Stephen S. Roach

a faculty member at Yale University and former Chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China


NEW HAVEN – For the last two years, the conflict between the United States and China has dominated the economic and financial-market debate – with good reason. After threats and accusations that long predate US President Donald Trump’s election, rhetoric has given way to action. Over the past 17 months, the world’s two largest economies have become embroiled in the most serious tariff war since the early 1930s. And the weaponization of US trade policy to target perceived company-specific threats such as Huawei has broadened the front in this battl
05 декабря 2019 5 мин. 15321
NEW HAVEN – Dealmakers always know when to cut their losses. And so it is with the self-proclaimed greatest dealmaker of them all: US President Donald Trump. Having promised a Grand Deal with China, the 13th round of bilateral trade negotiations ended on October 11 with barely a whimper, yielding a watered-down partial agreement: the “phase one” accord
11 ноября 2019 5 мин. 5299
NEW HAVEN – In the here and now of climate change, it is easy to lose sight of important signs of progress. China, the world’s biggest emitter of greenhouse gases, is a case in point. By changing its economic model, shifting its sources of fuel, developing new transportation systems, and embracing eco-friendly urbanization, China’s sustainability strategy is an example of global leadership that the rest of the world should consider very carefully. In the rush to demonize China over trade, the West has missed this point altogether
30 сентября 2019 5 мин. 8818
NEW HAVEN – Blinded by a surging stock market and a 50-year low in the unemployment rate, few dare to challenge the wisdom of US economic policy. Instant gratification has compromised the rigor of objective and disciplined analysis. Big mistake. The toxic combination of ill-timed fiscal stimulus, aggressive imposition of tariffs, and unprecedented attacks on the Federal Reserve demands a far more critical assessment of Trumponomics
02 июля 2019 5 мин. 5450
NEW HAVEN – In a rare moment of bipartisan agreement, America’s Republicans and Democrats are now on the same page on one key issue: Blaming China for all that ails the United States. China bashing has never had broader appeal
04 мая 2019 6 мин. 10093
BEIJING – There has always been a fixation on Chinese economic growth. And with good reason. For a large economy, sustaining annual growth rates of 10% over several decades is unprecedented. And yet that’s exactly what China did from 1980 to 2011. But now the miracle is over. Since 2012, annual growth has slowed to 7.2%, and Premier Li Keqiang’s recent annual “work report” set a growth target of just 6-6.5% for 2019
03 апреля 2019 5 мин. 6370
US President Donald Trump’s administration has underestimated China’s resilience and strategic resolve. With the Chinese economy slowing, the US believes that China is hurting and desperate for an end to the trade war. But with ample policy space to address the current slowdown, China’s leadership has no need to abandon its longer-term strategy. While a cosmetic deal focused on bilateral trade appears to be in the offing, the sharp contrast between the two economies’ fundamental underpinnings points to a very different verdict regarding who has the upper hand
04 марта 2019 5 мин. 5615
As the trade cycle turns, so goes the global economy. But there is a new twist. With growth in global trade sharply diminished since the 2008-2009 global financial crisis, an upsurge of protectionism and disrupted global supply chains is all the more problematic. There is a distinct possibility that a turn in an already weakened trade cycle could spark a surprisingly swift deterioration in the global economy
07 февраля 2019 5 мин. 6602
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NEW HAVEN – For the last two years, the conflict between the United States and China has dominated the economic and financial-market debate – with good reason. After threats and accusations that long predate US President Donald Trump’s election, rhetoric has given way to action. Over the past 17 months, the world’s two largest economies have become embroiled in the most serious tariff war since the early 1930s. And the weaponization of US trade policy to target perceived company-specific threats such as Huawei has broadened the front in this battl
