China and Europe should jointly introduce a system like the Carbon Border Adjustment Mechanism (CBAM), a levy on carbon-intensive imports designed to account for the carbon costs domestic producers face, which “applies against the rest of the world,” the co-chair of a global energy transition organisation says. “The biggest single thing which I would love China to do is to say, ‘We want to join with Europe in a climate club’,” said Adair Turner, co-chair of the Energy Transitions Commission,...

The president of the American Chamber of Commerce in China (AmCham China) has urged Beijing and Washington to push more negotiations down to working-level officials, saying businesses need greater long-term stability in bilateral ties than leader-level diplomacy alone can provide. Michael Hart, president of the chamber, said American businesses were encouraged by the unprecedented frequency of meetings between the presidents of China and the US, but warned that working-level officials had less...

Both China and the world need an internationalised yuan in a multipolar global economic environment, a former senior Chinese official has urged in an article that was published as Beijing upgraded its digital-yuan infrastructure to bolster efforts to reshape the US dollar-dominated global financial system. Wider use of the Chinese currency, also known as the renminbi, would support China’s high-quality growth while offering an alternative that could help stabilise the international financial...

Former Chinese central bank governor Zhou Xiaochuan has warned that failed artificial intelligence investments could trigger financial turbulence and urged preparations to mitigate risks amid concerns over a potential bust of the AI investment bubble. “Consider[ing]... such a large amount of the investment going to the AI facility; if a part of it goes to failure, it causes financial turbulence, and this may create a crisis,” Zhou said during a panel discussion at the Bund Summit in Shanghai on...