The US-China trading partnership has supercharged the global economy over the past two decades. Read more at straitstimes.com.
NEW YORK – For companies weighing a presence in China, concern about not being in the game has tended to eclipse the risk of being caught up in the country’s geopolitical rivalry with the United States. The benefits of access to China’s vast, skilled workforce, modern logistics and low manufacturing costs helped to drive US-China trade to a record in 2022, even as the pandemic continued to disrupt industrial supply chains.
But confidence in globalisation started to subside with the shock of the 2008 financial crisis and the ascension in 2012 of Mr Xi, who pushed to assert China as a top global power. The centrepiece of his domestic record, a US$370 billion plan to support businesses leading the transition to a low-carbon economy, is supposed to reel in China’s market power over raw materials such as lithium, cobalt, nickel and magnesium – key ingredients for electric motors and batteries.aims to do something similar to reshore production of high-tech equipment, such as semiconductors, and includes new rules that restrict China’s access to it.
Mr Chad Bown, a trade expert at the Peterson Institute for International Economics in Washington, recently spiced up the decoupling debate with new research showing how some US imports can decouple from China while others reach new highs. The report concluded, though, that it is too soon to announce the end of globalisation and a split of the world economy into rival blocs. It is more that globalisation’s myriad relationships are changing as some of the biggest economies move on to find other partners or invest in themselves.6. What is driving the fragmentation, apart from US-China tensions?
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China asks Philippines to jointly work on defusing South China Sea tensionsSHANGHAI: Chinese Foreign Minister Wang Yi urged the Philippines to work with China to seek an effective way to defuse tensions in the South China Sea, the official Xinhua news agency said on Saturday (Aug 12). The comments come
Read more »
China calls on the Philippines to jointly work on defusing South China Sea tensionsCall comes amid rising tensions between the two countries in the South China Sea near a grounded warship. Read more at straitstimes.com.
Read more »
Book review: Zero Days is a perfectly thrilling beach readRuth Ware's latest offers action and a strong female protagonist. Read more at straitstimes.com.
Read more »
China hedge funds in crisis after losses, US investor retreatForeign investors are losing interest in China, and hedge funds that target China are paying the price. Read more at straitstimes.com.
Read more »
‘Willing buyer, willing seller’: How and why ticket scalpers do what they doScalping is not illegal, but tickets sold on can be seized or voided without refund. Read more at straitstimes.com.
Read more »
‘I just did it for the money’: Why young people become money mules for scammersThree youths, who became money mules, tell The Straits Times how they got involved in the offence. Read more at straitstimes.com.
Read more »