Asia & the Pacific

Over the last decade, China has been actively pursuing plans to recycle its spent nuclear fuel. In 2010, it began testing a pilot civilian plutonium reprocessing plant with a design capacity to produce about 50 metric tons of heavy metal per year at the Jiuquan nuclear complex in Gansu province (known as Plant 404). In July 2015, the China National Nuclear Corporation started construction of a larger demonstration reprocessing plant at the Gansu Nuclear Technology Industrial Park in Jinta, Gansu Province, about 100 kilometers from the Jinquan pilot plant. The demonstration reprocessing plant, which has a planned capacity of 200 metric tons per year, is to be commissioned in 2025.

While much of the world is consumed by the COVID-19 crisis, the Chinese government is quietly unleashing a financial innovation that will reshape its economy and improve its strategic standing for decades to come. In April, China’s central bank introduced the “digital yuan” in a pilot program across four cities, becoming the world’s first major economy to issue a national digital currency.

Rachel Esplin Odell argues for a wiser and more conservative strategy that resists the temptation to exaggerate the challenge posed by China.

“Those who do not study history are condemned to repeat it.”  And the rest of us are condemned to repeat George Santayana.

Will the Coronavirus Recession of 2020 be V-shaped?  Or U-shaped?  If we fail to heed the lessons of history it is likely to be W-shaped, with incipient recovery followed by successive relapses into sickness and recession.

As has been widely noted, we would have been better prepared to cope with the Covid-19 pandemic in the first place if everyone had paid more attention to the past history of epidemics. Be that as it may, the world is now deep into the pandemic and its economic consequences, the most severe such events since the interwar period, 1918-1939.  As decision-makers in every country contemplate their next steps, they would do well to ponder the precedents of that interwar period.

Since the coronavirus spread from a metropolis on the Yangtze River across the globe, hard-liners in both Washington and Beijing have accelerated efforts to decouple elements of the relationship.

Since the coronavirus spread from a metropolis on the Yangtze River across the globe, hard-liners in both Washington and Beijing have accelerated efforts to decouple elements of the relationship.

As the divergent experiences of the US and South Korea show, testing can be the difference between disease containment and catastrophe. Rather than relying on national governments to ensure the rapid development, production, and deployment of diagnostics during outbreaks, the world needs a global coordinating platform.

The Covid-19 pandemic is prompting reconsideration of issues that were thought to be settled. One is the wisdom of China as a hub in vital supply chains, a reality driven by cost considerations and the belief that integrating China into the global economy would moderate Beijing’s behavior. Unfortunately, China hasn’t moderated. Beijing has been an unreliable supplier that pressures trading partners.

The world is on the cusp of a geopolitical reset. The global pandemic could well undermine international institutions, reinforce nationalism and spur de-globalization. But far-sighted leadership could also rekindle cooperation, glimmers of which appeared in the G-20’s offer of debt relief for some of the world’s poorest countries, a joint plea from more than 200 former national leaders for a more coordinated pandemic response and an unprecedented multinational pact to arrest the crash in oil markets.  

Joseph Nye suggests that a new U.S. administration might take a leaf from the success of the post-1945 American presidents that are described in Do Morals Matter? Presidents and Foreign Policy from FDR to Trump. The United States could launch a massive COVID-19 aid program like the Marshall Plan.