Stephen S. Roach
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Articles by Stephen S. Roach
Le sommet de la vanité
NEW HAVEN - Riche en apparat mais pauvre en substance, le sommet très attendu entre le président américain Donald Trump et son homologue chinois Xi Jinping s’es... La déception n’est pas immense, puisque les attentes étaient dans l’ensemble peu élevées, et dans la mesure où un dialogue même limité vaut certainement mieux que l’absence totale de dialogue.
Trump’s vanity summit with Xi
NEW HAVEN, Connecticut — Long on ceremony but short on substance, the eagerly anticipated summit between United States President Donald Trump and Chinese President Xi Jinping was a disappointment. Perhaps not a major disappointment, as expectations were generally low, and as some talk is certainly better than none. But on the major issues of trade, artificial intelligence (AI), Taiwan, and addressing China’s role in two theaters of war, there was little or no progress.
Heizdecken, Aale und Emus – die magere Bilanz von Trumps «Gipfel der Eitelkeit»
Der US-Präsident und Chinas Machthaber einigen sich auf Zollsenkungen für Nischenprodukte und eine vage KI-Hotline. Bei der Taiwan-Frage und Chinas Rolle als Russlands und Irans Geldgeber herrscht Stillstand. Viel Zeremoniell, aber wenig Substanz – das mit Spannung erwartete Gipfeltreffen zwischen US-Präsident Donald Trump und dem chinesischen Präsidenten Xi Jinping war eine Enttäuschung.
Trump’s Vanity Summit With Xi
While expectations for the summit between US President Donald Trump and Chinese President Xi Jinping were low, it was disappointing to watch them prioritize pageantry over substance. Trump’s cringe-worthy declarations of heartfelt admiration for Xi reflect his twisted sense that the trappings of power are power itself. Long on ceremony but short on substance, the eagerly anticipated summit between US President Donald Trump and Chinese President Xi Jinping was a disappointment.
Trump’s vanity summit with Xi
Long on ceremony but short on substance, the eagerly anticipated summit between US President Donald Trump and Chinese President Xi Jinping was a disappointment. Perhaps not a major disappointment, as expectations were generally low, and as some talk is certainly better than no talk. But on the major issues of trade, AI, Taiwan, and addressing China’s role in two theatres of war, there was little or no progress.
Trump-Xi-Gipfel: Ein Treffen ohne Substanz
Xi Jinping und Donald Trump gehen gemeinsam am «Presidential Walk of Fame» im Weissen Haus in Washington vorbei. Viel Zeremoniell, aber wenig Substanz – das mit Spannung erwartete Gipfeltreffen zwischen US-Präsident Donald Trump und dem chinesischen Präsidenten Xi Jinping war eine Enttäuschung. Vielleicht keine grosse Enttäuschung, da die Erwartungen insgesamt gering waren und ein gewisser Dialog sicherlich besser ist als gar keiner.
Trump’s Vanity Summit With Xi
en English Politics Trump’s Vanity Summit With Xi Sep 30, 2026 Stephen S. Roach While expectations for the summit between US President Donald Trump and Chinese President Xi Jinping were low, it was disappointing to watch them prioritize pageantry over substance. Trump’s cringe-worthy declarations of heartfelt admiration for Xi reflect his twisted sense that the trappings of power are power itself.
Trump’s Vanity Summit With Xi
NEW HAVEN—Long on ceremony but short on substance, the eagerly anticipated summit between US President Donald Trump and Chinese........
No juegues con los mercados
NEW HAVEN—Intervenir en los mercados financieros es una locura. Y, sin embargo, muchos parecen incapaces de comprender esta lección. Así le ocurre al secretario del Tesoro estadounidense, Scott Bessent, en su intento por manipular los mercados de divisas y bonos. Bessent tiene en la mira los mercados más importantes.
US currency, bond intervention futile without policy changes
Intervening in financial markets is a fool's game. And yet many seem incapable of internalizing that lesson. So, it is with US Treasury secretary Scott Bessent, as he seeks to manipulate currency and bond markets. Bessent has the most consequential markets in his crosshairs.
