Fighting for Russia against the New World Order.

Showing posts with label Economics. Show all posts
Showing posts with label Economics. Show all posts

Russia’s domestic import substitution program is showing impressive results


Amidst global economic slowdown, Russia’s industrial production shows stellar growth. After sanctions and rejection of Western imports, Russia’s domestic import substitution program is showing impressive results. Industrial production up 2.6% year-on-year for the first half year. And accelerating, up 3.3% in June from last year. In the same period, the subsector manufacturing (factory production) surged by a staggering 3.4%, which really shows Russia is going full steam ahead.


Meanwhile, no growth in the US over the year, with two last quarters negative.

Germany down by 4% over the year.

It sure looks Russia is winning this one.
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Absurd to stop human progress: Putin slams calls to prioritize ecopolitics over technology



Russian President Vladimir Putin slammed appeals to abandon technological progress for the sake of prioritizing green politics.

"A profound and meaningful discussion" is needed to hash over the problems of combining long-term development and environmental welfare, and a high standard of living, the president told the Global Manufacturing and Industrialization Summit (GMIS) on Tuesday.

"However, instead of a substantive discussion regarding the global, climatic and environmental agenda, we often see, unfortunately, downright populism, speculation, and sometimes, I am not afraid to say this - simply narrow-mindedness," Putin stressed.

"It comes to the point when the world is urged to ditch progress, which will make it possible to freeze the situation at the best, and create prosperity for the select few. In contrast, hundreds of millions of people throughout the globe will have to accept that at the moment they have, or it would be more honest to say, don’t have access to clean water, food, education and other benefits of civilization," he said.

"This archaism is a blind alley, it is a road to new conflicts," the Russian leader pointed out. According to him, "the migration crisis in Europe and in the US stems from this". A blind faith in simple, impressive but inefficient solutions leads to problems," Putin cautioned, mentioning appeals to abandon nuclear and hydrocarbon energy, while betting on current alternative sources of energy.

"Will people feel comfortable living on the planet dotted with wind-driven generators and covered with layers of solar batteries?" he asked, then noting that as the saying goes "instead of tidying up the house we’ll just sweep the garbage under the rug". He also mentioned problems with wind-powered generators that lead to the deaths of birds, and other side effects that this source creates.

"Of course, we can't stop those who want to wear animal skins or move into caves, but it is impossible and absolutely absurd to stop human progress," the Russian president stressed.

Source: https://tass.com/economy/1067764
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Ceasefire: US, China Trade Talks "Back On Track" After Trump Folds On Huawei

The "worst case" trade war scenario was avoided in Osaka on Saturday when Trump agreed to restart trade talks with Xi, holding off new tariffs on Chinese exports, and signaling a pause in the trade hostilities between the world’s two largest economies; Trump added that while existing tariffs would remain in place the US president eased restrictions on Huawei as part of what is now the second ceasefire between the two superpowers in two months, removing an immediate threat looming over the global economy even as a lasting peace remains elusive.

"We had a very good meeting with President Xi of China, excellent, I would say excellent, as good as it was going to be," he said. "We discussed a lot of things and we're right back on track and we'll see what happens", Trump told reporters after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of a summit of leaders of the G-20 major economies in Osaka, western Japan.


President Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan

Trump said while he would not lift existing import tariffs, he would refrain from slapping new levies on an additional $300 billion worth of Chinese goods - which would have effectively extended tariffs to everything China exports to the America.



 “We’re holding back on tariffs and they’re going to buy farm products,” he said vaguely at a news conference, without giving any details of China’s future agricultural product purchases. “If we make a deal, it will be a very historic event.” He gave no timeline for what he called a complex deal but said he was not in a rush. “I want to get it right.”


Whereas Trump and top admin officials alleged that Beijing had reneged on provisions of a tentative trade deal, it was not immediately clear if Xi agreed to return to previous agreements as part of the new truce.

Trump, however, did relent on one of the major sticking points, saying U.S. firms would be allowed to sell components to Huawei, the world’s biggest telecom network gear maker, where there was no national security problem. The president said the U.S. commerce department would meet in the next few days on whether to take it off a list of firms banned from buying components and technology from U.S. companies without government approval.

"I like our companies selling things to other people, so I allowed that to happen," Trump said. “We’re talking about equipment where there’s no great national security problem with it.” In recent months, the Trump administration has been lobbying allies around the world not to buy Huawei equipment, which the U.S. says could be used for Chinese espionage.

