Stephen Roach: Working with China, no time to pretend to be arrogant

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Original title: Stephen Roach: Working with China, no time to pretend to be proud of the

U.S. Capitol Hill article on March 23, original title: Conflict with China on the New Crown Virus, threatening American life and economic stability Viruses are a borderless threat to social and economic activity. Its size has never been seen in the modern world. The global economic crisis triggered by the virus outbreak requires global solutions. However, unless the United States and China work together to fight the virus, all this will be impossible to talk about.

In the face of (outbreak) threats, the Trump administration has only accused blindly, which has made cooperation more impossible and further weakened the United States’ position in the international community. Calling the “Chinese virus” not only exacerbates tensions in US-China relations, but also hinders cooperation and allows China to fill a gap in global leadership. If we move from confrontation to cooperation with China, the prospects of defeating the epidemic will be greatly improved. Collaborative research in an open architecture will accelerate the development of antiviral therapies and vaccines. Purchasing much-needed medical supplies and equipment through a China-centric supply chain can immediately help save American lives.

China’s approach to contain viruses based on artificial intelligence seems to be working. Western countries have identified the need for similar unprecedented restrictions on public gatherings, and more and more states and cities in the United States are starting to do the same. One way is to “grow at the expense of growth,” that is, willingness to pay some short-term pain as the price of long-term sustainability. However, any economic rebound depends more on the containment of the epidemic than on the “giant bazooka” -style large-scale stimulus measures in response to the 2008 financial crisis. The hard-hitting stock market is making the same cry.

This public health crisis is evolving into a crisis of economy, employment, liquidity, and ultimately solvency. Washington knows that when people stay home and businesses fail, monetary easing aimed at promoting borrowing and investment is powerless. “Helicopter money” (style approach) will not help in the event of a complete shutdown. This will only leave a greater debt burden for the next generation.

Flattening the curve of new infections requires more than just financial or monetary tools. Big nations are considered “big” when they work together-not when they devalue and blame each other. The United States has launched a trade war with China, and the competitive relations between the major powers should not be so untimely. We don’t have to admire China’s authoritarian model, but China does do something for the people. The initial results of China’s epidemic containment efforts contrast sharply with ours.

Now there is no time to pretend to be arrogant. The unprecedented global crisis must be resolved through collective action on a global scale. The United States and China share common interests and unique opportunities to lead together in a way that the world will never forget. If the United States does not accelerate now, the lives of many Americans will be lost needlessly, and China will continue to rise on the global stage. (The author is a Yale University senior fellow at the Jackson Institute of Global Affairs Joe constant translation)

Editor: Wu Jinming