Beyond 2018

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Unilateralism

In June, the United States exited from the United Nations Human Rights Commission. In October, it announced it was starting the procedures to exit the Universal Postal Union and it would exit the treaty on the International Court of Justice.

・ Expert: Tao Wenzhao, a US studies researcher at the Chinese Academy of Social Sciences

Before 2018, the US had already exited from the Paris Agreement, the United Nations Education, Science and Culture Organization, as well as the Trans-Pacific Partnership agreement.

Exiting from so many organizations and agreements will undoubtedly curb the influence of the US. For example, it has always been in the habit of blaming other countries for "human rights" issues; Now the US is no longer a member of the UNHRC and the excuse will look paler than before. Besides that, exiting the Universal Postal Union and the International Court of Justice also makes it more difficult for the US to make use of these organizations to realize its objectives.

The withdrawals are part of the Donald Trump administration's "America First" policy and incompatibility of that policy with multilateral arrangements.

Some say that's good opportunity for China to participate more actively in more world affairs, but it remains debatable whether China should join these arrangements dominated by the West. Maybe it is more proper for China to better develop itself. The day will come when international institutions are friendlier toward developing countries.

Tax reform

On Aug 31, the Standing Committee of the National People's Congress, the nation's top legislature, passed an amendment to the tax law easing the tax burden of most wage earners.

・ Expert: Pan Helin, a post-doctoral researcher at the Chinese Academy of Fiscal Science

The personal income tax reform reduced the tax burden on wage earners in three ways. First, it raised the threshold of taxable income. Second, it lowered the tax rate on taxable income and introduced many deductions.

The two moves will help boost the economy, as the money wage earners save will allow them to spend more on consumption.

Third, the deductions for children's education, adult's continuing education, housing loan interest, housing rent, living expenses for senior citizens, and medical expenses for major diseases will help people to spend more in these fields.

For example, the deductions for children's and adults' education will encourage people to spend more on their and their children's education. That in turn can help raise the birth rate and help people to take better care of the elderly, which are necessary as China faces the double pressure of a declining birth rate and an aging society.

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