Adam Tooze is giving a talk at the China Development Forum in Beijing at the end of March. He is talking about the contrast between the U.S. and China's political and economic development. The Economist's recent cover has been widely discussed in analyst circles in the Chinese capital.
Hong Kong has struck a balance between financial security and innovation in its strategic roles as a “testing ground” and “firewall” for the nation’s reform and opening up. Financial Secretary Paul Chan Mo-po said on Sunday that security was core to the goal of achieving high-quality development.
The U.S. is at war in the Middle East and has pulled military assets from the Asia-Pacific. President Donald Trump delayed his trip to China by several weeks due to the Iran war. Sen. Jeanne Shaheen led a bipartisan group of senators to Taiwan, Japan and South Korea where they heard concerns about the impact of the war on energy costs.
Hong Kong authorities have signed a memorandum of understanding (MOU) with mainland China’s top internet regulator to promote the digital economy. The MOU was signed on Sunday by Secretary for Innovation, Technology and Industry Sun Dong and Wang Jingtao, deputy director of the Cyberspace Administration of China (CAC). Chief Executive John Lee Ka-chiu and CAC director Zhuang Rongwen witnessed the signing.
Climate change and extreme weather events are the region's top challenge at 60%, up from 55% last year. US leadership under Trump now ranks as Southeast Asia’s top geopolitical concern at 51.9%. Confidence in the US to champion global free trade has fallen to 14.8% from 19%. On maintaining the rules-based order and upholding international law, Asean has edged ahead of the US. US has also lost ground to China on strategic relevance.
The U.S. is still at war in the Middle East and has pulled military assets from the Asia-Pacific. President Donald Trump delayed his trip to China by several weeks due to the Iran war. There are concerns about the impact of the war on energy costs and the departure of military assets, including missile defense systems from South Korea.
The global economy has been hit by three major disruptions in less than a decade. The COVID-19 pandemic, Russia-Ukraine conflict and now the crisis in the Middle East have left policymakers around the world on edge. Central banks now face a delicate balancing act: curbing price pressures without triggering a broader economic slowdown. The updated forecast by the IMF is likely to show global growth slowing down.
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Beijing has been increasing pressure on Taiwan since 2017. The majority of Taiwanese see their country as independent. Cheng Li-wun is preparing to become the next president of Taiwan. His party has a parliamentary majority in Taiwan and is blocking a budget that calls for increased defense spending.
Hong Kong is in a period of significant economic transition. The city is seeing a surge in family offices and has one of the world’s most meaningful capital markets. It needs to attract and retain top talent, bring the Hong Kong diaspora back home and lure high-spending tourists. The central government sees high-quality cultural activity as a potential driver of prosperity. Subcultures are not a niche, they are a global indicator in the attention economy.