The undertow of China's slackening economy and the mounting tide of refugees pushing through border after border in Europe put the world on edge this week. After spiraling down, volatile stock markets rallied back, for now. . .
Writing from Beijing, Fred Hu argues that what we are witnessing is China's shift toward the "new normal" of a slower growth paradigm focused on domestic consumption instead of investment and export-led growth. He expresses confidence that his country will weather the storm, writing, "it is a loser's game to bet against China's leaders." Nobel laureate Michael Spence locates the culprit of market volatility in the flood of funds unleashed by low interest rates looking for higher returns, which has led to the gap between a financial bubble and the real economy now undergoing a correction. (continued)
Markets do fluctuate, but the crash of Shanghai means China will soon need a new development model. And there seems to be no secret Chinese institutional or developmental sauce. China will -- unfortunately -- likely become another corrupt middle-income country in the middle-income relative development trap.
LONDON -- We live in a period in which we no longer have a unipolar or bipolar world, we don't even have a multipolar world; it's kind of a chaotic world where power relations have become unclear. When power relations are unclear, impunity and unpredictability tend to prosper. That, I believe, is the reality behind the high levels of displacement that are taking place in today's world.
LONDON -- Malaysian authorities must ensure that this weekend's protest is not a repeat of the one in 2012 that resulted in protesters tear-gassed and arrested. The government has a duty to respect people's right to freedom of expression and to peacefully protest. A heavy-handed response by the authorities could sow the seeds of further resentment.
Daesh ("ISIS") recently destroyed an ancient monastery and a church. This, after abducting several Christians, in what has become the group's long scourge on humanity. Contrary to ISIS's ignorance and propaganda, Prophet Muhammad sought to protect the rights of Christians. Christians had unquestioned religious freedom under Muhammad's rule.
BEIJING -- Moderating growth rates in the range of 5-7 percent per annum reflect the higher per capita income level and the changing growth paradigm in China. A modest slowdown is a necessary and healthy adjustment for China to transition to a new trajectory of more efficient and sustainable growth. But instead of greeting such a positive "new normal" with enthusiasm, the naysayers have reacted with dismay as though they would rather prefer the old growth model.
BERLIN -- Never before have so many people fled political persecution and war as today. Many of them are seeking refuge here with us in Europe. As Europeans, we owe it to ourselves and to the world to help them.
JABALYA Refugee Camp, Northern Gaza -- Children that are left behind are usually taken on by extended family members, but the scars prove hard to heal. The trauma of losing a limb, or a loved one, is likely to endure long after the smell of explosives and decomposing bodies begins to fade.
One year into the cease-fire agreement that ended last summer's 50-day war in the Gaza Strip, Israel and Hamas appear to be advancing toward a series of understandings -- an agreement, even -- that would practically end the siege on the Gaza Strip and bring long-term quiet to the area. The agreement talks are being mediated by former British Prime Minister Tony Blair, who three months ago stepped down as the longtime envoy of the international Quartet.
General Hamid Gul was the military equivalent of Osama bin Laden. He died with his boots on and blood of the innocents on his hands. One must never speak ill of the dead; it is the jihadist life and legacy of General Hamid Gul, however, which is impossible to ignore if further bloodshed and mayhem in Pakistan and the region is to be averted.
MILAN, Italy -- It seems natural to ask whether the perceived trajectory of the global economy has shifted downward as much as the movements in the equity markets might seem to suggest. The answer seems clearly to be no.
When I told my friends I would be volunteering in Kamathipura, the city's largest red-light district, the first question they asked was, "Is that safe?" At the time, the question seemed prejudiced. At 20, I thought I was too worldly for such small-minded fears.
In the end this debate raises some fundamental questions about American domestic politics along with its leadership in the Middle East and indeed, the credibility of its global role.
Khamenei's defeat bodes well for Iran. After the crippling sanctions and the shadow of a possible war with the U.S. are lifted, Iran's economy will begin to improve and Western investments will begin to flow into the country. With an improved economy and the absence of a threat to Iran's national security, democratic groups inside the country will be able to raise their voice and demand lifting of the security environment that has pervaded Iran since the Green Movement of 2009-2011.
I'm 57 years old and I've worked for McDonald's for seven years, getting paid a few pennies above the federal minimum wage. For a long time, I felt like I had no choice but to accept $7.65 an hour and the daily struggles that come along with that poverty wage. But in the last year, all that has changed.
When that happens, there will only be 1.5 billion people living there rather than 2 billion who would have absent the policy. That's an enormous difference: 500 million is exactly the number of people living in the EU! Meeting the needs of far fewer people than it would have without a one-child policy, China now has a real chance to address its many challenges and offer its people a better life.
The most tragic consequence of Congress killing the deal would be that it would eliminate the prospect for greater U.S.-Iran cooperation in the region on areas of mutual concern. It would lock in continued enmity between the United States and Iran, serving only to exacerbate tension and conflict across the Middle East. To go down this path when such a mutually advantageous alternative exists would truly be a blunder of historic proportions.
LONDON -- It's hard to be certain, but it may be because the IAEA's track record under its previous head of safeguards, Olli Heinonen, is marred by the botched analysis of the Syrian site at Al Kibar. The Iranians may be insisting on carrying out the Parchin inspections themselves to make sure they, too, are not wrongly accused by the IAEA.