China Archive

When asked recently by New York Times columnist Thomas L. Friedman whether China, as the “biggest energy investor in Iraq,” should behave more like a stakeholder there, U.S. President Barack Obama had a pointed reply. The Chinese, he said, “have been free riders for the last 30 years and it’s worked really well for them,” while the United States has had to bear the burdens of maintaining international security and prosperity for the good of the world. Those comments triggered a sharply negative reaction in the Chinese press. Although Obama might not have intended to be so blunt, his remarks […]

The list of applicants for the job of “international financial crisis manager” just got a bit longer. After two years of negotiations, Brazil, Russia, India, China and South Africa—known collectively as the BRICS—have unveiled a new international financial institution. The centerpiece of the aptly named New Development Bank is a $50 billion pool of resources set aside to fund infrastructure and other development projects in the BRICS countries. However, the group also announced the creation of the Contingent Reserve Arrangement (CRA), a $100 billion fund designed to provide short-term liquidity support to members of the group, similar to the Western-dominated […]