Confucius offers a pretty good guide to trade_ michael schuman _ ajot. com mastercard gift card billing address

Confucius offers a pretty good guide to trade_ michael schuman _ ajot. com mastercard gift card billing address Confucius was once asked if there was a single word that could act as a guide throughout one’s life. Cash money mastercard “Reciprocity,” the sage responded. Mastercard statement He then preached a form of the Golden Rule: “What you do not want done to yourself, do not do to others.

”It sometimes seems that China’s policy makers have forgotten this ancient wisdom. Reward card mastercard More and more, Chinese companies are taking advantage of the openness that the U.S.-led global economic system ensures, but Beijing isn’t reciprocating by allowing foreign companies similar liberties in China. Mastercard securecode handelsbanken This

imbalance is becoming a major impediment for Western companies: While they’re unable to fully benefit from the expansion of the Chinese economy, Chinese companies are buying up vital technologies and setting up new operations around the world, to their great competitive advantage.

Despite promises to continue “opening up,” China’s government still bars or restricts foreign companies from engaging in many basic business activities. Mastercard ticker Chinese automaker Geely purchased Sweden’s Volvo in 2010, but foreign carmakers can still only manufacture in China with a local partner. Card prepaid mastercard Property group Wanda is busy buying a Hollywood empire—purchasing theater operator AMC in 2012 and production house Legendary Entertainment earlier this year—but foreign firms still face limits when investing in the movie business in China. Prepaid reloadable mastercard The Bank of China bought itself a ritzy new office in Manhattan, while in China the expansion of foreign banks and insurance companies has been constrained by regulators.

Mastercard phone number canada The list goes on. As China grows richer and more powerful, this double standard is increasingly irking its trading partners. Mastercard preferred pricing One notable American politician is even talking about blanket tariffs against Chinese imports and other punitive measures. Mastercard prepaid gift card That’s a bad idea: It would damage U.S. Mastercard gift card phone number economic growth, corporate profits and consumer welfare.

But current policies for challenging China’s behavior don’t work particularly well either. Prepaid mastercard card The World Trade Organization ruled in 2012 that Chinese regulations discriminated against foreign card-payment companies (such as MasterCard and Visa) in domestic yuan transactions, yet Beijing took four years to even release guidelines to make it possible for them to apply for a license.

Reciprocity offers a better solution. Pay as you go mastercard The U.S. Check balance prepaid mastercard and other countries should place restrictions on Chinese companies to match those China imposes on foreigners.

Buy prepaid mastercard online These should be narrowly defined and carefully targeted, and the U.S. Go mastercard balance should remember that investment from China could be an important source of future jobs. Mastercard number free But if Chinese bureaucrats are slowing the advance of foreign financial firms, for instance, the U.S. How to apply for mastercard should restrict the expansion of Chinese financial companies in its own market. Mastercard securecode sbi Likewise, the U.S. What banks use mastercard should limit Chinese investment in sectors it believes are critical to its economy, just as China does. Check my prepaid mastercard balance With access to much-needed foreign technologies and markets curtailed, China would quickly face pressure to reform.

Unlike tariffs, such reciprocity wouldn’t have a huge impact on American households. Mastercard securecode capital one With so many choices already on the market, it won’t matter to the average American if the expansion of certain Chinese companies is impeded. Mastercard usa Over the long term, such steps may actually help the American economy by keeping important technologies out of Chinese hands and ensuring that U.S. Buy a prepaid mastercard online companies maintain an edge in know-how versus their hard-charging rivals. This isn’t the type of reciprocity Confucius had in mind.

Mastercard securecode verified by visa He would’ve advised the West to take the moral high ground and maintain its liberal policies, in the expectation that China would eventually see the light and respond in kind. Mastercard number and security code 2016 To many in the U.S., a reciprocal approach might seem a gross violation of the country’s cherished free-market principles. But what the West has to realize is that China isn’t wedded to those same principles.

Site mastercard It engages the global economic system without feeling bound by its norms, and crafts economic policies to advance its national agenda. Mastercard debit card activation The U.S. Mastercard securecode einrichten and its allies have to reciprocate to protect their interests. China might respond by slapping even more controls on foreign businesses. Mastercard securecode bank of india That would be bad for all sides.

Mastercard 5 But the reality is that China is already making it harder for foreign companies to do business there: In a recent survey from the American Chamber of Commerce in China, 77 percent of respondents said they felt less welcome in the country. Even Confucius realized that there’s a fine line between being a gentleman and being a chump. Online prepaid mastercard He was once asked whether wrongdoing should be met with kindness.

Mastercard number sample “With what then will you recompense kindness?” he asked. Mastercard gift card zip code “Recompense injury with justice and recompense kindness with kindness.

” In trade as in life, that’s good advice. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Site: