The coronavirus situation in the US and Europe is now so serious that it is overwhelming the ability of numerous Western governments to develop strategic policies. Given the immense efforts and suffering the Chinese people put into fighting the coronavirus, it is difficult for them to imagine that the situation in the West is very many times worse than it was at the worst moment of the crisis in China. But this reality is proven by the facts.
Faced with ethnic and religious conflicts, territorial disputes, and climate change, water resources crisis, and other non-traditional security threats, China and India as two ancient civilizations, should set an example for the world. The two countries should enhance mutual understanding through people to people exchanges and dialogue between civilizations.
The negative U.S. oil futures were a preview of extreme situations and didn't reflect the real price, a global commodity expert said as the U.S. oil futures plunged below zero U.S. dollars a barrel on Monday for the first time in history.
Former British prime minister Winston Churchill once said: "The farther back you can look, the farther forward you are likely to see." The COVID-19 pandemic has repeatedly broken people's previous assumptions. At first people thought it was just a new SARS, then it was predicted to likely come to an end when summer arrives.
The sudden onset of the coronavirus in the US came as a great shock to the nation. We had been watching its progress for some time, but we were somewhat used to seeing viruses appear in Asia or Africa. But this was the United States of America, a modern, developed nation, indeed, the leader of the "free world." Those kinds of things just don't happen here! We have a modern medical system that preserves the health of the nation. There are few remaining survivors of the generation that experienced the last great outbreak of 1918-19, which was inappropriately labeled the "Spanish flu."
China will maintain an average annual growth rate of 5.2 percent for 2020-2021. China has the chance to hit a growth rate higher than 1.2 percent in 2020. On the contrary, both the U.S. and Eurozone economies have been projected to grow by 4.7 percent in 2021, leaving the average annual growth rates at minus 0.7 percent and minus 1.5 percent, respectively. In other words, developed economies will recover to their pre-recession level by 2022.