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Globe and Mail
2 hours ago
- Globe and Mail
US-China trade talks: Can China reduce its export dependence?
BEIJING (AP) — China's high dependence on exports will likely be a key focus of a new round of U.S.-China trade talks this coming week in Stockholm, but a trade deal would not necessarily help Beijing to rebalance its economy. U.S. Treasury Secretary Scott Bessent has said he hopes the negotiations can take up this issue, along with China's purchases of oil from Russia and Iran, which undercut American sanctions on those two countries. Hopes rose for a breakthrough in talks after U.S. President Donald Trump announced deals with Japan, Indonesia and the Philippines this week. The U.S. wants China to do two things: Reduce what both the U.S. and the European Union see as excess production capacity in many industries, including steel and electric vehicles. And secondly, to take steps to increase spending by Chinese consumers so the economy relies more on domestic demand and less on exports. 'We could also discuss the elephant in the room, which is this great rebalancing that the Chinese need to do,' Bessent told financial news network CNBC. He said China's share of global manufacturing exports at nearly 30%, 'can't get any bigger, and it should probably shrink.' China is tackling the same issues — for domestic reasons The issues are not new, and China has been working to address them for years, more for domestic reasons than to reduce its trade surpluses with the U.S. and other countries. Bessent's predecessor as treasury secretary, Janet Yellen, made industrial policy a focus of a trip to China last year. She blamed government subsidies for flooding the global market with 'artificially cheap Chinese products.' The European Union, whose top leaders met their Chinese counterparts in Beijing on Thursday, has cited subsidies to justify EU tariffs on electric vehicles made in China. In the 1980s, the U.S. pressured Japan to boost consumer spending when American manufacturing was overwhelmed by exports from the likes of Toyota and Sony. Economists have long argued that China likewise needs to transform into a more consumer-driven economy. Consumer spending accounts for less than 40% of China's economy, versus close to 70% in the United States and about 54% in Japan. Chinese leaders have spoken about both factory overcapacity and weak consumer spending as long-term problems and have sought over the past 20 years to find ways to rebalance the economy away from export manufacturing and massive investments in dams, roads, railways and other infrastructure. Fierce price wars have prompted critical reports in official media saying that companies are 'racing to the bottom,' skimping on quality and even safety to reduce costs. With strong government support, they've also expanded overseas, where they can charge higher prices but still undercut local competitors, creating a political backlash. Economists say China needs a consumer-driven economy All that competition and price cutting has left China battling deflation, or falling prices. When companies receive less for their products, they tend to invest less. That can lead to job cuts and lower wages, sapping business activity and spending power — contrary to the long-term goal of increasing the share of consumer spending in driving overall growth. To counter that, the government is spending billions on rebates and subsidies for people who trade in their cars or appliances for new ones. But acknowledging a problem and solving it are two different things. Economists say more fundamental changes are needed to boost consumption and rein in overcapacity. Such changes can only come incrementally over time. Private Chinese companies and foreign-invested companies create the most jobs, but they've suffered from swings in policy and pressures from the trade war, especially since the pandemic. Demographic changes are another challenge as China's population shrinks and ages. Many experts advocate expanding China's social safety net, health insurance, pensions and other support systems, so that people would feel freer to spend rather than save for a medical emergency or retirement. Yan Se, an economist at Peking University's Guanghua School of Management, warned at a recent forum that deflation will become a long-term issue if China doesn't step up its welfare benefits. 'Chinese people deserve a better life," he said. Facing external threats, China wants to be more self-reliant One possibility, put forward at the same forum by Liu Qiao, the dean of the business school, would be to change incentives for local government officials, rewarding them for raising consumption or household incomes instead of meeting an economic growth target. He doesn't see that happening nationwide but said it could be tested in a province. 'That would send out a message that China needs a different approach,' he said. Chinese leader Xi Jinping has made transforming the country into a technology superpower a top priority. It's a goal that has gained urgency as the U.S. has tightened restrictions on China's access to high-end semiconductors and other advanced knowhow. Output in high-tech manufacturing is growing quickly, adding to potential overcapacity, just as what happened with the government's encouragement of 'green' technologies such as solar panels and wind turbines. Various industries, including EV makers, have pledged to address the issue, but some local governments are striving to keep money-losing enterprises afloat, reluctant to lose tax revenues and jobs, or to fail to meet economic growth targets. Going forward, the government is calling for more coordination of economic development polices in fields such as artificial intelligence so that not every province champions the same industry. But government moves to counter the impact of higher tariffs tend to support sectors already in overcapacity, and the share of consumption in the economy has fallen in recent years. 'A sustained improvement in household consumption will require greater reform ambition,' the World Bank said in its most recent update on China's economy."
