Author: Anthony Rowley

When will the unjust pillorying of China by the United States and Europe end? China’s economic advancement has made it clear that they are no longer able to compete in many key economic areas. This has led to a shift in thinking towards state-led industrial policies and the recognition of the need for state capital to supplement private financing. China’s Belt and Road Initiative has spurred US and European efforts to update their outdated infrastructure, with initiatives like the US Inflation Reduction Act of 2022 introducing subsidies for green development. The US has realized the importance of government intervention in…

The Biden administration and financial markets may face challenges as the myth of a resilient US economy unravels, impacting Asia and global trade. The IMF’s latest report highlights a slowdown in US growth, attributed to moderating consumption and trade deficits. Despite high interest rates and inflation, US consumers continue to drive economic growth through spending, supported by robust job creation in sectors like healthcare and hospitality. However, concerns arise over rising public debt and its impact on the economy. The IMF warns of escalating inflation, trade tensions, and policy uncertainty, signaling rough times ahead for the global economy. A shift…

In the book “The End of Alchemy,” former Bank of England governor Sir Mervyn King reflects on the disappearance of the Bretton Woods order and the decline of post-war institutions like the International Monetary Fund, World Bank, and OECD. Despite this, there is hope for Asia to create its own informal financial network, as suggested by King in 1997. A debate has been sparked within the IMF, urging for reforms to be implemented by June. The Independent Evaluation Office recently raised concerns about the IMF’s decision-making process. Governance reforms are necessary, as emphasized by former Reserve Bank of India governor,…