Önder Özar Diplomasi Sevgisi: Bloomberg Balance of Power : All roads no longer lead to Rome. They lead to Beijing...

Wednesday, August 30, 2023

Bloomberg Balance of Power : All roads no longer lead to Rome. They lead to Beijing...

All roads no longer lead to Rome. They lead to Beijing.

US Commerce Secretary Gina Raimondo was wrapping up her trip to China as UK Foreign Secretary James Cleverly arrived — the most senior British diplomatic visitor in five years.

Russian President Vladimir Putin will likely follow in October to attend President Xi Jinping’s marque Belt and Road Forum — a showcase for China’s investment and trade clout internationally. In between, Xi is expected to travel to the Group of 20 summit in India late next week.

Key Reading:
Raimondo Stresses Optimism on Economic Ties With China’s Premier
Putin Agrees to Visit China in First Trip Since Arrest Warrant
Putin’s China Visit Marks Renewed Assurance, Russia-Watcher Says
UK’s Cleverly Says in China No State Should Legitimize Putin

There’s been careful groundwork laid for months for US President Joe Biden and Xi to talk directly, with Raimondo part of a parade of US officials to China to help put a floor under ties. A one-on-one with Biden looks unlikely at the G-20, but could come later in the year in America.

The flurry of activity comes as the slowdown in China’s economy gathers pace. Indeed, the bid by Xi to wean Chinese companies off a dangerous diet of debt once and for all could see economic contagion spill to other parts of the world.

So keeping a dialogue going with Beijing is crucial. Even as the US and nations in Europe have slapped trade and regulatory penalties on China for what they say is coercive economic behavior, they can’t afford to have the world’s second largest economy crater.

Xi in turn needs relations with the US, UK and others on a surer footing to steady his economy. He, too, has an incentive to talk.

But Xi also wants to keep shoring up his alternate power blocs. That means keeping Russia in the tent, and pushing through the expansion of the BRICS grouping that includes Brazil and South Africa.

And right now Xi is the most powerful leader that Putin — condemned by the US and its allies for his invasion of Ukraine — has in his corner. — Rosalind Mathieson

Cleverly and Chinese Vice President Han Zheng today at the Great Hall of the People in Beijing. Photographer: Florence Lo/AFP/Getty Images

Listen to our X Space discussion at 8am ET today on the global fallout from the China economic slowdown. And if you are enjoying this newsletter, sign up here.

Global Headlines

Soldiers seized power in OPEC-member Gabon shortly after President Ali Bongo was declared as the winner of a disputed election. Army officers appeared on state television to announce that they’d canceled the Aug. 26 vote and dissolved the country’s institutions, the BBC reported, marking the ninth military takeover in sub-Saharan Africa in the past three years. Bongo had sought to extend his family’s 56-year hold on power.

Russia targeted Kyiv with the biggest overnight missile attack since the spring, and accused Ukraine of sending a swarm of drones against Russian targets that damaged four military transport planes at an airport in the northwestern Pskov region. At least two people were killed by falling debris in Kyiv, Ukrainian authorities said. Air defenses shot down more than 20 Russian missiles and drones, they said.

Photographer: NOAA; Bloomberg

Hurricane Idalia is expected to make landfall along Florida’s Gulf Coast today. It’s being supercharged by water temperatures along its predicted track of close to 90F (32C), reflecting record ocean warmth — a hallmark of climate change — in the Gulf of Mexico. The water isn’t just hot on the surface; the heat extends more than 100 feet below (30 meters).

Best of Bloomberg Opinion

New Delhi lodged a diplomatic protest with Beijing over the publication of an official map that shows China claiming Indian territory in the Himalayas as tensions simmer over a border dispute ahead of the G-20 summit. The latest flareup comes just days after Xi and Prime Minister Narendra Modi briefly spoke at the BRICS summit in Johannesburg.

Australians will vote on Oct. 14 to decide whether to incorporate into their constitution an advisory body to parliament on matters affecting Indigenous people, who make up 3% of the population and have an average life expectancy 10 years shorter than the rest of the nation’s citizens. Prime Minister Anthony Albanese has made the “Voice to Parliament” a major focus of his first term in office, investing a significant amount of political capital in its success.

Explainers You Can Use

Poor Americans are increasingly skipping meals and falling behind on their rent in a sign of worsening hardship. Among households using the Supplemental Nutrition Assistance Program’s boosted pandemic benefits, 42% skipped meals in August and 55% ate less because they couldn’t afford food, more than double last year’s share, benefits software developer, Propel, said in a report today.

Tune in to Bloomberg TV’s Balance of Power at 5pm to 6pm ET weekdays with Washington correspondents Annmarie Hordern and Joe Mathieu. You can watch and listen on Bloomberg channels and online here.

News to Note

About 8 in 10 Indians have a favorable view of Modi and most of them see the country’s global influence strengthening in recent years, according to the Pew Research Center.
House Republicans are launching an investigation of the US government’s response to the devastating Lahaina wildfire as they bash Biden’s handling of the blaze.
Some of the biggest local and international banks in Singapore are becoming embroiled in one of the city-state’s largest money laundering cases.
Hundreds of thousands of people are being trafficked across Southeast Asia by criminal enterprises and forced to work in a burgeoning world of online scams, the United Nations says.

And finally ... Nestled between a refugee camp and an airport in an industrial neighborhood of Jordan’s capital city is a budding forest, slightly smaller than a tennis court. It’s the brainchild of Jordanian architect Deema Assaf and her Japanese collaborator Nochi Motoharu, who’ve spent the last five years nurturing similar spaces across Amman. Planting trees can save lives when extreme heat strikes, as studies from Europe, China and the US show. While Amman’s mini-forests are still young, there’s a perceptible cooling effect of about 14C under their canopies, Assaf says.