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Beijing: China has a new buzzword in its trade war with Donald Trump, and former Australian competition czar Allan Fels said it could be a "big step forward" for the communist state.
The Trump administration has criticized the Chinese economy as dominated by state-owned enterprises, which are among the largest in the world, with a combined turnover of US $ 3.38 billion (US $ 4.73 billion). dollars) last year.
China uses an Australian inspiration in its commercial battle with Trump. Credit:Bloomberg
While they are conducting a multi-billion dollar tariff war, the United States also wants new rules for the World Trade Organization that restrict Chinese state-owned companies, which they say compete unfairly with US companies.
Instead, the governor of the Chinese Reserve Bank, Yi Gang, announced that Beijing was planning to implement a "competitive neutrality" policy. The term made headlines in the Chinese state this week, with economic magazine Caixin claiming it was first proposed by the Australian government in 1996.
"Competitive neutrality" means that public enterprises and private companies compete on an equal footing, ensuring that public enterprises do not gain an unfair advantage in a large number of areas. such as taxation, prices and financing.
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