Huawei was delighted by the news on its verified Twitter account: “U-turn? Donald Trump suggests he would allow #Huawei to once again purchase U.S. technology!”




Predictably, China also welcomed the step. “If the U.S. does what it says, then of course, we welcome it,” said Wang Xiaolong, the Chinese foreign ministry’s envoy for G20 affairs.

Trump said he had not yet decided how to allow U.S. companies to continue selling to Huawei or whether to remove the tech giant from the Commerce Department’s entity list. He said he would meet with advisors next week to determine how to proceed.

U.S. microchip makers also applauded the move. “We are encouraged the talks are restarting and additional tariffs are on hold and we look forward to getting more detail on the president’s remarks on Huawei,” John Neuffer, president of the U.S. Semiconductor Association, said in a statement. Recently, Broadcom warned of a broad slowdown in demand as a result of Huawei sanctions and slashed its revenue forecast.

And yet, it was not clear how long the exemption would last. Trump said he had agreed with Xi to wait until the very end of trade talks to resolve broader issues around Huawei, including Washington’s lobbying campaign against allies buying its 5G equipment.

“Huawei is a complicated situation,” Trump said. “We’re leaving Huawei toward the end. We’ll see where we go with a trade agreement.”

The concession will likely draw criticism in Washington where national security hawks have urged Trump not to ease any pressure against Huawei. The company has long been the target of concern at the Pentagon and intelligence agencies in part over what the U.S. claims are its close ties to the Chinese military.




In exchange for his Huawei concession, Trump said Xi Jinping had promised to buy “tremendous” amounts of U.S. agricultural products. “We’re going to give them a list of things we’d like them to buy,” Trump said at a news conference following the Group of 20 summit in Osaka, Japan. However, as Bloomberg notes, the first indications the second fragile truce will collapse soon is that the Chinese official media reports said only that the U.S. president hopes China will import more American goods as part of the truce, without an actual confirmation it will do so.

For now, however, the second truce, after a similar ceasefire was announced on December 1 at the Buenos Aires G-20 summit, has been achieved, offering relief from a nearly year-long trade standoff in which the countries have slapped tariffs on billions of dollars of each other’s imports, disrupting global supply lines, roiling markets and dragging on global economic growth.


In a lengthy statement on the two-way talks, China’s foreign ministry quoted Xi as telling Trump he hoped the United States could treat Chinese companies fairly. On the issues of sovereignty and respect, Xi said that "China must safeguard its core interests."

“China is sincere about continuing negotiations with the United States ... but negotiations should be equal and show mutual respect,” the foreign ministry quoted Xi as saying.

Trump had threatened to extend existing tariffs to almost all Chinese imports into the United States if the meeting brought no progress on wide-ranging U.S. demands for reforms.

The return to the negotiating table ends a six-week stalemate that has unnerved companies and investors, and at least temporarily reduces fears that the world’s two largest economies are headed into a new cold war, which they still are but only after the current stalemate ends allowing the S&P to rise above 3,000 in the the meantime. Because, as Bloomberg notes, it’s unclear how they can overcome differences that led to the collapse of a previous truce reached at the G-20 in November.

* * *

While Trump and Xi were all smiles at their press briefing, the bad blood between the two leaders behind the scenes is clearly still there. Xi spent much of the summit’s first day Friday promising to open up the Chinese economy, and attacking the U.S. (without naming it) for its attack on the global trading system. As Bloomberg reported, Xi took a "not-so-subtle swipe" at Trump’s “America first” trade policy in remarks to African leaders on Friday, warning against “bullying practices” and adding that “any attempt to put one’s own interests first and undermine others’ will not win any popularity.” Xi also called out the U.S. over Huawei and said the G-20 should uphold the “completeness and vitality of global supply chains.”


For now, however, there is optimism.

“Returning to negotiations is good news for the business community and breathes some much needed certainty into a slowly deteriorating relationship,” said Jacob Parker, a vice-president of China operations at the U.S.-China Business Council. But "now comes the hard work of finding consensus on the most difficult issues in the relationship, but with a commitment from the top we’re hopeful this will put the two sides on a sustained path to resolution,” he said.

