The Health of World Economies Will Depend On The Relationship Between China and the US
By Michael Tay, Johor MCA Government Coordinating Affairs chairman.
I am glad that China is committed to reducing its carbon intensity in accordance with the Paris Agreement, after years of negotiations with international world bodies.
This move will certainly improve the recurring radical global climate change and prevent sea levels from encroaching into land masses.
The relationship between China and the US of great concern as the health of the world economies will depend upon this relationship, as global unemployment figures will largely be dependent upon these two intertwined economies.
Neither countries can afford to be mutually exclusive especially during the Covid 19 pandemic that has battered many countries economically.
We do not need a double down whammy situation anymore as the entire world is struggling to survive economically already and further polarisations of countries are no longer the prevailing trends or formula for survival anymore.
The most imperative and most important agenda is to bring down the Covid-19 infections rate whereby some form of semblance will prevail and be normalised again and international flights can be resumed for FDI to prevail and for international cash flows to be resumed.
Many rich countries have stockpiles of reserves ready to be reinvested after the pandemic is over but we must also hope that this pandemic can be brought down under control and a killer “disinfectant” of this ferocious Covid 19 can be discovered pronto in order to avoid further depletion of any stock pile reserves for future usage and/or investments.
Already this virus has depleted the stockpiles of reserves of numerous countries. The rich countries will have to help the poorer countries to ensure a faster recovery.
The World Health Oorganisation (WHO) has pledged to help poorer countries to procure Covid-19 vaccines. This is admirable of WHO.
Another big question is how fast can these pharmaceutical companies produce these 100 million vaccines ordered by President elect Joe Biden? Will it take half a year or one year for the roll out, while people are still getting infected and dying before the vaccine reaches them?
Clearly many governments are going to bear the brunt of footing the costs of these free vaccines which will run into the billions of dollars. But I have the fullest confidence that if the entire world comes together and fight against this common enemy we will triumph against the coronavirus. Clearly this is a matter of political determination, will and a hunger for medical and political success.
Disclaimer: The views expressed in Your Say are those of the contributor, not the blog owner.