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, Sept. 5 (Xinhua) -- The 9th BRICS summit hosted by China was a "hugely impressive showing" of the future potential of the five emerging economies, namely, Brazil, Russia, India, China and South Africa Indians Larry Doby Jersey
, as a group, a U.S. scholar said.
"I thought the BRICS summit was a hugely impressive showing," said Sourabh Gupta, a senior policy analyst at the Institute for China-America Studies, in an email interview with Xinhua on Tuesday.
Given that China had already hosted two significant summit-level events within the past 12 months -- the G20 summit in Hangzhou and the Belt and Road Forum for International Cooperation in Beijing, "there was a level of unease" that the BRICS summit would be overshadowed by them Indians Carlos Baerga Jersey
, Gupta said. "That certainly did not turn out to be the case, even though coverage in the western media may have been relatively limited."
The scholar noted there were "two big takeaways" out of the BRICS gathering in Xiamen.
First, he said, the BRICS countries "proved in their unified approach yet again" that they are "indeed a supple entente of independent-minded rising powers" which are organized as "a mutual support network and committed to assisting each other's rise within the international system."
"Bearing in mind the recent China-India differences over Doklam...in particular, the grouping showed that their common goals and aspirations easily outweigh their differences, and that those differences too are amenable to responsible management Indians Kenny Lofton Jersey
," Gupta said.
Second, the BRICS countries showed that "they are not willing to rest on their laurels", that "they are optimistic of the future and their future potential as a group," and that "they are already devising new pathways -- such as the 'BRICS Plus' model -- to broaden and institutionalize their cooperation over the next decade," he added.
To this end, the BRICS countries should ensure that they become "the premier developing country forum to discuss South-South cooperation and inclusive development" as well as "the premier emerging market forum to discuss the overhaul of the international monetary system" over the next decade Indians Corey Kluber Jersey
, Gupta pointed out.
"Gradually, they should also ramp up political cooperation on the great security challenges of the day so that they become an alternative voice for a more multilateralized, conciliatory, and less-violent approach to the myriad global security challenges during the first half of this twenty first century," he said.
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WASHINGTON, Aug 28 (Xinhua) -- President Trump administration's punitive actions against China would have serious consequences for U.S. businesses and consumers, said Stephen Roach, a China expert at Yale University, in a column published by Project Syndicate on Monday.
U.S. Trade Representative Robert Lighthizer formally initiated an investigation into China's intellectual property practices under Section 301 of the U.S. Trade Act of 1974. The law, once heavily used in the 1980s and early 1990s allows U.S. President Donald Trump to unilaterally impose tariffs or other trade restrictions on commodities imported from China.
"In a codependent human relationship Indians Francisco Lindor Jersey
, when one party alters the terms of engagement, the other feels scorned and invariably responds in kind. The same can be expected of economies and their leaders," said Roach, a senior fellow at Yale University's Jackson Institute of Global Affairs.
Spokesperson for China's Ministry of Commerce said last week that China would take "all appropriate measures" to defend its legal interests in response to the U.S. investigation. Taking into account of potential consequences of Chinese retaliation, Roach said there could be three economic consequences.
First, imposing tariffs on imports of Chinese goods and services would be the functional equivalent of a tax hike on American consumers. "The possibility of higher import prices and potential spillover effects on underlying inflation would hit middle-class U.S. workers Indians Edwin Encarnacion Jersey
, who have faced more than three decades of real wage stagnation, especially hard," said Roach.
Second, China might reduce purchase of the U.S. Treasury securities, leading to higher U.S. interest rates which could dampen economic growth.
Third, U.S. businesses could be hurt Authentic Ricky Vaughn Jersey
, as other countries might curtail U.S. access to their markets in retaliation. "That could severely undermine the manufacturing revival that seems so central to the Trump presidency's promise to 'Make America Great Again' ," Roach added.
"America does not hold the trump card in its economic relationship with China," said Roach," Getting tough on China while ignoring those consequences could be a blunder of epic proportions."
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