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SAGE Exclusive Speaker Richard McGregor has been awarded the 2018 Prime Minister’s Literary Award for the best Non-Fiction book, for his book Asia’s Reckoning.
SAGE Speaker Yukon Huang talks about US-China trade truce after the recent G20 meeting. He mentions that “the US-China impasse comes from much deeper differences in perceptions”.
The concern about Chinese economic policy and practices is serious and real but the question is how you deal with it. Unilateral trade enforcement mechanisms are not going to do it. You need systemic tools that shape the economic environment around China in order to reshape their incentives.
The challenge we face today is different from what we faced yesterday. In the New Era, no country can solve these challenges alone, so new coordination and cooperation are needed. We should help each other.
The intersessional could be a chance to turn the temperature down. This should be a round for the worker bees, with less rhetoric and more concrete negotiations.
What Jack Ma says is correct – within limits. He’s correct that you go to a country and have to play by their rules and government regulations. You have a choice as a business to gauge whether the opportunity is really worth it. Some will decide that it is and others will stay away.
Supply chain complexity – rendered manageable with the help of technology – will become the new differentiator. There are more incentives and more drivers pushing for the expansion of global trade and supply chains in the years ahead and fewer arguments for containing or shrinking them.
Imports, investments, loans, and aid from China can make recipient countries more economically dependent on the Middle Kingdom, but such dependency often produces political resentment instead of strategic trust. If Beijing cannot break the curse of hot economics, cold politics – that is, close economic ties but difficult political relations – it may end up being a lonely great power.
China may be mistaken in thinking it had done enough to address U.S. concerns, and Trump could find people disappointed at home he didn’t make more progress on items like market access and North Korea.
These trade and economic issues by themselves are extremely important for the future health of the US-China relationship. If we can’t fix these, the relationship over the long term will potentially derail.