05 декабря 2019 5 мин. 15321
NEW HAVEN – In a rare moment of bipartisan agreement, America’s Republicans and Democrats are now on the same page on one key issue: Blaming China for all that ails the United States. China bashing has never had broader appeal
04 мая 2019 6 мин. 10093
NEW HAVEN – In the here and now of climate change, it is easy to lose sight of important signs of progress. China, the world’s biggest emitter of greenhouse gases, is a case in point. By changing its economic model, shifting its sources of fuel, developing new transportation systems, and embracing eco-friendly urbanization, China’s sustainability strategy is an example of global leadership that the rest of the world should consider very carefully. In the rush to demonize China over trade, the West has missed this point altogether
30 сентября 2019 5 мин. 8818
As the trade cycle turns, so goes the global economy. But there is a new twist. With growth in global trade sharply diminished since the 2008-2009 global financial crisis, an upsurge of protectionism and disrupted global supply chains is all the more problematic. There is a distinct possibility that a turn in an already weakened trade cycle could spark a surprisingly swift deterioration in the global economy
07 февраля 2019 5 мин. 6602
BEIJING – There has always been a fixation on Chinese economic growth. And with good reason. For a large economy, sustaining annual growth rates of 10% over several decades is unprecedented. And yet that’s exactly what China did from 1980 to 2011. But now the miracle is over. Since 2012, annual growth has slowed to 7.2%, and Premier Li Keqiang’s recent annual “work report” set a growth target of just 6-6.5% for 2019
03 апреля 2019 5 мин. 6370
NEW HAVEN – Predicting the next crisis – financial or economic – is a fool’s game. Yes, every crisis has its hero who correctly warned of what was about to come. And, by definition, the hero was ignored (hence the crisis). But the record of modern forecasting contains a note of caution: those who correctly predict a crisis rarely get it right again
09 января 2020 5 мин. 5690
US President Donald Trump’s administration has underestimated China’s resilience and strategic resolve. With the Chinese economy slowing, the US believes that China is hurting and desperate for an end to the trade war. But with ample policy space to address the current slowdown, China’s leadership has no need to abandon its longer-term strategy. While a cosmetic deal focused on bilateral trade appears to be in the offing, the sharp contrast between the two economies’ fundamental underpinnings points to a very different verdict regarding who has the upper hand
04 марта 2019 5 мин. 5615
NEW HAVEN – Blinded by a surging stock market and a 50-year low in the unemployment rate, few dare to challenge the wisdom of US economic policy. Instant gratification has compromised the rigor of objective and disciplined analysis. Big mistake. The toxic combination of ill-timed fiscal stimulus, aggressive imposition of tariffs, and unprecedented attacks on the Federal Reserve demands a far more critical assessment of Trumponomics
02 июля 2019 5 мин. 5450
NEW HAVEN – Dealmakers always know when to cut their losses. And so it is with the self-proclaimed greatest dealmaker of them all: US President Donald Trump. Having promised a Grand Deal with China, the 13th round of bilateral trade negotiations ended on October 11 with barely a whimper, yielding a watered-down partial agreement: the “phase one” accord
11 ноября 2019 5 мин. 5299
NEW HAVEN – Pandemic time runs at warp speed. That’s true of the COVID-19 infection rate, as well as the unprecedented scientific efforts under way to find a vaccine. It is also true of transformational developments currently playing out in pandemic-affected economies. Just as a lockdown-induced recession brought global economic activity to a virtual standstill in a mere two months, hopes for a V-shaped recovery are premised on an equally quick reopening of shuttered economies
01 июля 2020 5 мин. 5086
NEW HAVEN – In a rare moment of bipartisan agreement, America’s Republicans and Democrats are now on the same page on one key issue: Blaming China for all that ails the United States. China bashing has never had broader appeal
04 мая 2019 6 мин. 10093 Репостов в соцсетях: 6