Others were more skeptical, and warned the pause - just like the first ceasefire - will not last.
“Even if a truce happens this weekend, a subsequent breakdown of talks followed by further escalation still seems likely,” Capital Economics said in a commentary on Friday, quoted by Reuters.
The United States says China has been stealing American intellectual property for years, forces U.S. firms to share trade secrets as a condition for doing business in China, and subsidizes state-owned firms to dominate industries. Meanwhile, China has said the United States is making unreasonable demands and must also make concessions.

The talks collapsed in May after Washington accused Beijing of reneging on reform pledges. Trump raised tariffs to 25% from 10% on $200 billion of Chinese goods, and China retaliated with levies on U.S. imports.

The U.S.-China feud had cast a pall over the two-day G20 gathering, with leaders pointing to the threat to global growth. In their communique, the leaders warned of growing risks to the world economy but stopped short of denouncing protectionism, calling instead for a free, fair trade environment after talks some members described as difficult.

* * *

Finally, global markets will breathe a sigh of relief on news of the resumption in U.S.-China trade talks, even as an official deal remains elusive, and there is no indication of how the two countries will bridge the most difficult aspect of a feud that has emerged beyond simple trade and now affects most aspects of US and Chinese life.

The flip-side is that with trade talks back on, the Fed will feel far less pressure to ease in July, and since in June stocks exploded higher on hopes that the Fed will cut rates as much as 50bps next month, such a reversal in US-China relations could potentially prevent Powell from capitulating, and leave the Fed on hold, an outcome which would lead to a sharp drop in US capital markets. Indeed, in recent weeks, the S&P has returned to record highs, treasury yields have tumbled to their lowest level in years. The Japanese yen, a traditional beneficiary of flight to quality, has gained, while the U.S. dollar has slipped across the board, including against China’s yuan.

Source: https://www.zerohedge.com/news/2019-06-29/ceasefire-us-china-trade-talks-back-track-after-trump-concedes-huawei
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Putin says liberalism is finished


By Jon Hellevig

Putin tells liberalism is finished.

In an interview with the Financial Times, Putin told that “the liberal idea” had “outlived its purpose” and said that nationalism is growing instead as the public has turned against immigration, open borders and multiculturalism.

“This liberal idea presupposes that nothing needs to be done. That migrants can kill, plunder and rape with impunity because their rights as migrants have to be protected,” the president succinctly put it.

Putin chastised the European liberal governments for not having acted to reassure the citizens. Instead those governments had pursued a mindless multiculturalism embracing, among other things, [false] sexual diversity.

On a positive note the president told that the liberals cannot anymore “simply dictate anything to anyone just like they have been attempting to do over the recent decades.”


Source: https://www.ft.com/content/670039ec-98f3-11e9-9573-ee5cbb98ed36

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Kazakhstan ends bank bailouts, writes off people's debts instead

Jon Hellevig: "Instead of bailing out banks and oligarchs, Kazakhstan will write off loans of the poor. This has been announced by new Kazakh president Kassym-Jomart Tokayev. There’s an unexpected corner of the world from where sound and fair financial policies emanate!

Doing this President Tokayev is actually reviving an ancient traditions of cancelling debts when a new ruler took over going back to Hammurabi, the Sumerians and other Near Eastern rulers. Michael Hudson has written a book called “And Forgive their Debts” depicting this story from Babylonia and to other Bronze Age Near Eastern realms.

Hudson tells that this concept of starting from a clean slate was also at the center of the Old and New Testaments, in the form of the Jubilee Year. Jesus actually said: “Forgive them their debts,” but it was converted by the Church to mean something vague in the form of: “Forgive them their sins.” Actually meaning, just pay up, and we’ll deal with the debts at the final judgement once you kick the bucket.

Forgiving of debts was also in ancient Greece and Rome an important policy goal in the fight against the oligarchs. Should become again."







Kazakhstan President Kassym-Jomart Tokayev said the debt relief would cost less than $1bn [Pavel Golovkin/Pool/Reuters]
Kazakhstan President Kassym-Jomart Tokayev said the debt relief would cost less than $1bn [Pavel Golovkin/Pool/Reuters]

Kazakh President Kassym-Jomart Tokayev said he'll write off bad loans held by a sixth of the central Asian country's population, while signaling a sharp change in policy to end costly state bailouts of private banks.

