Data and Financial Journalist
By devaluing its own currency, China has tried to address its issues due to financial distress. Not many have taken this surprise move by China in good spirits. While China might be trying to fix its own domestic growth, it could trigger currency wars amongst nations that are trying to compete with each other in international trade.
The changing relations of China and Russia are also not based purely through partnerships but also through their support in each another’s projects. Russia has been supporting China’s ambitious infrastructural projects like the Silk Road project and the Eurasian integration project, which connects China with Europe via Russia.
While the nations involved remain very optimistic about getting co-operation especially during meetings, it might not be as simple and easy as it seems. While emerging markets have their own tale to tell and could be struggling economically, things might appear difficult in the long run.
China’s leaders now aim to transform China into one of the world’s leading industrial powers by 2045 and for this, a new business model will be designed. By doing this, it aims to reduce and eventually overcome the country’s dependence on cheap manufacturing and instead focus on advanced industrial goods for markets. Not only this, China has for long been building knowledge-based economy, driven purely by innovation and domestic consumption. But its real estate sector still consists of ghost towns and dozens of unleased commercial spaces.