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.
The Taliban has issued a decree banning the cultivation of opium poppy. “As per the decree of the supreme leader of the Islamic Emirate of Afghanistan, all Afghans are informed that from now on, cultivation of poppy has been strictly prohibited across the country,” the Taliban supreme leader Haibatullah Akhunzada said.
China's plan to ratify two international labour conventions is an attempt to resuscitate an investment deal with the EU and take some heat out of allegations of worker abuses ahead of the visit by the UN's human rights chief, observers said.
It would not be an exaggeration to say that the Chinese Communist Party (CCP) has long been overly concerned about the age echelons of its political elites. For Zhongnanhai to maintain its one-party rule over the vast country, it must ensure that the political leadership will not be disrupted by the “intergenerational deletion of cadres” (ganbu qinghuang bujie).
A few media outlets and social media platforms are spreading rumors that a change of government in Islamabad might adversely impact relations between China and Pakistan and the China-Pakistan Economic Corridor (CPEC). Both sides have denied such rumors and confirmed that the deep relations between the two “Iron Brothers” are time-tested and all-weather, and will have no change despite the political change in Pakistan.
Chinese oil giant China National Offshore Oil Corp (CNOOC) said on Monday it will raise 28.08 billion yuan ($4.41 billion) in a listing at the A-share market, and investors could start purchasing its stocks from Tuesday.
The Ukraine crisis has hit the world economy badly. The United Nations Conference on Trade and Development has revised down its forecast on world GDP growth from 3.6 percent to 2.6 percent. The IMF is set to revise downward its estimate for global GDP growth this year in its World Economic Outlook, to be released on April 19. Britain’s National Institute of Economic and Social Research estimates that the sharp rise in energy and food prices will drain $1 trillion of world GDP, or 1 percentage point, by 2023 and enhance the world inflation rate by 3.0 percentage points this year and 2.0 percentage points in 2023. Ukraine is the worst-hit country, with a 50 percent GDP decline for this year estimated by Ukrainian Ministry of Economy on April 3. The Russian economy will also suffer a serious setback. Russia’s central bank estimates an 8 percent drop in 2022 GDP.
The overwhelming assumption in the West is that the world, with a few exceptions, is strongly opposed to Russia's military actions in Ukraine. The West itself, including the great majority of Europe, seems to be of one voice in its condemnation. But worldwide the picture is rather more complicated. In the UN General Assembly on March 3, while 141 countries condemned Russia's invasion and called for an immediate withdrawal, 35 countries abstained and five voted against. In the recent vote to exclude Russia from the UN Human Rights Council, 93 countries voted in favour, 58 abstained and 24 were against.
Two weeks after Russian tanks rolled into Ukraine, South African president Cyril Ramaphosa held a phone call with Russia’s Vladimir Putin. On the same day, European leaders meeting in Versailles warned democracy itself was at stake. Yet Ramaphosa struck a very different tone.