Globe and Mail
4 hours ago
- Globe and Mail
Side Events at the 2025 UN High-Level Political Forum Spotlight Inclusive Pathways for Emerging Economies and Youth-Driven Scientific Solutions for Sustainable Development
The 2025 High-Level Political Forum on Sustainable Development (HLPF)was held from July 14 to 23 at the United Nations Headquarters in New York. This year's theme was 'Reinforcing the 2030 Agenda and the Sustainable Development Goals with sustainable, inclusive, and evidence-based solutions, ensuring no one is left behind.' The forum emphasized revitalizing global cooperation to foster faster and fairer progress. On July 16, a series of thematic side events were successfully held during the HLPF by a range of organizations, including the UN Department of Economic and Social Affairs (UN DESA), the China NGO Network for International Exchanges (CNIE), the Beijing International Exchange Association, Peaceland Foundation, Global Youth Philanthropy (GYP), Shandong Tongshan Children's Welfare and Public Welfare Development Center, and the Global Climate Innovation Coalition. These sessions focused on two major themes: 'Inclusive Pathways to Transformational Development in Emerging Economies and the Role of Chinese Civil Society' and 'Tech for Good: Youth-Driven Scientific Solutions for Sustainable Development.' The events drew participation from UN agencies including DESA, the Department of Global Communications, the Office of the Secretary-General's Envoy on Youth, and UN Women. Diplomats from countries such as the Dominican Republic, Serbia, and Timor-Leste, along with leaders of NGOs, think tank scholars, experts, and youth representatives from China, the United States, Canada, the Dominican Republic, and beyond, joined the discussions. The events featured a diverse, globally-minded design and atmosphere, encouraging vibrant, productive, and respectful dialogue. Forging Consensus: Building Inclusive Global Development Pathways The conversation began with Lopa Banerjee, Director of the Civil Society Division at UN Women, who set the tone by emphasizing gender perspectives. While acknowledging global progress in gender equality, she highlighted the persistent underrepresentation of young women in decision-making spaces. 'Young women must continue fighting for their place at the table,' she stated, calling for inclusion, equality, and intergenerational dialogue. Following her remarks,Elizeu Chaves Junior, Chief of Staff at United Nations Youth Office, expanded the discussion by emphasizing data-driven policymaking and youth political engagement. 'We need policies built on facts and evidence, not empty passion,' he said, underscoring that youth should not be sidelined, but rather take leading roles in governance processes. Rashmi Banga, Chief of the Development Research Branch at UN DESA, then turned attention to trust-building and multilateral cooperation, particularly in developing countries. She stressed that rebuilding institutional trust in emerging economies is essential for achieving inclusive growth. China and the Global South: Civil Society in Focus Building on the themes of trust and collaboration, the session shifted to examples from China and BRICS nations. Jingfang Zhu, a researcher at CNIE, shared an analysis titled 'Ensuring the Global Development Initiative Benefits All: Case Studies of Chinese Civil Society Supporting the SDGs.' Her remarks highlighted how grassroots organizations in China are contributing to global development goals. Shaojun Teng, President of America China Public Affairs Institute (ACPAI), added that China's 900,000 social organizations are now transitioning from quantitative growth to qualitative impact, increasingly engaging in strategic areas such as disaster response and human rights promotion. Dr. Jieni Guo, Secretary-General of the Beijing International Exchange Association, presented the 'BRICS for All' initiative. She emphasized how localized innovation, such as joint vaccine programs among BRICS countries, can open new pathways for global governance. Digital Transformation and Ethical Innovation in a Complex World Former UN Assistant Secretary-General and UN Women Deputy Executive Director Anita Bhatia shifted the discussion to global challenges such as de-globalization and the deepening digital divide. She stressed that the Global South must move beyond being passive recipients of technology and instead drive system-level change from within. She argued that investment in education, especially for girls, remains one of the most effective levers