Alipay and WeChat, China’s largest payment options, opened their services for foreign credit card holders, and it was about time too, says Shanghai-based business analyst Shaun Rein, author of the bestseller The War for China’s Wallet: Profiting from New World Order to the South China Morning Post.
Category Archives: globalization
Marketing expert Ashley Dudarenok is enthusiastic about the announcement of Alipay to open up for tourists visiting China, followed shortly by a similar move by WeChat. On her vlog, she explains how visitors without a Chinese bank account can now use Aliba. Details on WeChat were not yet known at the moment of recording.
For a while, China’s Renminbi or Yuan looked like a potential competitor in international markets. But China has lost that opportunity, says economist Arthur Kroeber in OZY. “Who’s going to issue or buy bonds in a market where liquidity can be turned off at the drop of a hat?” he asks.
Trade negotiations between the US and China have moved away from substantial issues, as the Trump administration is using the ongoing trade war as a tool to win the presidential elections in the US 2020, says Harry Broadman, former top trade and economic adviser to Presidents George H.W. Bush and Bill Clinton to CNBC.
Many stories about China and the Chinese in Africa are simply myths, says journalist and author Howard French, of China’s Second Continent: How a Million Migrants Are Building a New Empire in Africa. He discusses how Chinese entrepreneurs ended up in Africa. “There was no big masterplan by the Chinese state to do so,” he says at The Columbia Global Centers in Nairobi.
One of the major global initiatives by China was the massive Belt and Road Initiative, reviving the old silk roads. In May 2017 a major international conference showed what our experts were already expecting: now all roads lead to China. Even countries who suffered from difficult relations with China, including both Koreas, appeared in Beijing.Larger than the former Marshall Plan after the Second World War, OBOR is going to redefine global trade.
US companies make US$544 billion in annual revenue in China, much more than the US exports to China, warns economist Arthur Kroeber at Barrons. Global companies will feel the heat.
The US administration is trying to decouple its economy from China’s. And while there might be some arguments in favor of that position, the treat of decoupling for the world economy is huge, says international trade expert Harry Broadman in Forbes (here in pdf-format). Down the line, the US and global economies will be worse off, he warns.
China is nowadays even compared with former colonial powers when it comes to its economic rise in Africa. Journalist Howard French, the author of China’s Second Continent, takes a step back and looks at how it all started in the 1960s for Worldpoliticsreview, and how it relates to South Africa.
China is trying to find a way out of the irrational Trump policies, as the G20 convenes in Japan. Key is that China cannot afford to lose support from the international business community and the global economy, says economist Arthur Kroeber to the New York Times.