Tensions between the world’s superpowers are mounting in Washington and Beijing. But between these hubs of high-level politics, a new reality is emerging between China and the state of California, which have built deep and interdependent socioeconomic exchanges that reverberate across the globe.
While investment in Hong Kong may not change rapidly, continued uncertainty will erode the foundations that have made Hong Kong special in the minds of global businesses.
After Lebanon’s civil war ended in 1990, it began rapidly expanding the public debt. This debt has exacerbated widening socioeconomic inequalities, now threatening the country’s stability.
Historically, China has forged its own distinctive foreign aid practices. In March 2018, Beijing established the China International Development Cooperation Agency (CIDCA) to integrate and streamline its development aid programs.
President Trump’s use of tariffs has hardened Chinese views and limited Beijing’s ability to make concessions, even if they are in China’s self-interest, without appearing weak.
A discussion about the outlook for Asian economies.
Isolated progress on certain issues can still be made under Trump. Pompeo’s visit offers a glimpse of hope that the Trump administration is maybe finally beginning to recognize the strategic necessity of having a stronger European Union as a partner.
The CIDCA’s highly ambitious agenda is a clear sign that, after years of considerable growth in China’s development finance, the underlying bureaucratic system is now beginning to mature. Yet key questions remain unanswered.
Taxing capital inflows is a far better way to balance trade than imposing tariffs. This would address the root causes of trade imbalances, improve the productive investment process, and shift most of the adjustment costs onto banks and speculators.
Artificial intelligence, or AI, has become a major source of economic value, contributing as much as $2 trillion to today’s global economy. Sophisticated machine learning technology is driving this growth, but not everyone is investing equally—or reaping the rewards.