for sustainable development. Her views were echoed by Xiao Li, Chairman of Shandong Tongshan Children's Welfare and Public Welfare Development Center, who highlighted the role of arts education in empowering rural youth to participate meaningfully in community development. Technology and Creativity: How Youth Lead the Future Moderated byAnkang Song, Executive Director of the Global Climate Innovation Coalition, the second session spotlighted youth and technology. Ambassador Babo Soares, Permanent Representative of Timor-Leste to the UN, shared how his country has placed youth at the heart of post-conflict reconstruction, particularly in marine conservation, emergency response, and climate resilience. Dr. Thomas Hedberg, founder of IMCRA, underscored that artificial intelligence must be not only intelligent but ethical. In humanitarian crises, he argued, AI must prioritize the most vulnerable. Alexandre Caldas, former Chief Early Warning and Data Analytics at UNEP, called for a human-centered AI ethics framework. He also introduced his AI diplomacy platform, which is designed to foster global dialogue and promote transparency in governance. Pauline Deneufbourg, Youth Empowerment Policy Specialist at UNDP, provided a systematic overview of how the agency is including youth from developing countries in digital governance, through initiatives like youth advisory councils and digital summits. Youth Voices: Local Problems, Global Resonance Several youth representatives shared real-world stories that demonstrated how personal action can generate global impact. David Zheng, founder of Rhythmiq, presented a case where AI and music were combined to help young people with autism integrate more effectively into society. He emphasized that technology should not marginalize minorities, but serve as a tool for inclusion. Lingfei Yu, a youth delegate from California, shared her research on microplastic pollution in local water sources, urging collective global action to address ocean health. Beini Fang, representing youth from Shanghai, emphasized that young people should not be seen as future leaders alone, but as active participants in shaping the present. Juan Carlos García, youth awardee from the Dominican Republic, began his speech with gratitude and a sense of mission. He called for more space and resources to empower youth as current leaders. Jiajia Han,founder of E-ReVolt, introduced her project: a visual smart lamp that monitors air quality, combining public health, innovation, and advocacy. Albert Tang,founder of SocialWise LLC, showcased his AI-powered social platform designed to help autistic teens build interpersonal skills. He stressed the importance of inclusive technologies in fighting loneliness and fostering social integration. Yiting Min addressed the decline in student literacy by launching an educational platform that gamifies writing, offering a new way to spark learning interest. Ruoyang Sun, inheritor of Su embroidery, used embroidery and fashion to share Chinese cultural heritage, showing that sustainability also involves preserving cultural identity. Iris Wang,president of Future Bridge, presented her wildfire prediction AI project and her work in climate education reform, asserting that the future of climate action lies in the intersection of science, youth, and education. Zhihao Hu,founder of Blackline Motion Studios, proposed AI solutions to reduce the cost of producing business videos. Advocating for SDG 8, he emphasized "decent, fair, and opportunity-driven" economic growth and called for youth fellowships and digital skills training to promote intergenerational collaboration. GYP Global Youth Council: Building a Global Platform for Youth Cooperation As the speaker segment concluded, Ryan Li, a public policy and economics student at Georgetown University and founder of GYP Debate Club, an online debate academy providing affordable debate and public speaking lessons that has raised $20,000 for tuition and school supplies in Cambodia and Liberia, introduced the GYP Global Youth Council (GYC), a flagship platform launched by Global Youth Philanthropy (GYP). The Council is a youth-led multilateral platform aimed at: 1. Connecting young leaders globally to engage in policy discussions and collaborate on SDG-related projects. 2. Promoting meaningful youth participation in international governance. 3. Establishing a future-oriented think tank and action network. 