CCP threatens free markets that powered its rise

FPI / April 22, 2021

Geostrategy-Direct.com

Communist China is intent on controlling the world economy and is exploiting access to the capitalist economic system to achieve that goal, two former Trump administration China experts warned at a congressional commission on April 15.

Miles Yu, former State Department policy planning official for China under Mike Pompeo and former Geostrategy-Direct.com contributing editor, said the U.S. must demand strict reciprocity in dealing with the Chinese Communist Party (CCP) to level the economic playing field.

“If there’s one thing that every American should understand about the People’s Republic of China, it is that it is a communist dictatorship ruled by a Marxist-Leninist party,” Yu told the April 15 hearing of the U.S.-China Economic Security and Review Commission.

“However, unlike most other communist countries, China has been afforded the benefits of a global free market system. It enjoys largely open access to international trade, capital markets and advanced technologies,” Yu said.

Matt Pottinger, former deputy White House national security adviser, urged Congress to codify into law the tough Trump administration actions that blocked China from access to some American capital markets and financial institutions.

The American strategy should include curbing the billions of dollars in capital flows from U.S. business into China’s intertwined military-industrial complex.

“Let Beijing finance its own bid for world domination,” Pottinger said.

China’s economic rise was fueled by unfettered access to the international capitalist system, Yu said.

As a result, “Beijing poses a mortal threat to the United States and to the very international economic system that has enabled the rise of the communist state,” Yu said.

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