In the Year 2021, A New Window of Hope is Opening in the US-China Relationship

A change in the presidency and the arrival of Joe Biden as the US president are indicating a strong bilateral tie. The new US administration is aiming to create a new type of relationship with China that is closer to the demands of the 21st century.

Sino-American ties plunged to historic lows under the administration of President Donald Trump, with the two clashing over trade, tech and Beijing’s increasing assertiveness in the South and East China seas and over self-ruled Taiwan. The new US administration is aiming to create “a new type of relationship with China that is closer to the demands of the 21st century.”

In spite of the Huawei incident, it is quite unlikely that China will go after every foreign firm. There is no incident reported that suggests even a single US or European company has been told to close down their operations from China. The former US President Donald Trump wanted to lower the trade deficit by imposing tariffs, making Chinese imports expensive.

 

But the change in the presidency and the arrival of Biden as the US president are indicating a strong bilateral tie. Biden said partnering with other democracies on China would “more than double” the US economic leverage over the country.

 

On any issue that matters to the US-China relationship, Biden said, “We are stronger and more effective when we are flanked by nations that share our vision for the future of our world.”

 

“Biden’s policies will be about returning to multilateralism, returning to international organizations, and returning to the status of fighting without splitting,” Chen Wenling, chief economist at the China Centre for International Economic Exchange.

 

Chinese Foreign Minister Wang Yi has previously suggested Beijing would be open to restarting its relationship with the US following November’s election, declaring the two countries to be at a “critical historical juncture” after a year of escalating tensions.

 

The way to maintain an equilibrium in relations, both seem to agree, is to balance competition and cooperation. According to Bloomberg Opinion- “to have any chance of managing such frictions, the U.S. and China first need to set the boundaries of their competition and build realistic expectations for cooperation. That’ll require both Biden and Xi to take some political risks.”

 

“China-US relations have come to a new crossroads, and a new window of hope is opening,” said Wang, who is also a State Councilor, told the state-run Xinhua news agency in an interview.

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A Complete Guideline on Developing Proprietary Products in China

NNN agreement could prove to be a vital element if you wish to produce your proprietary products in China. NNN agreement should be written to be enforceable in a Chinese court with jurisdiction over the Chinese defendant. Foreign companies should register IP in China for trademarks, patents, designs, and copyright.

 

Proprietary products or services allow businesses to develop customer loyalty and continuously build on their offerings. When you’re taking advice from the financial institutions on the purchase of proprietary products, check if the institution promotes third-party funds. You may be limiting your chance of building your asset with the institution if it only offers proprietary products.

It is suggested to enquire what will happen to the asset if you move your account away from the institution that issued it. There are proprietary investments that are not portable. As a business owner, you might have to sell them before going to another firm. This may result in a capital gain/loss.

 

NNN agreement could prove to be a vital element if you wish to produce your proprietary products in China. NNN agreement should be written to be enforceable in a Chinese court with jurisdiction over the Chinese defendant. This means that Chinese law is the governing law, Chinese is the governing language, and exclusive jurisdiction is in a Chinese court with jurisdiction over the defendant. the China-specific Non-Disclosure, Non-Use and Non-Circumvention Agreement (NNN) and accompanying Original Equipment/Design (OEM/ODM) Manufacturer Agreements. These agreements are used to protect your confidential information and to prevent your Chinese manufacturer from competing with you or going around you to your customers or vendors. In other words, they make sense for almost every company doing business with China.

 

Protecting the IP and Trademark of your Proprietary Products

China has become one of the world’s major IP jurisdictions. Innovation and IP protection have been encouraged by the Chinese government. Foreign companies can register IP in China for trademarks, patents, designs and copyright. However, each of these is administered by a different government body. The primary law in China pertains to copyright. This protects copyrighted works of foreigners that are either first published in China or in countries that are signatories to the World Intellectual Property Organization (WIPO) copyright protection treaty.

 

Manufacturing price that sounds too good to be true might be a trap for the scammers. Inexperienced importers fall victim of the deception and select the cheapest price. They have no idea that this move is going to cost them dearly at the latter stages. Most of the time foreign importers are lured with amazing product images and unrealistic assurances by the manufacturers and the importers went on to make the deposit without visiting the factory.

 

Dispute Settlement

Under the international trade law, there are different provisions for dispute settlement which is done with the help of WTO and GATT. It was governed by Article XXII and XXIII of the GATT, which set up a system of consultation for the settlement of disputes among the member nations. The dispute settlement system evolved over time, and there were additional documents, and legal instruments were created to incorporate changes. Even with certain changes, the dispute resolution mechanism was not considered satisfactory. International Trade laws deal with certain subjects which are inclusive to all the member nations under the WTO.

 

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