Another week full of interesting developments on the world stage. The G20 summit will take place this week in Bali, while the COP27, the climate change conference organised by the UN in Sharm El Sheikh, started last week. Both conferences can have a great deal of impact on the course of the near and distant future.
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Ahead of the G20 summit, Congo, Indonesia, and Brazil announced plans to cooperate to conserve rainforests. Altogether, the three countries host more than half the world’s rainforest, and thus this is an important development concerning worldwide cooperation to fight climate change and preservation of nature. Perhaps equally important was US president Biden’s meeting with Chinese president Xi Jinping ahead of the summit. Both leaders discussed, among other things, the current state of the COVID pandemic and the situation in Taiwan.
Speaking of China and COVID, some signs indicate that the world’s second economy might loosen its ‘’zero-covid’’ strategy, something the financial markets are betting on. The talk was that China had assembled a ‘’reopening committee,’’, which led to a rally in China’s shares, the price of copper, and the offshore yuan. In other words, reopening China might have huge benefits for the country and the global economy. We will have to see whether this will be the case anytime soon.
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