What Caused the Sharp Downturn in the Chinese Economy during the Global Financial Crisis? A Critical Note on Causality in Trade Linkage

In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the ＂collapse of external demand,＂ the present paper scrutinizes three relevant issues： How have large Chinese importers behaved in a demand-price setting？ How have Chinese commodity imports and exports interacted in recent years？ Did the downturns in China＇s export growth come earlier and were they deeper than those in Chinese import growth？ All answers appear to suggest a conclusion contrary to the abovementioned view： sharp downturns in China＇s trade and economy during the reeent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely ＂external. ＂ Insomuch as globalization has advanced, a large economy like China＇s today faces new potential sources of macroeeonomic disturbances, from inside and outside.

On China's Foreign Trade Development and Linkage with the Customary Rules of International Trade

Although great differences exist between the trade systems of different countries,internationaltrade must go on in line with the customary international trade rules.As China’s economy developsand the socialist market economic system emerges,China is basically qualified to link up withcustomary international trade rules.In the Ninth Five-Year Plan period,China’s reform of its foreigntrade system aims at setting up a trade system that conforms with international trade practice.Forthe purpose,the author of this article suggests that a neutral trade policy should be adopted inaccordance with the international practice since it does not hinder exports,nor restrict imports toan excessive degree.

Protection of the Right to Data Privacy Under the Liberalization of Digital Trade

In the digital era,the free cross-border flow of data and the development of digital trade are complementary.Consequently,as an inherent demand for data privacy,trade liberalization is closely linked to the right to data privacy,and data privacy protection is increasingly becoming a trade issue.However,conflicting rule settings between the two create discrepancies and result in differing rule-making approaches.The concept of the right to data privacy provides guidance and evaluative functions for the development of trade liberalization,facilitating the healthy development of digital trade.It is appropriate to treat the interaction between trade liberalization and data privacy protection in a rational way and to place them within independent systems at this stage.Data localization measures are an effective way to balance digital trade liberalization with the right to data privacy.As a data privacy protection measure,data localization has legitimacy within the trade law framework.Looking ahead,to achieve a harmonious advancement of digital trade liberalization and protection of the right to data privacy,all parties should uphold the premise of the national regulatory autonomy,and respect the data localization measures adopted by countries based on their own national conditions and personal data protection considerations.