Members of the Leadership Council of the UN Sustainable Development Solutions Network (SDSN), which includes high-ranking university, private-sector, and government leaders, sent a letter this month to UN member states calling for urgent and intensified diplomacy to end the war in Ukraine.
Modern Monetary Theory can inspire China to make sure central bank easing supports government spending, several prominent economists said, as Beijing turns to fiscal policy to boost economic growth.
An article written by authors John Micklethwait and Adrian Wooldridge for Bloomberg on March 24 sounded the alarm to announce the end of “the second great age of globalization.” The Western trade war and sanctions against China that predated the pandemic have now been joined by the stiff Western sanctions imposed against Russia after it invaded Ukraine.
Over the past couple of decades, a dozen or so ruthless, socially conservative nationalists have risen to power across the globe. Their “archetype” is Vladimir Putin, said Owen Bennett-Jones in Literary Review – the “founding father of modern despotism”; others in his mould include Rodrigo Duterte of the Philippines, Brazil’s farright leader Jair Bolsonaro, and Narendra Modi, the Hindu nationalist prime minister of India.
While the Russia-Ukraine crisis enters a new phase as fighting in the Donbas region intensifies, the US and its Western allies pledged more military assistance to Kiev, ramping up efforts to pressure and consume the power of Russia.
Europe's right-wing and conservative tendencies are intensifying in what could be one of the most noteworthy changes of the century.
Desperately Sri Lanka is knocking on the doors of IMF. A Sri Lankan delegation heads to Washington, looking to secure up to $4 billion from the International Monetary Fund (IMF) and other lenders to help the island nation pay for food and fuel imports and limit debt defaults.
With the Ukraine crisis continuing, the West has spared no effort to persuade New Delhi to "stand with the West" to condemn Moscow. Is this another embodiment of the West's "colonial mentality" and "colonial structures and institutions"? Vijay Prashad (Prashad), an Indian Marxist scholar and Executive Director of Tricontinental: Institute for Social Research, shared his insights with Global Times (GT) reporter Lu Yuanzhi.
China's central bank on Friday announced a cut in the amount of cash that banks must hold as reserves, which is expected to free up 530 billion yuan ($82.95 billion) in long-term liquidity, as part of the country's efforts to support development of the real economy and reduce comprehensive financing costs.
Editor's note: Many experts and strategists influenced by realist school of thought on both sides predicted that China-U.S. relations would only get worse in the coming years or even decades. "I don't agree that we are doomed to have worsening relations." argued Jeffrey Sachs, Professor and Director of the Center for Sustainable Development at Columbia University. In foreign policy thinking, realists assume "the worst about the other side" and assert the worst is true, he points out, "this is the wrong way to proceed". More China-U.S. dialogue is the only way out.
The author is a professor and executive dean of Chongyang Institute for Financial Studies at Renmin University of China. The article was a speech of him delivered at the Brown University China Summit on Sunday.
Nations should cooperate to stabilize global supply chains, protect multilateral business
India has abstained from US-backed UN resolutions on Ukraine and continues to buy Russian oil. Despite signing defense treaties with the US, yet, procured S-400 from Russia. The import of Russian coal has increased sharply after the Ukraine war. India and Russia are working on a rupee-ruble mechanism to facilitate trade and get around Western sanctions on Russian banks, according to media reports. It is an open violation of US policies on the petro-dollar. Even, during the sanctions on Iran, India was getting oil and gas from Iran at discounted rates.
Editor's note: Djoomart Otorbaev is the former Prime Minister of the Kyrgyz Republic, a distinguished professor of the Belt and Road School of Beijing Normal University, and a member of Nizami Ganjavi International Center. This is the second piece of his series on energy security in Central Asia. The article reflects the author's views and not necessarily those of CGTN.
The current geopolitics forced the US to focus on one front or only a few fronts. It requires the US to prioritize its foreign policy. It seems the most important to the US at this moment is the Ukrainian crisis. So it seems, the US is putting all other agendas on secondary importance and trying to focus only on Ukraine. It has been observed that US diplomacy toward Latin America and the Middle East may soften a bit to spare more energy on Ukraine.
As Russian claimed that its troops had cleared the urban area of Mariupol, the strategically important port city in southeastern Ukraine, setting a deadline for Ukraine troops in the city to surrender, some experts considered that the battle could be seen as a crucial turning point for the Ukraine-Russia conflict that would have last for two months. Taking Mariupol will help lay the foundation for Russia's next phased military operations in the Donbass and taking the port city could create a land corridor from Lugansk to Donetsk to Crimea.
Editor's note: Djoomart Otorbaev is a former prime minister of the Kyrgyz Republic, a distinguished professor of the Belt and Road School of Beijing Normal University, and a member of the Nizami Ganjavi International Center. The article reflects the author's views and not necessarily those of CGTN.
The international economic situation is sharply worsening. The IMF has announced a downgrade of growth predictions for 143 countries. US inflation has reached 8.5 percent, the highest in 40 years - US inflation-adjusted wages fell 2.7 percent in the last year. High US inflation is forcing the Federal Reserve to raise interest rates, slowing its economy. In other advanced economies, inflation is higher - in Spain and the Netherlands it is 10 percent. With slowing growth and rising inflation, much of the world economy is heading towards "stagflation." Confronted with negative international trends, China's economy has rightly launched a moderate stimulus package - shown recently by reduction of China's Reserve Requirement Ratio.
China’s first national-level green investment fund has begun making its first batch of investments.
With Chinese officials hinting at more than one high-level meeting recently that China will make flexible use of its monetary policy tools, and with China's financial powerhouse Shanghai still stuck in a grim battle against COVID outbreak, economists forecast the rollout of a reserve requirement ratio (RRR) cut very soon, on Friday at the earliest, as part of a basket of supportive policies to be rolled out this year which include interest rate cuts and loosening of restrictions on the property market in order to prevent the economy from sliding too hard.