Before the coronavirus pandemic, Europe and China hoped to put their differences aside. But now the relationship is in free fall, with deep uncertainty about what comes next.
With echoes of their own technonationalist competition of the 1980s and 1990s, the United States and Japan are changing how they manage trade policy, export controls, investment rules, research and development strategies, supply chains, and even visa guidelines to gain a technological edge, this time over China.
For all the talk of sweeping change, U.S. dependence on Asian manufacturing is both deeply rooted and remarkably stable over time.
The United States and Japan do not have to upend globalization to compete effectively with China. The challenge for Tokyo and Washington is to leverage their common concerns about Beijing’s economic behavior and minimize the differences between their respective approaches.
As the trade war between China and the United States intensifies, supply chains are starting to see the impact. But U.S. protectionism may be backfiring.
The world is watching as China hardens its foreign policy stance. As some countries begin to push back, the United States should bring these countries together to address their shared concerns.
Carnegie’s Yukon Huang and Michael Pettis will debate China’s growth prospects and economic policy trajectory, including the roles of the state and private sector and potential shifts in the growth model in a time of crisis.
The Chinese handling of the COVID-19 crisis clearly shows both the strengths and weaknesses of Beijing’s crisis management system. While the system remains excessively bureaucratic and consensus-driven, it also has standard, thorough, and well-organized crisis management practices that, once set in motion, in general operate very effectively.
Not enough commentary has focused on the extraordinary diversity of China’s international posture these days.
The conventional wisdom was that China would seek an expanded regional role but would defer to the distant future any global ambitions.