China’s Energy Dilemma
China cannot singlehandedly lower global energy prices, but it can tackle deflation at home. After years of maintaining a conservative macroeconomic policy stance, the time has come for a new round of fiscal and monetary expansion.
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HONG KONG – As the wars in Ukraine and Gaza show, energy markets are highly vulnerable to geopolitical developments. At the same time, energy is the main driver of global geopolitical competition – a point that Helen Thompson of the University of Cambridge has often highlighted. The rivalry between the United States and China is no exception.