Читать книгу Financial Cold War. A View of Sino-US Relations from the Financial Markets онлайн

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Third, policy actions during and subsequent to the crisis have, for the most part, treated the symptoms rather than the root causes of the disease. Regulatory reforms have made the banking system less vulnerable to financial shocks. However, more fundamental underlying problems have not been tackled. Continued reliance on monetary policy and market self-correction mechanisms has failed to revitalise key parts of the economy. In addition, the prolonged application of some treatments, such as extraordinarily low interest rates, have contributed to a widening wealth gap. This, in turn, has stoked greater societal tensions.

Fourth, as these domestic and international tensions have simmered, we have witnessed a descent into more populist and nationalistic politics in many countries. This is spreading tensions and conflicts across many spheres.

Looking back at the crisis and events since, it is also clear that the GFC marked a major turning point in Sino-US relations. The illusion of American omnipotence was shattered, and China's own self confidence increased. This increased China's willingness to challenge the US where it felt its own interests were at stake and ushered in a more assertive attitude in the conduct of its international affairs.