A robust semiconductor supply chain without China is out of question, while complimentary China-U.S. cooperation would make the global supply chain both complete and resilient for years to come.

In The Economic Weapon: The Rise of Sanctions as a Tool of Modern War, historian Nicholas Mulder reminds us that even when Britain and Russia were savagely battling each other during the 1853-56 Crimean War, they continued to service their debts to each other. Likewise, when hedge funds launched predatory attacks on Asian currencies during the 1990s Asian financial crisis, they ultimately still played by the rules (even though their unethical behavior brought some East Asian countries’ economic progress to a halt).

Vietnam and India still have a long way to go to compete with China. Control of the pandemic, selective resumption of production and continued strengthening of its supply chains globally will keep China on top for some time.

After the 2008 global financial crisis, the world seemed ready to undertake meaningful reform of the international monetary system. But the promised structural changes never happened. And the recent spring meetings of the International Monetary Fund and the World Bank indicated that the current bout of global economic upheaval will similarly fail to spur transformation.

U.S. President Joe Biden often talks about leading the world. But if sanctions are what he meant, and if abusing the national security exception against WTO members is the means, the global economic system would be better off without America.

Economic sanctions against Russia have laid bare the limits of Western-controlled financial infrastructure, and may have exposed some misguided preconceptions about how the global economy is evaluated.

The predictable downward revision cycle for the global economic outlook has officially begun. That’s the message from the semi-annual World Economic Outlook just released by the International Monetary Fund, which reinforces earlier revisions from several prominent private forecasting teams.

The Biden administration’s long-awaited strategic framework for trade with China may not be more effective than Trump’s. But it’s imperative to avoid harm and to push for new engagement consensus.

The current lockdowns in China have the potential for substantial disruptions of supply chains and business on a global scale.

The world is largely off track in terms of achieving the UN’s Sustainable Development Goals by 2030. But China’s Global Development Initiative and Belt and Road Initiative can work together for a better future.