India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
A discussion with Wei Ling Chua, a reputed author, on his forecast for the Chinese economy, and his response to the article Why China Can’t Pull the World Out of a New Great Depression” by strategic risk consultant F. William Engdahl.
The prospect of the Chinese economy being a growth locomotive to lift the rest of the world from looming depression is virtually nil at this point. The massive BRI is mired in massive loans to countries unable to service the debt. Attempts to boost domestic China growth by relying on a consumer boom are also presently doomed.
Measured by purchasing power parity, China’s economy passed the U.S. in 2014, and it is now roughly 25 percent larger. The IMF projects that China’s economy will be nearly 40 percent larger by 2028, the last year in its projections.
When it comes to China, the world’s attention may be focused on its threatening military manoeuvres against Taiwan and the visits by various European leaders to Beijing, but for India, it is about deciphering the message China is trying to send with its recent actions.
For decades, the U.S. dollar was the undisputed king of global currencies, but now dramatic changes are happening. Much of the planet is preparing for a future in which the U.S. dollar will be far less important than it is right now.
Russia, Iran, and Venezuela – all allies of China – account for 40 percent of OPEC+’s proven oil reserves, with the GCC making up another 40 percent. If these three states alone settle their energy exports in yuan, the petroyuan is here to stay.
The Solomon Islands, located east of Papua New Guinea and northeast of Australia, has become a battleground for Washington and its desire to maintain primacy over the Asia-Pacific region.
Data suggests that US dollar reserves in central banks are dwindling, as is the influence of the US on the world economy. This presents a unique opportunity for regional currencies and alternative payment systems to enter the vacuum.
There is not a single case of China pressuring countries to take unsustainable loans; nor does China use national assets as collateral. In fact, China’s loan conditions are typically far less onerous than those of the West.
Foxconn’s case is extraordinary because it is an extreme case in which the contradiction between capital accumulation and people’s social reproduction has led to a massive crisis. It is also ordinary because such a contradiction, is a built-in feature of our current global capitalist system
Janata Weekly is India’s oldest independent socialist weekly.
Ever since its founding in 1946, Janata has voiced its principled dissent against all conduct and practice that is detrimental to the cherished values of nationalism, democracy, secularism and socialism, while upholding the integrity and the ethical norms of healthy journalism. For more than seventy years now, week after week, it has continued to analyse the changes taking place in the country and the world from a socialist standpoint, and thus promote the spread of socialist ideology in the country.
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