While the war in Ukraine has just reached its fiftieth day, China, Moscow’s close diplomatic and economic partner, has yet to condemn the Russian invasion. The Asian giant merely calls on all parties to exercise restraint and dialogue. In this context, US Treasury Secretary Janet Yellen said on Wednesday (April 13) that China’s position on Russia threatens ” Fusion “ in the global economy.
China recently confirmed its special relationship with Russia. I very much hope that China will do something positive in this relationship and help end this war.” Janet Yellen said. I also warned the Asian giant about it In the future, it will be increasingly difficult to separate economic issues from broader considerations of the national interest, including national security.
In response to a question on Thursday, April 14, the Chinese Foreign Ministry expressed dissatisfaction. “We are making great efforts to de-escalate the situation, resolve the crisis and restore peace,” Zhao Lijian, a spokesman for Chinese diplomacy, said, calling not to do so “distorted position” from Beijing. Ukraine’s sovereignty must be preserved. Russia’s legitimate security concerns must also be respected,” he said. Repeat during a press conference.
“Time will eventually prove that China is on the right side of history.”
The US minister criticized, more broadly, the countries and companies that did not cut their trade relations with Russia, stressing that these countries undoubtedly hope “Fill in the void left by others by maintaining their relations with Russia. This kind of stimulus does not last in the long term.
“We oppose unjustified accusations and suspicions against China, not to mention any pressure or coercion on it.” Zhao Lijian said. And to add: “Time will eventually prove that China is on the right side of history.”
However, Beijing, like Moscow, believes that NATO expansion helped ignite the war in Ukraine. China’s position on Russia contrasts with that of the West, which has strongly condemned the military operation in Ukraine and imposed sanctions on the Russian economy and Russian leaders, including asset freezes and bans on transactions against major Russian banks.
Inflation is on the rise in China too, especially because of the war
Inflation accelerated sharply last month in China. The National Bureau of Statistics (BNS) announced in March, that the Consumer Price Index rose 1.5% in one year, compared to 0.9% in February. Experts were betting on a smaller increase, about 1.4%, according to the consensus of Bloomberg Financial Agency.
This increase is related to Global increase in wheat, corn and soybean prices Note Dong Lijuan, a BNS statistician. Global food prices have already skyrocketed since Russia invaded Ukraine on February 24. Thus, the prices of fresh vegetables increased by 17.2% in one year.
Another reason for this increase in inflation: the outbreak of the epidemic, which doubled in China last month. The country has been hit by Covid-19 like never before since the first wave appeared in the country at the end of 2019. Tens of millions of Chinese are finding themselves confined to their homes, leading to supply difficulties and high prices for some products..
“The CPI may continue to rise in April as households across China stock up on food and other items amid the lockdown in Shanghai,” Economist Ting Lu of Nomura notes.