National Economic Sovereignty

The theory of economic sovereignty is argued warmly both in theory and practice. From the 80' s of last century, the theory that advocates weakening states' economic sovereignty or the voice of "outdate of sovereignty " has directly affected the fundamental theory and practice in economic sovereignty. It seemly expands curtailment and transfer of economic sovereignty further. It is of crucial importance both in practice and in theory how to define economic sovereignty precisely and how to employ it correctly. Basing all mentioned above, this essay analyses the general logic relationship of economic sovereignty in terms of international law, international economic law, international relation, etc. According to states' experience of economic sovereignty, combined with what China pursues in WTO, it points out how China constructs, maintains and intensifies the basic structure of economic sovereignty.Concerning the historic perception on the theory of economic sovereignty, which originated from Europe four hundreds years ago, has developed in either apprehension or application beyond the territory of Europe and primary recognition. The integration of world economy always drives economic sovereignty to be a theoretical pillar which states rely on to protect their economic interests. In the international level, economic hegemony directly threaten the fundamental interests of a great number of developing countries. Economic sovereignty has been a significant project of international trade with a nature mixed theory and practice.The whole essay comprises of five chapters .The first chapter is regarding the general research on the base of economic sovereignty. It explains the fundamental theory on state economic sovereignty. In the light of the relationship between state political sovereignty and economic sovereignty, it indicates that developing countries play a positive role to promote and enhance the theory of economic sovereignty and points out the basic innovations of six pillar of economic sovereignty. Moreover, it demonstrates the legal status of economic sovereignty and the author' s conclusion on the development of principles of economic sovereignty.The second chapter analyses effects of economic sovereignty from a sightof multilateral trade mechanism. According to legal natures, primary functions, main principles and disputes resolution mechanism of the WTO, it discovers the influential role played by multilateral trade mechanism on economic sovereignty. Furthermore, it emphasizes that the WTO has impacted on the governmental managements of members while promoting free trade.The third chapter concentrates on the theory and practice regarding developing countries' intensified economic sovereignty. It demonstrates safeguard system of the United States economic sovereignty, a new development of American international trade policy, and practice of the Unite State in economic hegemony combined with update development of European economic sovereignty during integration of European Economic Community. Moreover, it holds that developed countries always put the aim of intensified economic sovereignty on priority in economic development and exploit the reality of westernizing the international economic system to promote their economic hegemony.The fourth chapter focuses on maintaining economic sovereignty of developing countries. It analyses Indian experience on how to succeed in maintaining economic sovereignty in terms of itself detailed situation. Moreover, it introduces precious experiences of developing countries on utilizing strength of a team for maintaining economic sovereignty. Furthermore, it concludes that the campaign will continue in a long term between restricting economic sovereignty and anti-restricted economic sovereignty and it is critic for developing countries how to further enhance and enrich the experiences of application of economic sovereignty.The fifth Chapter is involved in a research on the theory and practice of China in economic sovereignty. In terms of the contemporary theory on Chinese economic sovereignty, the experience of Chinese participation in relevant negotiations, and the relationship between economic sovereignty and governmental interventions, it deeply analyses the fundamental theoretical choice in economic sovereignty and practical application in order to maintain economic sovereignty.The author holds that economic sovereignty belongs to a historic question since it embodies state sovereignty in economic area. Maintaining sovereigntyis not the eventual objective but a means which can be relied on and which can be designed for maximizing the welfare of state interests and the whole people. In fact, state sovereignty including economic sovereignty as a tool has served for state interests in the specific period and maintaining existence or development of a state or an ethnic group from beginning. The accelerating globalization is a touch challenge for traditional state sovereignty in either theory or practice, even in concepts or rights. Such a challenge also offers an opportunity for developing states' economies and for intensifying states' rights. It is necessary and urgent to make innovations in theory as well as to adjust relevantly in practice in order to adapt the new international environment better. The transfer and share of economic sovereignty demonstrate a necessary response of state sovereignty for a challenge from reality. After observing and analyzing state sovereignty in the light of the history and current circumstances of international law and international relations, more and more states recognize that multi-cooperation and regional integration are effective choice against globalization in order to maintain and extend interest themselves as well as against economic hegemony. Participating world trade organizations and establishing multilateral or bilateral free trade area have been a policy choice for most of states. From a strategic sight in a long term, it is undoubted that transferring and sharing economic sovereignty represent a trend of historic progress and development. Both developed countries and developing countries regard economic sovereignty very important.Lately, most of states adopt market economy from two types of system for developing economy but governmental interference is restricted within some extent as a legal means to adjust or intervene market operation. The traditional governmental management in market economy has been changed. The modification of governmental arrangement on market economy does not mean abandonment for economic sovereignty. But it is necessary for accelerating economic development in a new international environment, for adapting economic globalization better, for performing the function of economic sovereignty better and for enhancing and extending states Interests. Internationalization does not weaken the function of economic sovereignty but intensifies the responsibility of governments and forces governments to apply respective means for performingeconomic sovereignty effectively. Either intensifying or weakening economic sovereignty manifest that states attempt to reform the traditional models of economic sovereignty under economic globalization in order to preserve economic sovereignty in nature and promote economic development better.The developing countries play a crucial role for spurring developing economic sovereignty both in theory and practice. It has become the basic theoretical guide for participation of the global trade to maintain and to intensify economic sovereignty. It is a basic prerequisite and a rational choice for continuous development of sovereignty to reform and to modify economic sovereignty in theory constantly and apply it flexibly in practice. It is very important in the sense of strategy for China to insist on economic sovereignty. It is the basic track for China to exploit the fundamental power and rights of economic sovereignty skillfully, to deal with transfer of economic sovereignty correctly, to absorb successful experiences of developing countries and developed countries in maintaining economic sovereignty, and to intensify rights for equal participation and decision-making and to set forth what china pursue while abiding by rules of multilateral trade system.