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Line 380: − − ===WTO membership=== − [[File:2018 trade deficit.jpg|thumb|500px|right|U.S. trade deficit with China. The difference between the red line and blue line represents an outflow of American wealth - [[capitalism|capital]] that could be used to create American jobs rather than jobs in China and prosperity for the [[Chinese Communist Party]].]] − Despite the CCP's human rights abuses in the Tiananmen massacre, no trade sanctions were ever leveled by Western Powers and globalists. China was rewarded for its human rights abuses in 2001, despite the absence of reforms, by being welcomed into the [[World Trade Organization]] with full membership and a year later granted [[Most Favored Nation]] trade status by the [[U.S. Congress]]. China formally joined the WTO in December 2001. − − By 2017, the imposition of [[tariff]]s by U.S. President [[Donald J. Trump]] began to redress the imbalance of a half-trillion dollar a year [[trade deficit]]. China's economy was developed over those early decades of the 21st century as a coastal, manufacturing economy entirely dependent on exports. Young people left their home villages in the countryside to seek work in coastal factories. The prosperity was all built on access to the U.S. consumer market, and Americans' appetite for cheap manufactured goods. Scant attention was paid to developing a domestic service sector economy, while the vast interior remained impoverished, and increasingly so as young people abandoned rural agricultural work for urban factory work. − − Contrary to Cold War era belief that free trade would encourage non-democratic countries to become more democratic - an argument used to sell globalization - experience ultimately proved free trade only serves to strengthen tyrannical regimes. By 2020, the notion that [[democracy]] and free trade go hand-in-hand had been thoroughly discredited.
→WTO membership
Opening to the outside remains central to China's development. Foreign-invested enterprises produce about half of China's exports, and China continues to attract large investment inflows. Foreign exchange reserves were $1.1 trillion at the end of 2006, and have now surpassed those of Japan, making China's foreign exchange reserves the largest in the world.
Opening to the outside remains central to China's development. Foreign-invested enterprises produce about half of China's exports, and China continues to attract large investment inflows. Foreign exchange reserves were $1.1 trillion at the end of 2006, and have now surpassed those of Japan, making China's foreign exchange reserves the largest in the world.
===Regulatory Environment===
===Regulatory Environment===