US currency, bond intervention futile without policy changes
Treasury & Capital Markets / Viewpoint US currency, bond intervention futile without policy changes Treasury secretary Scott Bessent has justified his intervention in currency and bond markets by arguing that they are not providing a fair signal of economic fundamentals. But they are, and Bessent's willingness to peddle such nonsense may be the most striking testament yet to the sycophancy that defines the Trump administration Intervening in financial markets is a fool's game.
No juegues con los mercados
No hay más artículos para escuchar Intervenir en los mercados financieros es una locura. Y, sin embargo, muchos parecen incapaces de comprender esta lección. Así le ocurre al secretario del Tesoro estadounidense, Scott Bessent, en su intento por manipular los mercados de divisas y bonos. Bessent tiene en la mira los mercados más importantes.
Don’t Mess With Markets
Intervening in financial markets is a fool’s game. And yet many seem incapable of internalizing that lesson. So it is with US Treasury Secretary Scott Bessent, as he seeks to manipulate currency and bond markets. Bessent has the most consequential markets in his crosshairs.
Don’t Mess With Markets
NEW HAVEN—Intervening in financial markets is a........
Sí, el Hong Kong de antaño ha llegado a su fin
NEW HAVEN—Hay que reconocerle a Hong Kong el mérito de haber plantado cara. En los casi dos años y medio transcurridos desde que expresé la opinión, aparentemente controvertida, de que Hong Kong «ha llegado a su fin», los defensores de la ciudad han orquestado una campaña decidida para demostrar lo contrario. A primera vista, esta heroica defensa parece tener cierto fundamento.
Sí, el viejo Hong Kong ha terminado
No hay más artículos para escuchar Hong Kong merece reconocimiento por su resistencia. En los casi dos años y medio transcurridos desde que expresé la opinión, aparentemente controvertida, de que Hong Kong estaba «acabado», los defensores de la ciudad han orquestado una campaña decidida para demostrar lo contrario. A primera vista, esta defensa heroica parece tener cierto fundamento.
Hongkong verliert seine Identität und wird zur chinesischen Grossstadt
Meinung Abo – Hongkong verliert seine Identität und wird zur chinesischen Grossstadt Trotz robuster Wirtschaftsdaten und der Rückkehr an die Spitze der globalen IPO-Märkte hat sich Hongkong grundlegend gewandelt. Rechtsstaatlichkeit, freie Presse und die kosmopolitische Bevölkerung – alles weicht Pekings Kontrolle. Das beeindruckende äussere Erscheinungsbild der Stadt ist geblieben. Hongkong verdient Anerkennung dafür, dass es sich zur Wehr setzt.
Yes, the Hong Kong of old is over
Mainland Chinese tourists are seen at Victoria Harbour in Hong Kong, on April 19, 2023. NYT Hong Kong deserves credit for putting up a fight. In the nearly two and a half years since I expressed the apparently controversial opinion that Hong Kong is "over", the city's boosters have orchestrated a determined campaign to prove otherwise. At first glance, this heroic defence seems to have some merit.
Sí, el Hong Kong de antaño ha llegado a su fin
Hay que reconocerle a Hong Kong el mérito de haber plantado cara. En los casi dos años y medio transcurridos desde que expresé la opinión, aparentemente controvertida, de que Hong Kong «ha llegado a su fin», los defensores de la ciudad han orquestado una campaña decidida para demostrar lo contrario. A primera vista, esta heroica defensa parece tener cierto fundamento.
Yes, the Hong Kong of Old Is Over
en English Economics Yes, the Hong Kong of Old Is Over Jul 23, 2026 Stephen S. Roach The pro-China camp continues to tout Hong Kong’s resilience, recently pointing to the fact that the city has reclaimed its position as the global IPO leader. But conveniently left out of this narrative is that resilience has come to depend on the direct intervention of the Chinese authorities. NEW HAVEN—Hong Kong deserves credit for putting up a fight.
Yes, the Hong Kong of Old Is Over
NEW HAVEN—Hong Kong deserves credit for putting up a fight. In........
China’s failed rebalancing
NEW HAVEN, Connecticut — China’s efforts to rebalance its economy have been an abject failure. Nearly two decades after former premier Wen Jiabao bemoaned the Chinese economy’s excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world.
