• Home
  • About us
  • Contact Us
  • Date/Time
  • Login
  • Subscribe

logo

  • Home
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
Home
  • Home
  • Blogs
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
  • Home

George Magnus

Insights into the global economy

Echoes from history in China’s latest trade trouble

The country has long had a complex relationship with international openness 


by George Magnus / September 3, 2018 / Leave a comment
  • Facebook
  • Twitter
  • Linkedin
  • Email

Chinese President Xi Jinping. Photo: Li Xueren/Xinhua News Agency/PA Images

The Monument to the People’s Heroes in Tiananmen Square records several revolutionary events in China’s recent history, starting with the Burning of Opium in Humen. It was on the banks of the Pearl River Delta in 1839 that China seized and destroyed 1,000 tonnes of opium from British merchants, triggering the First Opium War and the start of what the Chinese call their “century of humiliation” by foreigners. It is a reminder that for China, trade and openness to the outside world have been historically both an agent of progress and a cause of profound instability.

This dichotomy is newly relevant given the challenges facing Xi Jinping’s China, especially as President Trump prepares to widen the trade war in which probably half, and perhaps all bilateral trade between the two countries will be affected.

As I explain in my forthcoming book Red Flags: Why Xi’s China is in Jeopardy, Britain’s 19th century insistence on the use of opium for payment in trade, the legalisation of opium for sale in China, and tariffs structured for Britain’s own benefit comprised the early agenda to force China to open its markets. The Chinese had to accept unequal treaties, pay indemnities and cede territory to foreign jurisdiction including treaty ports such as Hong Kong. Other European powers joined the fray, along with Russia, Japan, and eventually the United States.

Foreign powers carved up China and undermined its sovereignty, and the country was certainly forced to trade on unfavourable terms. But foreigners also brought new technologies in transportation, finance and commerce, along with employment o…

YOU’VE HIT THE LIMIT

You have now reached your limit of 3 free articles in the last 30 days.
But don’t worry! You can get another 7 articles absolutely free, simply by entering your email address in the box below.

When you register we’ll also send you a free e-book—Writing with punch—which includes some of the finest writing from our archive of 22 years. And we’ll also send you a weekly newsletter with the best new ideas in politics and philosophy of culture, which you can of course unsubscribe from at any time







Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

5940925625c6db2f64194a5.31000099

Go to comments

Related articles

China’s private sector is getting a bad deal
George Magnus / December 17, 2018
Under President Xi, the focus is on policies favouring state-owned enterprises
The Prospect podcast #62—Is China heading for a fall?
Prospect Team / December 5, 2018
George Magnus on Beijing's global ambitions and what stands in its way
Share with friends
  • Facebook
  • Twitter
  • Linkedin
  • Email

Comments

No comments yet

Prospect's free newsletter

The big ideas that are shaping our world—straight to your inbox. PLUS a free e-book and 7 articles of your choosing on the Prospect website.

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information. Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This Month's Magazine

Perspiciatis unde omnis iste natus.

Prospect is the leading magazine of ideas. Each month it is packed with the finest writing on politics, culture, economics and ideas. Subscribe today and join the debate.

Subscribe

Most Popular

  • Read
  • Commented

This proposal for breaking the Brexit deadlock deserves serious consideration

The Duel: Has modern architecture ruined Britain?

The invigorating strangeness of Friedrich Nietzsche

What the row over Winston Churchill's legacy is really about

The Conservative Party has a problem—it’s no longer conservative

5 Comments

Ruling out no deal is the wrong sort of red line

2 Comments

The impact of Brexit on services has not received nearly enough attention

2 Comments

Even if Britain stays in Europe, we need a new constitutional settlement

2 Comments

If May's deal is in flames, Labour should not seek to put out the fire

2 Comments

About this author

George Magnus
George Magnus is a well known economist and former Chief Economist at UBS. His forthcoming book is "Red Flags: Why Xi's China Is in Jeopardy" (Yale University Press)
  • Follow George on:
  • Twitter
More by this author

More by George Magnus

The new north American trade deal contains a lesson for Brexit Britain
October 8, 2018
Of course it was right to rescue the banks
October 2, 2018
Ten years since the Lehman collapse, remember how it all unravelled?
September 10, 2018

Next Prospect events

  • Details

    Prospect Book Club—Diarmaid MacCulloch

    London, 2019-05-20

  • Details

    Prospect Book Club—Sue Prideaux

    2019-04-15

  • Details

    Prospect Book Club—Andrew Roberts

    2019-03-14

See more events

Sponsored features

  • The future of transport: taking Britain into the fast lane

  • Reforming the pension system to work for the many

  • Putting savers in the driving seat: getting the pensions dashboard right

  • To fix the housing crisis we need fresh thinking

  • Tata Steel UK: Driving innovation for the future of mobility

PrimeTime

The magazine is owned and supported by the Resolution Group, as part of its not-for-profit, public interest activities.

Follow us
  • Facebook
  • Twitter
  • Google+
  • RSS

Editorial

Editor: Tom Clark
Deputy Editor: Steve Bloomfield
Managing Editor (Arts & Books): Sameer Rahim
Head of Digital: Stephanie Boland
Deputy Digital Editor (Political Correspondent): Alex Dean
Creative Director: Mike Turner
Production Editor & Designer: Chris Tilbury
US Writer-at-Large: Sam Tanenhaus

Commercial

Commercial Director: Alex Stevenson
Head of Marketing: Paul Mortimer
Marketing and Circulations Executive: James Hawkins
Programme Coordinator: Oliver James Ward
Head of Advertising Sales: Adam Kinlan 020 3372 2934
Senior Account Manager: Dominic Slonecki 0203 372 2972

  • Home
  • Advertising
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Acceptable Use Policy
© Prospect Publishing Limited
×
Login
Login with your subscriber account:
You need a valid subscription to login.
I am
Remember Me


Forgotten password?

Or enter with social networking:
Login to post comments using social media accounts.
  • With Twitter
  • Connect
  • With Google +
×
Register Now

Register today and access any 7 articles on the Prospect’s website for FREE in the next 30 days..
PLUS find out about the big ideas that will shape our world—with Prospect’s FREE newsletter sent to your inbox. We'll even send you our e-book—Writing with punch—with some of the finest writing from the Prospect archive, at no extra cost!

Not Now, Thanks

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

×
You’ve got full access!

It looks like you are a Prospect subscriber.

Prospect subscribers have full access to all the great content on our website, including our entire archive.

If you do not know your login details, simply close this pop-up and click 'Login' on the black bar at the top of the screen, then click 'Forgotten password?', enter your email address and press 'Submit'. Your password will then be emailed to you.

Thank you for your support of Prospect and we hope that you enjoy everything the site has to offer.

This site uses cookies to improve the user experience. By using this site, you agree that we can set and use these cookies. For more details on the cookies we use and how to manage them, see our Privacy and Cookie Policy.