USA – China flags
John Cassidy | The New Yorker
When the history is written of how China came to replace the United States as the world’s biggest economy, the interim trade deal that Donald Trump and Liu He, China’s Vice-Premier, signed at the White House on 15 January 2020 will probably be relegated to the postscript.
The economic growth that China has experienced since Deng Xiaoping came to power, in the late nineteen-seventies, is so remarkable that, once you adjust for the fact that prices of the same goods can vary widely from country to country, China’s economy is already about four trillion dollars larger than the U.S. economy, according to the World Bank. As time goes on, this gap will almost certainly get larger and larger. Continue reading
Business: Big Oil has a do-or-die decade ahead because of climate change – The Economist
Many will scoff. Oil companies are, after all, widely regarded as the villains of the climate crisis. Repsol is a relatively puny producer; its vow may simply be a gambit to woo investors keen on “sustainability”. Yet it deserves a pat on the back. Without the oil industry’s balance-sheets and project-management skills, it is hard to imagine the world building anything like enough wind farms, solar parks and other forms of clean energy to stop catastrophic global warming. The question is no longer “whether” Big Oil has a big role to play in averting the climate crisis. It is “when”. Continue reading →
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