Global Economy and World Order in the Post-COVID-19 Era

This volume is jointly written by twenty experts and scholars from China. It aims to reflect and answer at least two kinds of questions from historical experience and academic perspective. First, how to view the world in the post-pandemic era? Second, how to view China in the post-pandemic era? From the perspective of macroeconomics and international relations, the book discusses in detail the trend of economic globalization, the risk of global economic recession, the industrial chain affected by the COVID-19 pandemic, the world order in the post-pandemic era, global governance, and relations between and among major world powers. This book presents Chinese scholars’ in-depth and timely reflections on the international pattern of the post-pandemic era. It will be a great read for students and scholars of international relations, East Asian studies, and those interested in the world economy in general. Cover Half Title Title Page Copyright Page Table of Contents Preface Note on Chinese names List of Contributors Translator’s Acknowledgement Chapter 1: Sino-US Relations in the Context of the COVID-19 Pandemic: Risks, Options, and Routes Notes Chapter 2: De-Globalization: The Shadow Hovering Over the World Economy in the Post-Covid-19 Era Introduction Populism and the COVID-19 Politics De-globalization in the Post-COVID-19 Age Chinese Responses to De-globalization Notes Chapter 3: A Prospect of the Digital Economy in the Post-COVID-19 Era China’s Economic Growth in the Digital Age: Relatively Optimistic Expectations Long-Term Favorable Conditions for China’s Development of the Digital Economy The Pandemic Enhances Digital Economy The Government and Enterprises to Resume Work to Quicken Development after the Pandemic Note Chapter 4: Getting Prepared for a New Type of Long-Term Recession Introduction Economic Situation under the Pandemic: The Selection of Research Methods Policy Orientations: Promoting Maximum Employment, Fighting for Survival, and Prioritizing People’s Life Effectively Support Micro-Small-and-Medium-Sized Businesses Promoting Maximum Employment Focus on Public Construction Projects Fiscal and Monetary Policies First Things First: Proper Fiscal Policy Monetary Policy: Creating a Favorable Monetary and Financial Environment Coordination Is the Most Important The Deepening Debt Crisis Guarding Against Financial “de-Sinicization” “De-Sinicization” in the Financial Field Notes Chapter 5: The Logic and Warning of Providing Limitless Amount of Funds by the Federal Reserve A Review of the Evolution of American Subprime Mortgage Crisis Stabilizing Finance and Stimulating Economy: Two Steps the Federal Reserve Took to Respond to the Subprime Mortgage Crisis Can QE Cause the Stock Market Bubble? Can a New Round of Financial Crisis Be Avoided? The US Macroeconomic Responses to COVID-19 and their Impact on Global Finance Focus on Economic Recovery, but no Rush to Dismantle the Financial Barrier Note Chapter 6: Globalization, the Pandemic, and International Economic Governance Great Development of Globalization after WWII Reflections on Globalization Impact of the Pandemic on Globalization International Economic Governance under Adjustment Globalization and China Notes Chapter 7: Responding to the Severe Impact of the Pandemic, and Accelerating High-Level Opening Up Severe Challenges for Economic Globalization Prominent Characteristics of “Challenging Globalization” under the Impact of the Pandemic Slow Global Economic Growth by the Pandemic Might Cause a Global Recession The Pandemic Will Change the Existing Pattern of Economic Globalization and a New Paradigm is Forming Important Measures to Respond to the Serious Impact of the Pandemic on Economic Globalization Make New Breakthroughs in China–Japan–ROK Economic and Trade Cooperation With the Goal of China–EU Integrated Market, Form a New Pattern of China–EU Economic and Trade Cooperation Promoting the Process of Asia-Pacific Economic Integration Based on RCEP Establish a New High-Level Open Economic System Focusing on the Service Industry and Expanding the Market Opening Create a Convenient Business Environment Deepening Comprehensive Reform by Way of Institutional Opening Up Notes Chapter 8: The Pandemic Impact on the Global Supply Chain and China’s Response The Distribution of the Supply Chain in Today’s World is the Result of Globalization Dominated by Efficiency Logic The Increasing Risk of the Pandemic Impact on Global Supply Chain Disruption Great Challenges to China’s Supply Chain Security and Global Status Turning Crisis into Opportunity: Further Improving the Security and Global Status of China’s Supply Chain Efficiency-Oriented Economic Globalization Still Irreversible in the Long Run Notes Chapter 9: Some Thoughts on the Current World Economy and Globalization Chapter 10: China and the World Under the Impact of the Pandemic Most Countries Caught in “Dilemma” as COVID Spreads Will China’s Industrial Chain Suffer another Impact Because of the Pandemic? The Trend of China’s Economy and the World Economy in the Post-Pandemic Era Economic Nationalism to Hurt China Badly Taking Measures to Boost Consumption and Restore Economy A New Type of “Cold War” in the Post-Pandemic Era Seeking Wisdom from Traditional Culture to Build a Chinese Discourse System Chapter 11: Looking into the Financial Turmoil during the COVID-19 Pandemic: Causes, Characteristics, Impacts, and Responses Global Financial Turmoil The Triggering Factors and Deep-Seated Causes of Global Financial Turmoil The Global Financial Turmoil Might Linger Similarities