Independent news has never been so important.

Did you know that you can get Democracy Now! delivered to your inbox every day? Sign up for our Daily News Digest today! Don't worry, we'll never share or sell your information.

Breakthrough U.S.-China Trade Deal Signed Yesterday

HeadlineNov 16, 1999

The breakthrough U.S.-China trade deal signed yesterday creates numerous winners and losers, as it pushes China’s protected state-dominated economy toward a “freer market.” Some of the big winners include foreign banks, insurers and service companies that get wider access to China’s 1.2 billion consumers. Elite Chinese companies will get cheaper foreign technology and surer access to export markets. Other winners include China’s small but fast-growing computer and high-tech firms, which will see tariffs on imported technology drop. Casualties of the deal could include China’s farms, which employ hundreds of millions of people. And state-owned banks, which could find themselves beaten out by sophisticated foreign competitors, will be allowed to conduct business in local currency.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation