Latest news with #ChinaChiefEconomistsForum
South China Morning Post
30-05-2025
- Business
- South China Morning Post
Chinese economist warns that financial sanctions could become new US-China battleground
A prominent Chinese economist has cautioned that financial sanctions and countermeasures could 'become a new battleground' in China-US rivalry, while adding that the chance of Washington launching full-scale financial sanctions against Beijing remained slim. Advertisement Lian Ping, chairman of the China Chief Economists Forum, a government advisory think tank, said that although the odds of full-blown measures remain low, Washington could adopt a strategy of 'first targeting specific Chinese entities, then gradually expanding the scope to eventually push China out of the US dollar system'. His remarks, published on Thursday in a post on the think tank's WeChat social media account, come amid growing concerns that rising China-US tensions – currently centred on trade – could spill over into a financial war. While warning about the potential for such a conflict, Lian said it would be difficult for the US to implement the full-blown financial sanctions some fear Washington may impose on China – such as cutting it off from the Society for Worldwide Interbank Financial Telecommunication (Swift) system or freezing its US dollar assets. 'Sanctioning China within the Swift system would be akin to pulling down one of its main pillars, which would inevitably inflict serious damage on the system itself,' Lian said, citing China's standing as the world's largest trading nation and second-largest investor. Advertisement If the Swift system were to exclude China, countries with trade and investment ties to China would shift to using the Cross-border Interbank Payment System (CIPS) – China's alternative for settlements – which would undermine Swift's importance, he added.
South China Morning Post
02-05-2025
- Business
- South China Morning Post
Vice-premier adds weight to push for Shanghai to become global financial centre
The Chinese leadership's renewed emphasis on accelerating Shanghai's emergence as a global financial centre reaffirms Beijing's commitment to the long-standing vision as rising tensions with the United States pose potential financial risks, analysts said. Advertisement During a symposium in Shanghai, Vice-Premier He Lifeng called on Tuesday for efforts to speed up the city's development as a global financial centre. He was accompanying President Xi Jinping on the Chinese leader's first inspection tour since sweeping US tariffs escalated a trade war. 'There have been precedents of vice-premiers in charge of financial affairs attending forums or meetings in Shanghai, but it's uncommon to see a dedicated symposium of this kind held in the city,' said Lian Ping, director general of the China Chief Economists Forum. 'This shows the level of importance being attached to the matter now.' At the symposium, the vice-premier called on the city to 'calmly analyse and respond prudently to recent changes in the external environment … to strengthen Shanghai's role as a gateway for financial opening up, on the premise of safeguarding financial security', Xinhua reported. Advertisement He also called for efforts to enhance the city's status as a global hub for yuan-denominated asset allocation and risk management.