The loan-forgiveness program is Tokayev's first major policy announcement since he was elected president on June 9 in a choreographed transfer of power that began when longtime leader Nursultan Nazarbayev stepped down as head of state in March. His victory was met with rare and widespread protests.

Bank bailouts are also a sensitive issue in Kazakhstan, which has been mired in a decade-long crisis in which the government has pumped at least $18 billion into lenders to keep the sector from collapsing under the weight of bad debts. The central bank is conducting a review of asset quality, prompting speculation that a new round of bailouts may be in the works.

"My attitude is that there should be no governmental bailouts" for lenders, Tokayev, 66, said in an interview Tuesday in the capital, Nur-Sultan. "My assessment of this issue as a president is that the government should not get involved any more, any longer, with its loans as far as private banks are concerned."

Debt relief

While the debt-relief initiative may help lenders, the total cost is likely to come in at "a bit less than $1 billion," according to Tokayev. More than 3 million Kazakhs in the energy-rich country of 18 million will get help to escape debts averaging 300,000 tenge ($790), he said. It is aimed at "people who find themselves in very difficult living circumstances," he said.

About 4,000 people were detained by police during a rare outburst of protests against what activists said was a lack of real choice in the recent vote, which Tokayev won easily with 71% support. Leader-for-life Nazarbayev, 78, handed the presidency to Tokayev in March, who called the early election "to remove any uncertainty." International observers criticized the conduct of the vote.
The new president's debt forgiveness program is similar to a controversial policy unveiled by Georgia's ruling party, which announced the write-off of loans for 600,000 people days before a hotly-contested presidential election won by its candidate in November. "We are not following the example of Georgia, this is a different case" focused on the poorest citizens, Tokayev said.

Nazarbayev berated ministers as "cowards" in January for failing to clean up the banking system, shortly before he dismissed the government and replaced the central bank governor. Yet the biggest bank rescues have involved people close to the former president's inner circle.

While Tokayev denied that political connections played a role in past bailouts, "the lesson has been accepted by us," he said. "We will take lessons from the past, from what has happened in the banking system, and I think that in a couple of years you'll have absolutely new questions."
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CIA instructs its puppet regime in Georgia to makes provocations against Russia


By Jon Hellevig

The CIA has called on its puppet regime in Georgia to make a serious provocation against Russia, with staged demonstrations and threats against Russians. An American woman who serves as the US puppet president of that country declared that "Russians are our enemies and occupiers." Protesters held up signs telling Russians to **ck off.

Then Putin told Russians would do just that, **ck off. There came a Russian law, that no flights between Russia and Georgia are allowed, meaning no tourists will travel. 

The rub here is that Russians are by far the biggest paying tourist group. They are the biggest group, but also the most affluent group. Armenians and Azeris from neighboring countries also cross the borders, but they hardly keep the economy going.

But the Russians do. 30% of the Georgian economy comes from tourism. And about at least one-fifth or some 6-7 percentage points of that stems from the aggressors (Russians). Russia is also the only country that buys their wine and mineral water. That could be another 2-3%. So, this CIA inspired provocation will cost about 10% of the already miniscule GDP of that country.

Georgia's GDP is about 16 billion USD nominally, and 40 billion on PPP. Tourism is 3 billion out of that (9 billion on PPP). So, quite a costly provocation. Good luck with that.

Georgia has been hostile to Russia aleady for 10 years. Now with the spark of this new round of hostility they say that they will get tourists from other countries if Russians won't come. But then why did they don't get any other tourists during the last 10 years of hostilities?

Did they even get a Trump tower?
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Is Russia's economy stronger than they say it is?

 
Jon Hellevig writes: I don't know why Russia does this. They reported Q1 GDP growth of 0.5%. But they said the GDP deflator was 8.5%. GDP deflator is the factor by which you diminish the nominal GDP growth. The idea is that it would show the "real growth" of output instead of price inflation. In this methodological theory you would only show as output increase quantitative and qualitative growth but not price growth. But the inflation in the same period was only 5%. So, Russia decreases the GDP growth by much more than the inflation. At the same time, the price of oil and gas has not increased from last year, and not that of other commodities either. 

So, where from do they find this 3.5% decrease above inflation? I would not exclude that there is a Serdyukov ploy playing out here. Referring to the time he was Minister of Defense and grabbing the headlines because of corruption, while at the same time under his term Russia made an incredible modernization of the army. The one that took over Crimea in a night, and Syria in two years. There's a theory that Russia wanted they Yanks to think that the Russian army is a quagmire and will stay so until the time is right.

