President Obama’s sixth State of the Union (SOTU) address was heavy on domestic policy and light on foreign policy. The president did not talk much about recent progress in the US-Chinese relations. Instead, he focused on the urgency to complete the U.S.-led Trans-Pacific Partnership (TPP) agreement – without China. There is a reason to the omission and the focus: the Obama White House is increasingly concerned over its legacy.

China’s Central Bank is assessing changes in its international monetary policy in the following areas: RMB internationalization, becoming less dependent on U.S. Federal Reserve monetary adjustments, and containing the arbitrage of foreign speculative investment. With a major focus on the dispossession “outstanding funds for foreign investment,” the RMB is expected to experience moderate depreciation or fluctuation.

The end of the U.S. Federal Reserve’s Quantitative Easing (QE) monetary policy will affect U.S. growth predictions over the next two years, and may weaken the U.S. dollar. However, as Xiao Lian contends, this might not have an obvious impact on China, yet could result in new development opportunities – as well as new risks.

The temptations of extrapolation are hard to resist. The trend exerts a powerful influence on markets, policymakers, households, and businesses. But discerning observers understand the limits of linear thinking, because they know that lines bend, or sometimes even break. That is the case today in assessing two key factors shaping the global economy: the risks associated with America’s policy gambit and the state of the Chinese economy.

China needs to review its liberalization financial policies, especially the pace of the liberalization of capital accounts, writes Zhang Monan. 2014’s changing global currency financial environment may bring huge risk premiums to China.

Commenting on Chinese President Xi Jinping’s speech at the G-20 Summit in St. Petersburg, Chen Xiangyang explains the significance of Xi’s remarks highlighting the need for cooperation to ensure stable economic growth across the globe, rather than focusing on the economic crises facing rising and falling powers.

With the Fed publicly considering an end to its massive, open-ended purchases of long-term securities and foreign capital fleeing home from emerging markets, many fear that Asia’s economies could come crashing down, as they did in the late 1990’s, writes Liu Mingkang.

Both the US and China, as the world two largest economies and members of G20, share a strong responsibility in supporting the common goal of establishing a job-rich, strong, sustainable and balanced growth path, writes He Weiwen.

The global economy could be in the early stages of another crisis – and, once again, the Federal Reserve is in the eye of the storm. As the Fed attempts to exit from its unprecedented policy of massive purchases of long-term assets, many high-flying emerging economies suddenly find themselves in a vise.

Chen Xiangyang analyzes the growing pains of emerging nations, and suggests that China must learn from other countries' "mistakes" and make sure not to repeat them by doing everything necessary to ensure its own lasting political stability and social harmony.