Friday to continue high-level trade negotiations. His new title as Chinese President Xi Jinpi
ng’s special envoy indicates the importance and authoritativeness of the talks. As pre
paration for the event, consultations at vice-ministerial-level between China and the US were recovered on Tuesday.
The world’s stock markets surged Monday due to the optimistic prospects on the deals that Beijin
g and Washington are expected to make. US President Donald Trump praised “big progress” in the
trade deal on Twitter. His words further stoked the stock markets of the US, which reached the highest in two m
onths and so increased pressure on the Trump administration to close the deal with China.
Analysts believe that if the two countries couldn’t come to an agreement, and as a result the US imposes more tariffs on Chinese prod
ucts while China responds with fiercer countermeasures, it would be a catastrophic strike to global stock markets.
In terms of avoiding such blows, the Trump administration is probably the most pres
sured. Thus in general, by the end of the trade negotiations, China and the US have become more psychologically equal.
assistance to the World Bank and quit the organization. The World Bank is a multilateral institution which was establ
ished under US leadership, and guided by the US Treasury Department. Its heads have traditionally been
appointed by the US government. The World Bank reflected US global strength and was a key instrument for
Washington’s global governance, and increasing its influence as a soft power. However, currently Washington seems to de
molish the structure it built itself by exiting international organizations that signal globalism.
Based on the experiences of the late 20th century, there are several drawbacks of globalism and globalization.
First, globalization enables strong nations to consolidate their d
ominance and lead the international order. It is an instrument that induces weaker states to ob
ey the will of the stronger ones. Globalism is keen on promoting universal values, taking the moral high gr
ound, blaming countries whose actions do not accord with universal values and even intervening militarily in some natio
ns. What does international intervention bring to global politics? It can be explained by hot button issues in Eurasia.
countries, who claim their nations represent public interest, globalism is becoming a tool in the fight between capitalist forces an
d national will. As a result, state power is eroded by capital, leading to alienation and political strains in some countries.
It is believed that some countries cannot bear the negative effects of globalization. The main reason for t
his is that capital is equipped with increasingly powerful characteristics that weaken nations’ capa
bility to control their capital and eliminates sovereign states’ ability to embody the will of the people.
The hit on state power by capital not only leads to financial chaos, triggering financial and economic crise
s, but can also generate social and political woes. Western countries’ easing financial regulations resulted in the 2008 financial c
risis. In recent years, developed countries are experiencing increasing economic and political challenges, which a
ctually are extensions of the 2008 financial crisis. Some of them are yet to be addressed.
Economic liberalization faces challenges in the developed and developing world.
Since Myanmar embarked on its political transition, political elites in the country have championed that peace is the premise for econo
mic and social development. In the first two years of the government led by National League for Democracy (NLD), Nay Pyi Taw devoted a lot
of efforts to promoting national reconciliation with the hope of making a major breakthrough and consolidating public su
pport. Regrettably, results are not satisfactory. The NLD government is currently locked in a stalemate over national reconciliation.
It has also performed poorly in boosting the economy and improving people’s lives. Main economic in
dicators suggest that since the NLD government assumed power, Living standards haven’t su
bstantially improved, and more economic problems have surfaced to plague the country. One of the main rea
sons why the NLD lost seats in the 2018 elections is the government’s lackluster economic performance. If the ec
onomy doesn’t improve, it will inevitably affect the NLD’s potential for victory in the 2020 election.
Therefore, the NLD government is now attaching increasing importance to economic and livel
ihood issues. It has issued a string of policies to attract foreign investment. Take the new Mya
nmar Companies Act. Under the law, foreigners are permitted to take up to a 35 percent stake in local companies and bu
sinesses with foreign stakes of more than 35 percent will be classified as a foreign company, which facilitates co
operation between foreign investors and local businessmen and will help attract more foreign investment.