Tag: International Trade and World Market

U.S. Commerce Secretary Meets With China’s Economic Czar

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High-ranking United States and Chinese officials held a series of economic policy meetings on Tuesday in Beijing, in the latest sign that both countries are trying to stop the long deterioration in their relationship and restore communications. Gina Raimondo, the U.S. commerce secretary, and other top officials from her department began meeting early Tuesday afternoon with Vice Premier He Lifeng at the Great Hall of the People, next to Tiananmen Square in the heart of Beijing. Seated in a red-carpeted reception room on the second floor of the Great Hall,…

Commerce Secretary Gina Raimondo Walks a Tightrope in China

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What to watch as Raimondo visits China Commerce Secretary Gina Raimondo, one of the Biden administration’s biggest Beijing hawks, kicked off her visit to China on Monday with a call to preserve a “stable economic relationship” between the two economic powers that “share over $700 billion of trade.” With relations between the countries at a critical juncture, Ms. Raimondo is now the fourth senior U.S. official to travel to China in less than three months. Her visit, which will include meetings with business leaders and government officials, including her Chinese…

U.S. Commerce Secretary Faces a Wide Range of Issues in China

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Gina Raimondo, the secretary of commerce, who arrived in Beijing on Sunday, is the latest Biden administration emissary seeking to stabilize ties between the world’s two largest economies. The fourth senior U.S. official to travel to China in less than three months, Ms. Raimondo is taking her trip at a critical juncture. Relations between the countries are strained, partly because the United States has clamped down on China’s access to technology that could aid its military. China’s economy also appears to be slowing, and Beijing has been trying to woo…

What China’s Economic Woes May Mean for the U.S.

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The news about China’s economy over the past few weeks has been daunting, to put it mildly. The country’s growth has fallen from its usual brisk 8 percent annual pace to more like 3 percent. Real estate companies are imploding after a decade of overbuilding. And China’s citizens, frustrated by lengthy coronavirus lockdowns and losing confidence in the government, haven’t been able to consume their way out of the country’s pandemic-era malaise. If the world’s second-largest economy is stumbling so badly, what does that mean for the biggest? Short answer:…

A Crisis of Confidence Is Gripping China’s Economy

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Earlier this year, David Yang was brimming with confidence about the prospects for his perfume factory in eastern China. After nearly three years of paralyzing Covid lockdowns, China had lifted its restrictions in late 2022. The economy seemed destined to roar back to life. Mr. Yang and his two business partners invested more than $60,000 in March to expand production capacity at the factory, expecting a wave of growth. But the new business never materialized. In fact, it’s worse. People are not spending, he said, and orders are one-third what…

What Can Replace China as a Global Economic Engine?

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This is not a trivial matter. To an extent that few Americans genuinely appreciate, global growth has been powered by the so-called Chinese miracle for almost half a century now. According to World Bank data, between 2008 and 2021 — as the world’s per capita G.D.P. grew by 30 percent and China’s by 263 percent — China accounted for more than 40 percent of all global growth. If you excluded China from the data, global G.D.P. over that period would have grown not by 51 percent but by 33 percent,…

At BRICS Summit, Putin Tries to Rally Support

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The five-nation BRICS summit is focused on whether to expand the club and how to be a counterweight to Western powers, but the meeting opened in Johannesburg on Tuesday in the shadow of Russia’s invasion of Ukraine, with President Vladimir V. Putin attempting to rally the members via video to Moscow’s side. In a speech to fellow leaders of the Brazil, Russia, India, China and South Africa group, Mr. Putin blamed the West for Russia’s exit from an agreement on Ukrainian grain exports that had helped stabilize global food supplies…

BRICS Summit Attracts Global Interest Not Seen in Years

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The leaders from the five-member group of nations known as BRICS — Brazil, Russia, India, China and South Africa — are beginning a three-day summit in Johannesburg on Tuesday, where they are discussing expanding the club that harbors ambitions of becoming a geopolitical alternative to Western-led forums like the Group of 7. The latest gathering of leaders has garnered a level of international interest rarely seen since the group was first formed 14 years ago. A trade war between Beijing and Washington and Russia’s invasion of Ukraine have reinvigorated the…

What to Know About China’s Real Estate Crisis

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Tremors in China’s real estate market are shaking the country’s economy, as well as the world, which has come to rely on China as a reliable engine of growth. Major developers are faltering as they face huge losses, struggle with mountains of debt and miss payments to lenders. A long-running building boom that propelled China’s growth has come to a halt, threatening the jobs and savings of millions of households. China’s markets have tumbled and its currency has weakened as officials take action to spur growth. Here’s what you need…

How Geopolitics Is Complicating the Move to Clean Energy

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He is known as the Minister for Everything. From the government offices of Indonesia’s capital to dusty mines on remote islands, Luhut Binsar Pandjaitan commands authority as the nation’s essential power broker. A four-star general turned business magnate turned cabinet officer, Mr. Luhut’s paramount aspiration is transforming Indonesia into a hub for the production of electric vehicles. But as he pursues that goal, he and his country are increasingly vulnerable to geopolitical forces beyond their control. Though this archipelago nation has long sidestepped entanglements in ideological rivalries, it is increasingly…