4. Supporting youth-led social innovation in climate, education, technology, and gender equality. Ryan emphasized that the Council is not just a space for dialogue, but a global initiative for youth to speak up and create tangible impact. He invited fellow youth representatives on stage to co-sign the "Global Youth Commitment Declaration," affirming their pledge to play active, equal, and cooperative roles in sustainable development. Joining Ryan wereNina Zhan, a leading youth representative, andYuanyan Xie, founder of GYP. Nina shared her personal journey advocating for environmental protection, girls' education, and digital literacy. Yuanyan reiterated GYP's mission to empower every young person to raise their voice, gain skills, access opportunities, and shine. Youth Art Exhibition: UN Officials Applaud Youth Creativity An exhibition of youth artwork centered on sustainable development ran alongside the side event. Featuring environmental-themed pieces and digital art, it attracted wide attention. Notably, Alexandre Caldas awarded medals to several young artists, praising their ability to merge art with science to raise climate awareness and encourage social engagement. In his speech, Caldas emphasized that these works reflect how youth use imagination to build solutions and respond creatively to the challenges of sustainable development. Scientific Interpretation of Chinese Wisdom: A Higher-Dimensional Perspective Beyond the artistic showcase, Xin Yin, Secretary-General of the Beijing Youli Charity Foundation, delivered an insightful presentation with Professor Feng Liu, who joined virtually. Together, they advocated for interpreting Chinese culture through a scientific lens. They proposed presenting traditional wisdom in international language and logic frameworks to underscore its relevance to global sustainability goals. Professor Liu offered a philosophical analysis linking Confucian and Taoist concepts such as 'harmony between heaven, earth, and humanity' and 'altruism and symbiosis' with today's sustainable development agenda. He argued that presenting Chinese culture through such a lens contributes not only to cultural exchange but to the global construction of diverse knowledge systems. Rattle the Rabbit-Turtle: A Creative Reimagination of the Chinese Story Pei Sun, founder of Chinow Talk and initiator of the "Joyful China Culture" project under GYP, brought a captivating cultural performance. Her presentation, titled "Chinese Culture and the SDGs," introduced the Rattle character, a fusion of rabbit and turtle inspired by blending Eastern and Western traditions. Reimagining the classic fable of the tortoise and the hare through a Daoist lens, she introduced "Rattle" as a symbol of harmony and collaboration. The mascot's slogan, "With Rattle. No Battle," conveys a message of peace and sustainable development. The design received enthusiastic response. Pei Sun's box of Rattle figurines, brought from China, was eagerly snapped up by attendees. Anita Bhatia praised the concept and suggested developing a digital version using AI to share the peace-themed character globally. Pei concluded, 'Telling China's story requires more creativity, internationalization, and cross-cultural vibrancy.' Closing Ceremony: Launch of the UN 80th Anniversary Youth Interview Series To conclude the event, GYP founderYuanyan Xie and several youth representatives launched a new initiative marking the 80th anniversary of the United Nations: the "In Dialogue with the world: Youth Voice Press Corps interview United Nations Experts" global youth interview series. This project invites youth to engage directly with diplomats and senior officials, documenting their questions and insights through documentaries, short videos, and AI-powered visuals. Lili Qiu, founder of the Peaceland Foundation, gave the final remarks with a speech titled 'The Role of Chinese Civil Society in Global Sustainable Development Solutions.' She described the event as both a feast of ideas and the beginning of meaningful action. As the final networking session began, youth and guests from around the world gathered in celebration—for peace, for the future, and for the next meaningful encounter. Media Contact Company Name: Global Youth Philanthropy Contact Person: Liping Sun Email: Send Email Country: China Website:
CBC
5 hours ago
- CBC
Trump says he ‘hasn't thought about' pardoning Ghislaine Maxwell
After two days of meetings wrapped between convicted sex trafficker and Jeffrey Epstein associate Ghislaine Maxwell, her lawyer and U.S. Deputy Attorney General Todd Blanche, U.S. President Donald Trump said while he's allowed to pardon Maxwell, he has not considered it.
