Despite all the talk of de-dollarisation and some movement towards it, the US dollar remains the dominant global currency for now, and it will be an uphill task to shift away from it. Lianhe Zaobao correspondent Lai Oi Lai speaks to academics and financial experts to find out more about the world's pursuit of de-dollarisation as a way of risk management.
Globalisation
Politics
In his keynote address at the Caixin Asia New Vision Forum, Singapore's Deputy Prime Minister Heng Swee Keat said that the US and China can still step away from confrontation and conflict, and both sides must do so by building strategic trust. Meanwhile, Asia and the rest of the world must also take active steps to bring about greater collaboration. Together, countries can work to bring about a new global architecture that promotes inclusive and sustainable development. This is an edited version of his speech.
Economy
Lianhe Zaobao associate editor Peter Ong assesses that the world is moving away from globalisation as friction between countries have led to the need for self-sufficiency and “friendshoring”. Modern history has shown the ills of such moves, but then again, isn’t the worst human failing that of forgetting history?
Economy
Somewhat paradoxically, the trade decoupling of China and the US has forced Chinese manufacturers to independently develop their core technology, which is a boon to their long-term development and competitiveness. But it may be some time to go before China catches up with the West.
Economy
With an increasing number of countries and groupings being open to making trade settlements in currencies other than the US dollar, de-dollarisation has gained some momentum and this may also aid China’s efforts for RMB internationalisation. But China may have no intention of letting the RMB replace the US dollar. In that context, would a new “BRICS currency” be better fit for purpose?
Economy
Commentator Jin Jian Guo assesses that the global trade situation has undergone structural changes, in terms of China gradually losing its status as the world’s factory, amid competition from India and other countries in Southeast Asia. One major reason is the US’s actions in pursuing regional and bilateral free trade agreements that excludes China and have limited China’s trade scope.
Politics
Southeast Asian countries appear to have unanimously supported China’s Global Development Initiative in the hope that it will contribute towards addressing their development deficits and that China will up its economic game more broadly in the region. But a closer examination shows that other considerations continue to worry them.
Economy
Caixin sat down for an exclusive interview with Malaysia’s new Minister of International Trade and Industry Tengku Zafrul Aziz on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, in January. He spoke about Malaysia's and ASEAN's relations with China, and his thoughts on regional and global trade.
Politics
At this year’s Davos forum, Chinese Vice-Premier Liu He laid out five points that have led to China’s success so far. However, his session did not see a packed crowd, while China’s claims of sticking to reform and opening up seem less than convincing when taken against its actions. Commentator Jin Jian Guo delves into the importance of staying the course.