This paper pursues the comparison of economic integration today and pre 1914 for trade as well as finance, primarily … is surprising that trade tensions and financial instability have not been worse in recent years. In the conclusion we …

identify weaknesses of China's tariff policy which should be removed to avoid trade conflicts with its partners and primarily … to foster its own economic transformation. The authors conclude that the escalation of trade conflicts can trigger … protectionist measures from China and other countries, thus launching a race to the bottom against openness for international trade …

(US) and to some extent also from the European Union (EU) as concerns China's investment and trade policies on the one … hand and the intrinsic insight that opening up the investment and trade sector in China would support its structural change … trade. These reform measures are introduced and discussed in more detail in this policy paper. …