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The sheer scale of the imbalances that have built up means that they cannot be quickly unwound and many of the challenges are not well understood. Reforms will require key decision makers in China, the US and other major nations to put their heads together, seek truth from the facts, and cooperate with each other in designing appropriate policies. It will be a daunting task. However, for the sake of our future peace, stability and prosperity, it is a task that we can no longer put off.
Notes
1 ssss1 (Fukuyama, 1992).
2 ssss1 IMF data, which can be accessed at: https://data.imf.org. Figure given is for 31 December 2020.
3 ssss1 A ‘Gilt’ is the common term used for a British government bond.
4 ssss1 (Rajan, 2019, p. 248).
5 ssss1 See, for example, (Klein & Pettis, 2020) and (Magnus, 2018).
6 ssss1 See (Kolodko, 2020).
7 ssss1 (Saunders, 2020).
8 ssss1 China conducted a series of live-fire exercises in the Taiwan Strait in the run-up to Taiwan's presidential election on 23 March 1996 to express displeasure at the apparent independence leanings of Taiwanese President Lee Teng-hui (李登辉).