and Differences Between the Current Global Financial Turmoil and the 2008 International Financial Crisis Potential Impact of Global Financial Turmoil on China Policy Suggestions Notes Chapter 12: The COVID-19 Pandemic and the Changes in the Past Century This Pandemic is Comparable to a World War, and the Existing International Order is Unsustainable The Downward World Economy only One Step Away from a Great Depression More Sino-US Confrontations while the Major Countries Seem More Divided The Global Geostrategic Pattern Continues to Evolve, and the Asia-Pacific Region Will Hold a Central Spot Globalization Encountered a Counter Current Vortex, and Global Governance Is Facing an Unprecedented Crisis The Core of International Political Competition: Disputes Over System, Mode of Development, and the Area of Science and Technology Rethinking about the New Relationship Between China and the World Chapter 13: Avoiding the “Free Fall” of Sino-US Relations When Diplomats Become Politicians Why Cannot Sino-US Relations Be What They Have Been? Hope Is on the Side of China Notes Chapter 14: Europe in the Post-COVID-19 Era and the Problems in Sino-Europe Relations The Impact of the Pandemic on the General Trend of Europe as a Whole On the Economy Impact on Society Impact on the Government and Political Parties The EU Perspective Impact of the Pandemic on China–EU Relations As the “Ballast Stone” of the China–EU Relations, Trade and Investment Call for Special Attention Raising the Level of Political Cooperation Public Opinion Needs to Be Channeled The EU and the World System The EU’s Mainstream Concept or Ideas of the Future World Basic Ideas on Future Global Governance Could China and Europe Jointly Promote a Community of Shared Future of Mankind in the Field of Public Health? Is It Possible for China and the EU to Form a Community of Common Destiny to Fight the Pandemic? Notes Chapter 15: The US Internal Affairs, Diplomacy, and Sino-US Relations During the COVID-19 Pandemic The United States Under the Impact of the Pandemic The Relationship between the United States and the World in the Context of the Pandemic COVID-19 and Sino-US Relations Notes Chapter 16: Impact of the COVID-19 Pandemic on the World and Sino-Japan Relations COVID-19 Creates a New Turning Point in History The Direction of Globalization Will Not be Reversed, But the Rhythm Paradigm Will Be Adjusted Regional Development of International Relations Will Accelerate Great-power Strategic Rivalry Further Integrates Economy and Security The Complex and Multiple Impact of the Pandemic on China–Japan Relations Impact on Japanese Politics, Political Situation, and Society Impact on China–Japan Relations How to Understand and Build Sino-Japanese Relations in the New Era Opportunities for Exploring the Multilateral Path of China–Japan Cooperation Trilateral Cooperation Results Passed the Pandemic Prevention and Control Test The Joint Prevention and Control Achievements to Enable Multi-field Cooperation Promoting Regional Governance through China–Japan–ROK Cooperation Notes Chapter 17: Africa and China–Africa Relations in the Post-COVID-19 Era The African Economy under the Pandemic The Pandemic Has Had a Serious Impact on Economic Growth in Africa Impact of the Pandemic on China–Africa Economic and Trade Cooperation The Pandemic Has Not Changed the Long-term Healthy Trend of the African Economy Security in Africa after the Outbreak Competition among World Powers in Africa after the Outbreak China and Africa Will Continue to Strengthen and Enhance Cooperation after the Pandemic Notes Chapter 18: Material Interest and the Concept of Values: International Conflicts and Cooperation During the Pandemic During the Pandemic: People, Countries, and the International Community Human Nature and Rationality Governance Capability Effectiveness of International Organizations Under the Global Pandemic, the “Constrained” Global Production Chain and the “Dilemma” of the State The “Fettered” Global Production Chain Global Production Chain Leads to National “Dilemma” Three Possible Trends of the World Order after the Pandemic Conclusion Notes Chapter 19: COVID-19 and Global Governance Reform Global Governance and Governance Mechanism Global Governance Is Born to Deal with Global Problems Global Governance Mainly Depends on Institutional Governance Major Countries Play a Crucial Role in Global Governance Global Governance Dilemma under COVID-19 International Organizations Fell into a State of Partial Failure Various International Mechanisms Failed to Respond Quickly Absence of Leadership Makes Coordination and Cooperation More Difficult Global Governance Reform from the Perspective of a Community with a Shared Future for Mankind Maintaining the Existing World Order, Promoting the Reform of the Global Governance System, and Forming a Community of Shared Future Updating Concepts, Enhancing Community Awareness, and Forming a Community of Same Ideas Reforming the Existing International System, Increasing Its Authority and Action Capability, and Forming a Community of Institutions Empowering WHO, Expanding Its Functions, Strengthen Its Institutional Power, and Upgrading the Global Public Health Governance System Adopting Common Policies, and Build a Policy Community and an Action Community Forming a Community of Responsibility Among Great Powers Conclusion Notes Chapter 20: The Outbreak of the COVID-19 Virus: Nowhere to Avoid it and an Interrogation of Misery Suddenly, Nowhere to Be Spared A Practical Problem Becomes Metaphysical Crisis: The Way of Survival and the Rules of the Game The Origin of Suffering Notes Index