The coronavirus pandemic has severely impacted almost every country, and many of the world's leading politicians and scholars are now discussing world order after the crisis. The pandemic will indeed change many things, but for the international political and economic landscape, it will be more of a catalyst, accelerating or revealing political and economic processes that already existed but are not so apparent.
The coronavirus situation in the US and Europe is now so serious that it is overwhelming the ability of numerous Western governments to develop strategic policies. Given the immense efforts and suffering the Chinese people put into fighting the coronavirus, it is difficult for them to imagine that the situation in the West is very many times worse than it was at the worst moment of the crisis in China. But this reality is proven by the facts.
China will maintain an average annual growth rate of 5.2 percent for 2020-2021. China has the chance to hit a growth rate higher than 1.2 percent in 2020. On the contrary, both the U.S. and Eurozone economies have been projected to grow by 4.7 percent in 2021, leaving the average annual growth rates at minus 0.7 percent and minus 1.5 percent, respectively. In other words, developed economies will recover to their pre-recession level by 2022.
As the outbreak is spreading worldwide, posing an enormous threat to life and health and bringing a formidable challenge to global public health security, the article said, it is imperative for the international community to strengthen confidence, act in unity and work together in a collective way.Viruses respect no borders, and epidemics do not distinguish between races, it went on, adding that this global public health emergency has driven home the urgency and imperative need to build a community with a shared future for mankind.
The US and Japan seem to have forgotten the basic fact that their corporations' presence across the globe is the most important foundation stone for their international influence and tech advantages. If the US and Japan move their companies out of China, they will potentially lose the China market, and no other countries can import as many products as China. It will result in a decline in their international role.
What humanity now needs is not only a revolution in national governance capacity. We need transformation and adjustment of government behavior and local governance methods to deal with public health crises. We need to help more poverty-stricken areas to avoid becoming a hotbed of viruses. Moreover, we need a revolution in the concept and mind-set of global governance.
Governments across the globe have announced severe measures to check its spread, from social distancing practices to lockdowns and quarantines. With factories, shops, restaurants and theme parks closed and most airline flights suspended, the economy has been falling off a cliff in many parts of the world.
New viruses may develop. That is not in our power to prevent. But we can develop the ability and the means to tackle any new such threat if we build the international structures in which the world can act together and not behave as a house divided.
People even in their wildest dreams would not have expected the US stock exchange to halt trading so frequently. The volatility of the US stock market can be attributed mainly to the novel coronavirus pandemic. And the strong rally over recent days could be temporary. As for when the stock market will bottom out, it depends on when the pandemic is contained, and at what cost. But the US administration should realize that more effective measures to control the disease, rather than the massive stimulus package it has announced, are more conducive to boosting stock prices in a big way.
When on March 8, after Russia declined to approve OPEC's proposal to cut production by an additional 1.5 million barrels, on top of the previous 1.7 million barrels agreed upon in December, the crude oil prices plummeted. Obvious explanation was that two shock factors knocked down the prices - a catastrophic drop in oil demand due to the spread of coronavirus and a price war between Russia and Saudi Arabia.
As the COVID-19 outbreak sweeps across the globe and causes severe economic damage, whether China-so far the only major economy that has largely brought the disease under control-can manage a brisk recovery concerns not only the country itself, but the entire world.
An Open Letter to the People of the United States From 100 Chinese Scholars. 100 Chinese scholars share their views with American friends. They represent diverse academic fields including philosophy, political science, economics, medicine, international relations, sociology, law, communication, military science, and technology.
With the total of confirmed coronavirus infections surpassing 300,000 worldwide, panic has set in. United Nations Secretary-General Antonio Guterres has warned that humanity may be facing a crisis not seen in 75 years. Especially worrisome is that a great number of patients are dying because they can’t receive timely treatment, even in advanced countries, such as Italy.
The unprecedented COVID-19 pandemic is changing the world at a rapid pace. Shortly after China encountered the outbreak, the rest of the world is under the influence of the rampantly spreading virus, with total cases excluding China surpassing 777,000 as of March 31.
The pandemic has a clear global course. Despite the coronavirus outbreak beginning in China, Beijing has brought it rapidly under control – the number of domestically transmitted cases was reduced to virtually zero by the end of March. In the US and Western Europe, on the contrary, the number of cases is rising vertiginously with no peak in sight.
China's behavior throughout the outbreak has demonstrated that it takes its international responsibilities seriously, as is commensurate with its status and with Chinese traditions. It is in no way some kind of "atonement" for some "crime" which the country has never committed.
For most people it's unfathomable that the fight against the COVID-19 pandemic is the first global event that hasn't been led by the US since 1941. In 1941, the US was a leader in the worldwide antifascist war. During this current global fight against an invisible enemy, the US is hardly able to protect itself. The US should have been much better prepared for the outbreak considering the coronavirus came to its shores after it had rampaged through China, Japan, South Korea, Iran, Italy, France, Germany and Britain.
Experts warned that the US medical system may collapse if millions of patients flood hospitals due to a serious lack of beds, ventilators and medical staff. Experts cited slow government response and low detection rate for rapidly expanding infections in the US, urging the US government to launch more strict quarantine policies and pay more attention to rural areas, where medical conditions are comparatively poor.