Chinese foreign trade and investment activity has been growing for decades. China was successful not just because of lower prices but because Chinese firms were encouraged by their government to exploit corruption and opportunities to steal trade secrets and patents, especially in the West. American firms complained of this for decades and the current government has called China to account over these issues. This is being done by imposing higher tariffs on Chinese imports and cracking down even more on Chinese economic espionage and patent abuse. While China can and has retaliated with tariffs (and more denials about other trade and patent abuse accusations) China is definitely more vulnerable to this sort of thing than the United States. Not only does China have a lot more internal government and commercial corruption but their economy is far more vulnerable to trade interruption than America. Rising unemployment if far more of a political threat in China (despite being a communist police state) than in the United States. The Chinese financial system is far more sensitive to disruptions caused by a trade war. For example when the tariffs were first imposed in early 2018 the Chinese stock market fell 20 percent while the Americans markets declined one percent. Facing declining financial markets and rising unemployment magnify other unresolved problems in China, like the huge amount of bad debt the banks hold (most of it the result of corrupt practices).
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Zim : There is a lot both before and after this snippet from the article.
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