While US politicians grapple with how to reopen their shuttered government and avoid a potentially disastrous default on their debt, the world should consider ‘de-Americanizing’, a commentary by Xinhua news agency said yesterday.
“As US politicians of both political parties [fail to find a] viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” the commentary said.
In a lengthy polemic against US hegemony since World War II, it added: “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated.”
“A new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing,” it said.
Negotiations over how to end the budgetary impasse have shifted to the US Senate after House Representatives failed to strike a deal with US Barack President Obama on extending borrowing authority ahead of the deadline on Thursday.
Beijing has in recent days issued warnings as well as appeals for a deal, all the while emphasizing the inseparable economic ties that bind the world’s two biggest economies.
“The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations’ tremendous [US] dollar assets in jeopardy and the international community highly agonized,” the commentary said.
China is the biggest foreign holder of US Treasury bonds, worth a total of US$1.28 trillion, according to US government data.
“Instead of honoring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas,” but equally stoked “regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies” the commentary said.
It added that emerging economies should have a greater say in major international financial institutions the World Bank and the IMF, and proposed a “new international reserve currency that is to be created to replace the dominant US dollar.”
China has only slightly more weight than Italy at the IMF, which has been headed by a European since its creation in 1944.
A governance reform has been in the works for three years, but its implementation has been blocked by the effective veto of the US.
The Czech Republic’s Senate on Wednesday passed a resolution that supports a possible visit by the senate president to Taiwan. The resolution, initiated by Czech Senator Pavel Fischer, was passed with 50 votes in favor, one against and one abstention. The resolution blasts Beijing for having its Prague embassy send a letter to former Czech Senate president Jaroslav Kubera earlier this year threatening repercussions for Czech businesses if he visited Taiwan. The resolution shows the Senate’s support for a visit to Taiwan by Senate President Milos Vystrcil, accompanied by Czech business representatives, as the visit would be in the diplomatic long-term interests
The government and the Chinese Nationalist Party (KMT) yesterday both spoke out against plans by the Chinese government to enact a national security law in Hong Kong. Chinese officials yesterday confirmed that the National People’s Congress would review a bill “on establishing and improving the legal system and enforcement mechanisms for the Hong Kong Special Administrative Region to safeguard national security.” The Presidential Office said that the announcement was evidence that the “one country, two systems” framework fundamentally clashes with democratic freedoms. The de-escalation of tensions between Hong Kong and Beijing relies on the Chinese government’s willingness to respond to Hong Kongers’ demands,
STRONGER DEFENSES: The announcement could be considered tacit US support for the nation’s indigenous arms manufacturing program, Joseph Wu told lawmakers Just hours after President Tsai Ing-wen’s (蔡英文) inauguration on Wednesday, the US Department of State’s Defense Security Cooperation Agency announced in Washington the possible sale of 18 MK-48 Heavy Weight Torpedoes to Taiwan. Reacting to the announcement, Minister of Foreign Affairs Joseph Wu (吳釗燮) yesterday told a meeting of the Legislative Yuan’s Foreign Affairs and National Defense Committee that the ministry applauded the US move, which would help to uphold the Taiwan Relations Act (TRA). The TRA states that the US should “provide Taiwan with arms of a defensive character … to maintain the capacity of the US to resist any resort
NPP WARNING: The NPP’s chairman said that a security law proposed by Beijing means it has renounced its promise to maintain ‘one country, two systems’ in HK The Taiwan People’s Party (TPP) yesterday proposed changing the law to provide protection for those seeking political asylum. China at the opening of the National People’s Congress in Beijing on Thursday introduced a draft security law for Hong Kong to ban treason, subversion and sedition, with a review expected next week. TPP caucus whip Jang Chyi-lu (張其祿) said that the party is concerned about democracy advocates in Hong Kong and has taken action to support them. The party has proposed an amendment to Article 18 of the Act Governing Relations with Hong Kong and Macau (香港澳門關係條例), which stipulates that the government can offer