since disappeared. Today, in order to contain China's rise, the United States has launched a series of wars, including first-class wars, financial wars, currency wars, diplomatic wars, scientific and technological wars, and first-class wars, but with little effect.
One of China's most feared cards for the United States is manufacturing. China is the only country in the world that has the production capacity of all industrial products, from large aircraft to daily necessities. This puts the United States in an awkward position, as China's capacity advantage prevents it from finding alternative goods**. Especially under the impact of the epidemic, the United States has tried to reduce the ** deficit by reducing imports of Chinese goods, but this strategy has in fact only made American consumers bear higher costs.
China's hole card two: the gravitational pull of a huge market.
As the world's largest single consumer, China has a huge market gravity. At a time when the global economy is being hit by the pandemic, countries urgently need to revive their economies. The breadth, breadth, depth and consumption dynamics of China's market are remarkable. For countries looking to revive their economies, the Chinese market is becoming more and more attractive.
This advantage is a headache for the United States, because it is not only facing pressure from domestic entrepreneurs to improve Sino-US relations, but also has to deal with the gradual alienation of its allies from the United States. Due to China's huge purchasing power, it is difficult for these countries to get rid of their dependence on the Chinese market, whether it is technology or product exports. This makes China a key force in supporting other countries in achieving their national interests.
China's hole card three: the strategic card of RMB internationalization.
Perhaps what scares the United States the most is China's renminbi internationalization card. The United States has long relied on the hegemony of the dollar, but this may change as China gradually pushes for the internationalization of the renminbi. Especially in the case of the long-term indiscriminate issuance of dollars by the United States, which has led to chaos in the international financial market, China's national credit has gradually risen, and the surrounding alliance system has also shown signs of loosening.
If China skillfully uses the card of renminbi internationalization to adjust its financial policy toward the United States, it will be possible to have a substantial impact on the American economy. In the case of the basic failure of the fiscal and monetary policies of the United States, further inflation will inevitably lead to an increase in the cost of financing in the United States, the number of countries that purchase US Treasury bonds will gradually decrease, and the foundation of US hegemony will be impacted.
Epilogue. The three cards, manufacturing, markets and the internationalization of the renminbi, constitute China's strategic weapons in Sino-US relations. These cards not only make the United States daunting, but also provide solid support for China's position in the international arena. As the global landscape continues to change, the evolution of China-US relations will continue to attract global attention.
The complexities and tensions of the U.S.-China relationship in recent years have been elaborated above, and China's three cards – manufacturing, markets, and the internationalization of the renminbi – have given the U.S.-China relationship a new strategic dimension. This review will discuss what makes these hole cards unique and their impact on the global landscape.
First of all, manufacturing, as one of China's most alarming cards in the United States, highlights China's key position in the global industrial chain. China's ability to produce all industrial products makes it the backbone of the global manufacturing industry, which not only makes it difficult for the United States to find a replacement in the war against China, but also enables China to take the lead in recovering in response to the impact of the epidemic. China's production capacity advantage provides it with a dominant position in the global economy, while also providing strong support for external pressures.
Second, China, as the world's largest single consumer, has the gravitational pull of a huge market. At a time when the global economy is facing the challenges of the pandemic, the breadth, breadth, depth and consumption momentum of the Chinese market have shown strong resilience. This gives China a key role in economic recovery, while also giving it a greater voice on the international stage. The huge attractiveness of the Chinese market has forced the United States to weigh the pros and cons in the Sino-US relationship, and although it has tried to balance the situation by means such as warfare, it is difficult to avoid a situation in which American consumers bear higher costs.
Finally, the internationalization of the renminbi has become a strategic card in China's hands and poses a threat to the United States. The United States' long-standing reliance on the hegemony of the US dollar, while China's gradual push for the internationalization of the renminbi means that its role in the international financial system has been strengthened. This has not only strengthened China's international credibility, but also provided support for China to play a greater role in international affairs. Once China can skillfully use the power of RMB internationalization to adjust its financial policy towards the United States, it will have a substantial impact on the American economy.
Overall, these three cards give China a more flexible and solid bargaining chip in the U.S.-China relationship. However, it is also important to note that these hole cards need to be used carefully so as not to exacerbate tensions. The future development of China-US relations will be influenced by the skillful use of these cards and the wise decision-making of the two leaders. In the changing global landscape, the development of China-US relations will continue to attract widespread attention from the international community.
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