This report is written by Eleanor Hughes, Writer & Commentator, East Asian Affairs.
The ongoing Covid-19 crisis can probably be seen as a “black swan” not only for China but also the whole world. It is largely unpredictable but with severe consequences.
There is no doubt that China has suffered the most from this crisis economically, socially and politically. However, it is highly debatable whether China or the Communist Party is approaching an inflection point of possible breakup or imminent revolution.
“Nobody wants a trade war,” but the long-lasting trade conflict between the world’s two largest economies, the United States and China, just reached a truce after almost two years.
On 22 March 2018, President Donald Trump directed the United States Trade Representative (USTR) to start investigating China’s ‘unfair’ trade practices covered in Section 301 of the Trade Act of 1974.
The outbreak of the 2019 novel coronavirus is so potentially impactful that we are devoting this entire edition to the epidemic, to an attempt to gauge its seriousness. Some stories are so big that it is hard to get your arms around them and this one definitely fits that category. Social media wasn't a factor during the 2003 SARS epidemic. The Chinese economy was a much smaller percentage of global GDP, and travel to and from China was far less common. So a simple comparison to SARS is not enough.
The title of this session is leadership dialogue and the focus is “deepening China and EU economic and financial cooperation” in what this forum is calling the new global context. I’d like to use my time to look briefly at two dynamics that are affecting the evolution of this China/EU cooperation and then conclude with a comment about the importance of political leadership for quality outcomes as well as for a more peaceful world order.
Our subject is health - both the health of the global economy, and the health of its global citizens. Each is dependent on the other, especially in a world where healthcare expenditures continue to rise. According to the World Bank, they average ten percent of GDP and are nearly double that in the US.