Mahoney on FOCAC 2024
Mahoney on FOCAC 2024
Featured columnist Prof. Josef Mahoney joined #hongkong radio #rthk "Back Chat" this morning to discuss the 2024 Summit of the Forum of China-Africa Cooperation being held in #beijing.
China-Africa Cooperation
Featured columnist Prof. Josef Mahoney joined #hongkong radio #rthk "Back Chat" this morning to discuss the 2024 Summit of the Forum of China-Africa Cooperation being held in #beijing.
Q1. UN Secretary General Gutteres criticised the "outdated, ineffective andunfair international financial architecture". How do you think China'slenders can contribute to forging a balance?
A1. French President Macron once said that instead of attacking China for providing financial support and development aid to #africa, the West should make its practices more equitable. And yet, Us TreasurySecretary Yellen has perpetuated false claims that China is creatingdebt traps there. The data indicate the opposite istrue: #debttraps were created by Western private lenders and Western-dominated multilateral financial institutions.
African countries long struggled with a global financial system dominated by the US dollar and US policymaking. This has exerted atremendous amount of financial #hegemony, and also left them exposed to disruptions in the US itself, i.e., when US fiscal and monetary policy convulses to support the US economy but often at the expense of the global economy, as we saw in the wake of the global financial crisis in 2008 and during the pandemic, when the US expanded the money supply 20% to paper over it's failed covid policies, which in turn contributed substantially to the global inflation that followed.
To address these problems, we see efforts aimed at de-dollarization, which China has increasingly supported, as well as new institutions and systems being built that are not controlled by Washington, like the #brics Bank, thereby offering alternatives and improved financial prospects and security.
Q2. How will China's military aid pledge will be received by France, which has a presence in several African countries?
A2. China is already playing a major role supportingUN #peacekeeping missions in some African countries. But these arenot long-term solutions. Additionally, through #bri and other effortsChina is investing substantially in infrastructure that needs to be protected from internal and external threats. #china is not interested in sending its own military to protect these projects, this would putChinese lives at risk and have the appearance of military interventionism and even colonialism, but likewise risk fighting proxy wars with international competitors. Consequently, China's military aid is designedto support local security capacities, with the understanding thatsecurity and development must advance hand-in-hand.
China has a generally positive relationship with #france, one that is stilcapable of reserving differences and emphasizing common ground. Atthe same time, France increasingly is being forced to disengagemilitarily from Africa, but French investments are also substantial andneed security. Paris will prefer Beijing's approach over Moscow's, given the large roles played in Africa countries by #wagner and Russian proxies...
https://www.linkedin.com/posts/josef-gregory-mahoney-95481615_hongkong-rthk-beijing-activity-7237636773449711616-F-VU
US Sanctions Overload
Featured columnist Prof. Josef Mahoney was interviewed by Simon Zeise for his article on the U.S. #sanctions regimes.
NB: The following is a back translation from the German.
Josef Gregory Mahoney, professor of politics and international relations at East China Normal University, said to Berliner Zeitung:
I think the first thing we need to point out is that, according to the UsDepartment of Commerce, more than 700 sanctions have been imposed on Chinese companies, organizations and individuals. And many ofthem have been very reactionary. lt is very easy for the President toimpose sanctions by executive order at a time when US-China relationsare highly politicized
This requires a certain geostrategic context. In my opinion, the United States has come to the conclusion that it will not be able to maintain a global hegemonic model in the near future. And they are moving towards a Cold War model. They are more confident in their ability tocontrol half the world. So the United States is trying to redraw Cold War boundaries, redesign the Cold War financial system and redesign access to energy.
It is interesting to note that the economic profilesof #russia and #china are very different. The sanctions imposed on Russia, especially those related to the global financial system, have not really hurt Russia. On the contrary the Russian economy is reportedly booming. So this is something that has raised a lot of eyebrows. In other words: Perhaps it is better to move away from the dollar and into the new world of the post-economy. Better sooner than later.