Related: West Attacks Russia with Piketty’s Overblown Claims About ‘Oligarch’ Wealth

So, perhaps I am giving the game away, and the Russian economy is actually growing much more than they want us to know.

At the same time, the real-real GDP, the one measured in PPP grows exactly by the nominal minus inflation plus the "nominal real growth" plus/minus difference in currency exchange to the USD. That is 9 - 5.5 + 0.5 + 0=4%

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"Putinomics" - review by Jon Hellevig

I just finished reading a book called Putinomics by Chris Miller. He had earlier written a book on Gorbachev's failed perestroika, except he did not call it failed, rather it was an apology of that failure. Nevertheless there was a lot of interesting facts (which facts the author tried to tweak to fit his agenda). All in all, I was satisfied with the reading, it gave me just what I was looking for, cause I am very apt at separating facts from the narrative.

His second book "Putinomics" is just what the heading promised. "Putinomics" - what a nonsensical concept that has been clearly chosen to appease the author's publisher. He discusses Putin's economic policies throughout his rule. In the text itself Miller provides no information that could in anyway justify the comical title, as if Putin was engaged in some hullabaloo excentric policies. Instead he gives a fairly reasonable account of how Putin has driven the economy. However, the big picture is lacking, and at the end of the reading one is in no way the wiser from having read Western MSM propaganda on the topic for 10 years. What surprises is that the book is so badly structured and does not in anyway dig into the most important topics, like modernization, corruption etc. Miller tells there is a lot of corruption, but he does not provide any evidence, not even discussion on that, and worst of all there is no comparative analysis, which would show Russia is far behind his own United States what comes to graft.


The one good thing is the author's surprisingly candid account on the criminal machinations that led to Khodorkovsky's downfall and the happy jailing of him, which marked the end of oligarch rule of Russia.

On the other hand the book is replete with all the classic Russophobe tropes - no doubt the grants would not have been flowing in otherwise and the book would not have been published. In addition to all the trite Western repetitions of "corruption," an "ineffective state sector", "Putin's pals" etc, we also read that Sechin (CEO of Rosneft) an employed director for a state owned corporation is repeatedly referred to as an oligarch.

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Russian economy under Putin: Quality of life tripled, foreign debt fell 75%

Vladimir Putin was first elected as Russian President in 2000. Here’s how the Russian economy has transformed in the intervening years by numbers.

Quality of life

Before Putin’s election, Russia had a $9,889 GDP per capita by Purchasing Power Parity (PPP). The figure had almost tripled by 2017, and has now reached $27,900. Russia has the highest GDP per capita among its fellow BRICS countries, with the next-highest, China, having just $16,624. The PPP takes into account the relative cost of living and the inflation rates of countries in order to compare living standards in different nations.
The average nominal monthly wage has grown almost 11-fold from $61 to $652. Unemployment has contracted from 13 percent to 5.2 percent. Pensions have grown over 1,000 percent in the same period from $20 to $221.

Contiune reading...


Russian economy under Putin: Quality of life tripled, foreign debt fell 75%
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The Yuan Brings About Pakistan’s Second Declaration of Independence

The Yuan Brings About Pakistan’s Second Declaration of Independence

By Adam Garrie

With Pakistan refusing to bend or break under US pressure, even as Washington is set to cut hundreds of millions in “aid” to Pakistan, many Pakistanis are asking themselves, “why didn’t we do this sooner”?

The answer is—in a word: CHINA.
When the US took the abrasive move to formally censure Pakistan under the guise that it harbours and abets terrorism and cut hundreds of millions in what the US calls “aid” but what in reality is US military investment, Pakistan said, “so be it” and said so boldly.

After losing over 100,000 Pakistanis in America’s ill-advised regional military operation in Afghanistan, a conflict which the US intentionally allowed to spill over Pakistan’s border, Pakistani elites and ordinary people have collectively had enough. Many have had enough for decades, not least PTI leader Imran Khan whose anti-American positions have been largely vindicated by recent events.

