On Italian TV, TgCom24, we talked about the constitution change in China. Electoral Democracy or Good Government? Among the many things discussed, I stress the following points of view:
Theresa May‘s visit to Shanghai. In Brussels, they hope that May’s mission will fail to show that there is no life outside the EU. As expected, China lifts ban on beef for other countries, not just for Italy. We cooperate more with the UK.
The impact of technology and advanced logistics makes China one of the most advanced countries in the online shopping sector, where the ecosystem created by Alibaba and Wechat is unique in the world. Italy remains behind not only on these two dimensions, but also because of regulatory aspects, such as limitations on the transfer of funds and the lack of consumer confidence.
Geraci was a guest speaker at CGTN dialogue to comments on the issue.
G7 did not achieve its main goal because it was squeezed in between the Silk road summit in Beijing and forthcoming G20 meeting in Germany, and of course it was of the interest of Germany to make sure that the G7 held in Italy was not going to be successful so that Germany could get all the credit for any international agreement during her G20.
In 2017, one of the biggest issues that the world will be facing is trade war, especially between China-US. President Xi and Trump have different views. Xi strongly encourages free trade between countries while Trump stresses the importance of fair trade. Michele Geraci has an even different view from both of them. He thinks that opening up trade and lowering trade barriers, in general, would benefit both countries involved, on average, but the problem is that these benefits are not always redistributed fairly within the country.
China’s foreign reserves slipped below the $3 trillion level in January, the lowest level since February 2011. In the background of a lacking economic confidence and rising trade protectionism throughout the world, the implications of the decline of China’s foreign reserves remains to be seen. It is a concern because the world has been used to China accumulating reserves. The main concern is not the level of reserves, but is the trend.