– Ronald Muchatuta. – « Made in China », 2016 The Melrose Gallery, Johannesburg, Cape Town
Dyears In his opening speech at the Boao Forum, the Chinese equivalent of the World Economic Forum (Davos), Chinese President Xi Jinping spoke last April of a new international order. Alluding to the United States, he rejected any idea of « cold War » and D’« hegemony », before declaring: « We must promote trade and investment liberalization and facilitation, deepen regional economic integration and strengthen supply chains (…) with a view to building an open world economy. (…) In the age of economic globalization, openness and integration are an unstoppable historical trend. The erection of walls or “decoupling” goes against economic laws and market principles. »
This hymn to economic liberalism has become a leitmotif of official discourse. Faced with the protectionist efforts of the United States to restructure transnational supply chains and limit the access of the People’s Republic of China (PRC) to strategic technologies, the party-state is championing free trade and finance global. Capitalizing on the limited patriotism and unlimited appetite of transnational groups, it removed barriers that blocked access to certain segments of national capital markets and issued licenses to large American groups so that they could operate subsidiaries in 100 % or majority stake in specialized markets (asset management, payments, bond issue, insurance, rating, etc.).
« China opens as US closes », writing Global Times (June 14, 2020), which discusses the licenses that the Bank of China granted, in 2019 and 2020, to Goldman Sachs, BlackRock, JPMorgan Chase, Citibank, Morgan Stanley, American Express, PayPal, Mastercard, among others. An article by China Daily (March 18, 2021) notes with satisfaction that « Wall Street will be inclined to (…)
–
Full Item Size: 2 353 words.