But while the uneven “alliance” between Washington and Islamabad has alienated Pakistanis for decades, even prior to the US invasion of Afghanistan, what has changed is that there is a new superpower with a colossal presence in the region--one that is willing to forge a thorough partnership with Pakistan and in doing so,  rendering any perceived advantages incurred from a US “alliance” more or less dispensable.

For years, China’s investment in Pakistan along the China-Pakistan Economic Corridor has breathed new life into Pakistan’s economy. From the mountainous border in the north to the Panamax Gwadar Port on the Indian Ocean, China’s positive influence can be felt throughout Pakistan’s vast terrain.

The influx of Chinese experts, workers and high level diplomats in the country has proved that a revitalised Cold War era friendship is by the standards of 2017, one based on pragmatism, mutual respect and a win-win mentality that contrasts sharply with a US attitude of disdain towards Pakistan. This attitude is magnified even more deeply by Pakistan’s Saudi “ally” that has used and abused Pakistan for decades, in a cold exploitation of the country’s financial needs.

Pakistan’s refusal to follow Saudi and the UAE into Yemen and likewise, Pakistan’s refusal to take Saudi Arabia’s side in the ongoing dispute with Qatar, is as much a reflection of the confidence and renewed independence that a Chinese partnership has given Pakistan as it is a reflection of the increased professionalization of Pakistan’s “deep state” which is largely immune to the fluxuations of Parliamentary politics, while wise enough not to inhibit the peaceful exercise of Pakistan’s multi-party democracy.

Pakistan’s refusing to blindly follow Washington’s increasingly anti-Pakistan Afghan policies is a further result of the geo-political armour that China has allowed Pakistan to wear with pride, as it is symptomatic of a Pakistani “deep state” that is far more pragmatic and intelligent than it was 20 years ago.

But the most important development thus far, in Pakistan’s 21st century partnership with China is the agreement to conduct bilateral trade in the Yuan rather than the Dollar. This agreement was inevitable, but the fact that it was agreed just after Donald Trump’s insulting statements about Pakistan followed by the withdrawal of “aid”, sends both a pragmatic and symbolic message to the world. Pakistan is not for sale and nor will Pakistan refrain from taking action to build new partnerships out of fear that the US will be permanently lost as an “ally”.  Just as the US closed one door, Pakistan and China quietly and rapidly opened another much larger door.

The treat of US financial blackmail becomes limited in its scope when one realises that Pakistan’s most important long-term trading partner is a country that is not only powerful enough to resist the Dollar’s fading hegemonic grip on global trade, but that moreover, it is a country that owns the lion’s share of US debt. This country is of course, China.

The Dollar might still control much of the world, but with China controlling the Dollar, all the while readying the Yuan for its inevitable transition to a floating currency, it is China that now has the last word when it comes to the effectiveness of US financial blackmail as well as US sanctions.

In this sense, Pakistan’s agreement to trade with China exclusively in Yuan is like a second declaration of independence for Pakistan. Furthermore, the move will certainly inspire other nations to rethink their dependence on Dollar based institutions.

With the US also cutting Pakistan out of security/intelligence sharing agreements, it is high time for Pakistani leaders to admit a long standing reality. The US has never been Pakistan’s ally, it has merely been a two-faced benefactor whose investments in the country were never designed to increase Pakistan’s sovereignty, prestige or safety. In reality, they were designed to bring about the opposite.

By contrast, the Chinese model does not make demands on one’s foreign policy, security policy, wider partnerships or style of government. China demands only honesty and respect and rewards this with the same.

When promoting One Belt—One Road throughout the world, President Xi Jinping is always eager to point out that China’s global trading network is all about enhancing mutual strengths while supplementing areas of economic or production relation weakness. There are no strings attached in One Belt—One Road—the obvious implication being that in the US model of global trading mechanisms there are many strings attached.

Philippines President Rodrigo Duterte stated that one of the reasons he prefers modernising the armed forces of Philippines using Russia and Chinese weapons, is because Russia and China do not make such sales conditional upon political demands. The same is true with wider trading partnerships with the great superpowers of the global “east”.

The US will surely amplify its anti-Pakistan rhetoric in the coming months and one shouldn’t be surprised if ultimately this leads to sanctions against a former “ally”.

But China has made Pakistan largely immune to Washington’s bullying techniques and thus serves as a model for the world that if one wants to make one’s own country “great again”—one must ditch the US as an indelible partner and embrace sovereignty with Chinese trading characteristics.

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