The first and most important of all human rights is to be alive, without which everything else is meaningless
China is the first major economy in the world to return to growth despite the pandemic. Being one of the most important markets for HSBC, the steady economic growth in the Chinese mainland underpins HSBC's business recovery
Mao Zhenhua,Choices About COVID-19 Response Policies & Post-epidemic Economic Development Pattern
Since the outbreak of COVID-19, the monetary and fiscal policies of the United States are showing a tendency toward extremes, which has caused a considerable impact on the international status of the US dollar. On Oct 24, the seminar "US Dollar Dynamics in the Evolving Global Environment" was successfully held, sponsored by the Chongyang Institute for Financial Studies at Renmin University of China, and Contemporary International Relations, organized by the Sino-US People-to-People Exchange Research Center and operated by the university. More than a dozen relevant experts and scholars attended and launched a heated discussion.
The first factor is the bleaker prospects of the US economy. According to the IMF's latest projections, the US economy is expected to contract by 4.3 percent from last year in 2020. As the virus is yet to be brought under control in the US, concerns over a worsening of the health crisis, as well as expectations of further stimulus, have led to a significant weakening of the dollar in recent months. But depreciation does not mean decline. Any change in the current dominance of the US dollar would likely be a result of more fundamental and structural movements.
Putin said that China is now heading for superpower status. US billionaire hedge fund manager Ray Dalio, who spoke on the same panel with me, also talked about the future of China replacing the US. In a recent article for the Financial Times, he stated, "every day we see China succeeding in exceptional ways."
On July 25th, an international meeting in Opposition to the US-led New Cold War on China organized by scholars and activists from 48 countries voluntarily was broadcast live on Zoom, Facebook and YouTube simultaneously. The joint statement with 14-language version of "A New Cold War against China is against the interests of humanity" has attracted great attention from the international community. The event brought together 17 well-known scholars and opinion leaders from China, the United States, the United Kingdom, India, Russia, Canada, Venezuela, Brazil and other countries to participate in the speech. Martin Jacques, former senior fellow at the Department of Politics and International Studies at Cambridge University, deeply analyzed the essence and future of China and US relations in his speech.