BEIJING – There has always been a fixation on Chinese economic growth. And with good reason. For a large economy, sustaining annual growth rates of 10% over several decades is unprecedented. And yet that’s exactly what China did from 1980 to 2011. But now the miracle is over. Since 2012, annual growth has slowed to 7.2%, and Premier Li Keqiang’s recent annual “work report” set a growth target of just 6-6.5% for 2019
03 апреля 2019 5 мин. 6370 Репостов в соцсетях: 6
As the trade cycle turns, so goes the global economy. But there is a new twist. With growth in global trade sharply diminished since the 2008-2009 global financial crisis, an upsurge of protectionism and disrupted global supply chains is all the more problematic. There is a distinct possibility that a turn in an already weakened trade cycle could spark a surprisingly swift deterioration in the global economy
07 февраля 2019 5 мин. 6602 Репостов в соцсетях: 2
NEW HAVEN – Blinded by a surging stock market and a 50-year low in the unemployment rate, few dare to challenge the wisdom of US economic policy. Instant gratification has compromised the rigor of objective and disciplined analysis. Big mistake. The toxic combination of ill-timed fiscal stimulus, aggressive imposition of tariffs, and unprecedented attacks on the Federal Reserve demands a far more critical assessment of Trumponomics
02 июля 2019 5 мин. 5450 Репостов в соцсетях: 2
US President Donald Trump’s administration has underestimated China’s resilience and strategic resolve. With the Chinese economy slowing, the US believes that China is hurting and desperate for an end to the trade war. But with ample policy space to address the current slowdown, China’s leadership has no need to abandon its longer-term strategy. While a cosmetic deal focused on bilateral trade appears to be in the offing, the sharp contrast between the two economies’ fundamental underpinnings points to a very different verdict regarding who has the upper hand
04 марта 2019 5 мин. 5615 Репостов в соцсетях: 1
NEW HAVEN – Those are tough words to swallow for a hardcore Euroskeptic. Like many, I have long been critical of Europe’s Economic and Monetary Union as a dysfunctional currency area. Notwithstanding a strong political commitment to European unification as the antidote to a century of war and devastating bloodshed, there was always a critical leg missing from the EMU stool: fiscal union
28 июля 2020 6 мин. 4589 Репостов в соцсетях: 0
NEW HAVEN – For the last two years, the conflict between the United States and China has dominated the economic and financial-market debate – with good reason. After threats and accusations that long predate US President Donald Trump’s election, rhetoric has given way to action. Over the past 17 months, the world’s two largest economies have become embroiled in the most serious tariff war since the early 1930s. And the weaponization of US trade policy to target perceived company-specific threats such as Huawei has broadened the front in this battl
05 декабря 2019 5 мин. 15321 Репостов в соцсетях: 0
NEW HAVEN – Pandemic time runs at warp speed. That’s true of the COVID-19 infection rate, as well as the unprecedented scientific efforts under way to find a vaccine. It is also true of transformational developments currently playing out in pandemic-affected economies. Just as a lockdown-induced recession brought global economic activity to a virtual standstill in a mere two months, hopes for a V-shaped recovery are premised on an equally quick reopening of shuttered economies
01 июля 2020 5 мин. 5086 Репостов в соцсетях: 0
NEW HAVEN – Dealmakers always know when to cut their losses. And so it is with the self-proclaimed greatest dealmaker of them all: US President Donald Trump. Having promised a Grand Deal with China, the 13th round of bilateral trade negotiations ended on October 11 with barely a whimper, yielding a watered-down partial agreement: the “phase one” accord
11 ноября 2019 5 мин. 5299 Репостов в соцсетях: 0
NEW HAVEN – Suddenly, there is a credible case for a vaccine-led economic recovery. Modern science has delivered what must certainly be one of the greatest miracles of my long lifetime. Just as COVID-19 dragged the world economy into the sharpest and deepest recession on record, an equally powerful symmetry on the upside now seems possible
02 декабря 2020 5 мин. 2609 Репостов в соцсетях: 0

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27 января родились
Виктор Кышпанаков
заместитель председателя правления АО «BCC Invest», член совета директоров KASE
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