The Multi-Dimensional Impact of Sino-US Trade Frictions on the Global Economic Governance System

Abstract

This paper aims to explore the multi-dimensional impact of Sino-US trade friction on the global economic governance system. The study is conducted from the four dimensions of trade, finance, technology and geopolitics. In terms of trade, the global value chain is reconstructed due to the Sino-US trade friction, and the authority of the World Trade Organization and the stability of the multilateral trading system are affected. In the financial field, the hegemony of the US dollar has been challenged and the international monetary system tends to be diversified. At the technological level, the competition between the two countries in the high-tech sector is becoming increasingly fierce, and the global innovation ecosystem and the setting of technology standards are facing a diverging situation. In terms of geopolitics, the strategic game between China and the US has made the relationship between major powers more complicated, and the development of regional economic cooperation mechanisms has also been affected. The article points out that these changes brought about by Sino-US trade frictions have reshaped the pattern and rules of global economic governance, bringing major challenges to the existing international economic order. Under these impacts, the global economic governance system is in urgent need of reform and innovation to adapt to the new international economic situation. This study is very important for understanding the current trend of global economic governance, and can provide theoretical reference for relevant policy making.