The Coronavirus has proved a profound international crisis. The Chinese economy has fallen 6.8% in the first quarter of 2020. With European economies realing future relations with China comes under the spotlight.
Today on Twitter one issue has overshadowed the rest, the future of Chinese and Western relations, and the financial implications.
Foreign Secretary Domic Raab said on Thrusday the international community must investigate the origins of the global Pandemic. Stating it won’t be “business as usual.”
#UK – No ‘business as usual’ with #China after #coronavirus pandemic, #Britain says
Foreign Secretary Dominic Raab says ‘hard questions’ need to be asked following the coronavirus outbreak, in latest sign of hardening attitudes towards #Beijinghttps://t.co/ZuRBJha3p4
— Indo-Pacific News – Geo-Politics & Military News (@IndoPac_Info) April 17, 2020
@hk_watch, a pressure group, hailed the decision. The same article was Tweeted by bloomberg @Business and has solicited very interesting comments too.
Coronavirus shines a spotlight on trends including the crackdown on dissidents and the capture of key international institutions. We welcome @DominicRaab's statement, and ask that the UK takes this opportunity to take a more robust line in support of HK.https://t.co/RZcW7PxpaC
— Hong Kong Watch (@hk_watch) April 17, 2020
The significance of yesterday’s announcement crystalised in the early hours of the morning. China faces a historic economic slowdown.
Follow the FT’s coverage and the comments to stay up to date on the story.
Just in: China’s economy shrank for the first time in more than 40 years, with first quarter GDP falling 6.8% as coronavirus ended an era of uninterrupted growth. Follow our live coverage here: https://t.co/xq4VGZDr03 pic.twitter.com/sK2NpFDyyw
— Financial Times (@FinancialTimes) April 17, 2020
Earlier today Macron came out in defence of European handling of the Coronavirus crisis. Macron didn’t shy away from scrutinising the handling of coronaivrus in China.
French President Emmanuel Macron came out in defense of western democracies' handling of the coronavirus crisis compared to China.
"Let’s not be so naive as to say [China has] been much better at handling this,” he said.https://t.co/9VgnSj33vy
— POLITICO (@politico) April 17, 2020
Macron draws battle lines on European debt relief rift, directly opposing Germany.
“The EU is a political project. If it’s a political project, the human factor is the priority and there are notions of solidarity that come into play . . . the economy follows on from that, and let’s not forget that economics is a moral science”
— roula khalaf (@khalafroula) April 17, 2020
Finally, in case you are not convinced of the gravity of the problems the globe faces, Martine Wolf spells them out.
Martin Wolf: Martin Wolf: coronavirus could be worst economic crisis since Great Depression https://t.co/JCeJQPmqAz
— Martin Wolf (@martinwolf_) April 17, 2020
The stories today reflect a larger developing narrative that will come to shape finance of the future.
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