Neuspelo uravnoteženje kitajskega gospodarstva poslovni
Samo 4,9 EUR na mesec! Neomejen dostop do vseh vsebin. Dostop do poslovnih Internetvjujev. Dostop do FINANCE POSLOVNI storitev. Finance aplikacija za iOS in Android. Dostop do Finance Vlagatelja. Prijava Registracija X Finance: Prijava Prijavite se. Če še nimate podatkov za prijavo, namesto tega uporabite zavihek Registracija. Vpišite svoj elektronski naslov: * Geslo: * 2fa code: Koliko je enaindvajset plus deset?
Chinas Konsum: Warum die Wirtschaft zur Achillesferse wird
Meinung Abo – Chinas gescheiterte Wende wird zur Gefahr für die Weltwirtschaft Seit zwei Jahrzehnten verspricht Peking eine konsumgetriebene Wirtschaft – ohne Erfolg. Was der entscheidende Faktor und die globalen Konsequenzen davon sind. Chinas Ex-Premierminister Wen Jiabao bei der Eröffnung des Nationalen Volkskongresses 2013. Er identifizierte die wirtschaftlichen Probleme der Volksrepublik – Lösungen gibt es bis heute nicht.
El fallido reequilibrio de China
NEW HAVEN — Los esfuerzos de China por reequilibrar su economía han sido un rotundo fracaso. Casi dos décadas después de que el ex primer ministro Wen Jiabao lamentara la excesiva dependencia de la economía china del crecimiento impulsado por la inversión y las exportaciones, el problema ha empeorado considerablemente.
El fallido reequilibrio de China
No hay más artículos para escuchar Los esfuerzos de China por reequilibrar su economía han sido un rotundo fracaso. Casi dos décadas después de que el ex primer ministro Wen Jiabao lamentara la excesiva dependencia de la economía china del crecimiento impulsado por la inversión y las exportaciones, el problema ha empeorado considerablemente.
Η αποτυχημένη αναδιάρθρωση της Κίνας
Οι προσπάθειες της Κίνας να αναδιαρθρώσει την οικονομία της έχουν αποτύχει παταγωδώς. Σχεδόν δύο δεκαετίες αφότου ο πρώην πρωθυπουργός Γουέν Τζιαμπάο κατήγγειλε την υπερβολική εξάρτηση της κινεζικής οικονομίας από την ανάπτυξη που βασίζεται στις επενδύσεις και τις εξαγωγές, το πρόβλημα έχει χειροτερέψει.
China's failed rebalancing
Stephen S Roach China 's efforts to rebalance its economy have been an abject failure. Nearly two decades after former Premier Wen Jiabao bemoaned the Chinese economy's excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world.
China’s failed quest to rebalance its economy
C hina’s efforts to rebalance its economy have been an abject failure. Nearly two decades after former premier Wen Jiabao bemoaned the Chinese economy’s excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world.
China’s failed rebalancing
China’s efforts to rebalance its economy have been an abject failure. Nearly two decades after former Premier Wen Jiabao bemoaned the Chinese economy’s excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world.
Why Beijing’s promise to boost domestic consumption has lost credibility
China’s efforts to rebalance its economy have been an abject failure. Nearly two decades after former Premier Wen Jiabao bemoaned the Chinese economy’s excessive dependence on investment- and export-led growth, the problem has gone from bad to worse. The lack of meaningful consumer-led rebalancing implies increased reliance on these time-worn sources of economic activity, raising critical questions for China and the rest of the world.
China’s Failed Rebalancing - Stephen S. Roach
NEW HAVEN—China’s efforts to rebalance its economy have been an abject failure. Nearly two decades after........
Leyendo entre líneas rojas de China
No hay más artículos para escuchar El presidente chino, Xi Jinping, envió un mensaje contundente sobre Taiwán al presidente estadounidense, Donald Trump, durante su reciente cumbre en Pekín. Xi advirtió que, si el asunto se manejaba mal, China y Estados Unidos podrían entrar en conflicto, creando una situación extremadamente peligrosa. Subrayó que Taiwán es clave para las relaciones sino-estadounidenses.
Warum zu viele rote Linien die Diplomatie zwischen Peking und Washington lähmen
Meinung Abo – Warum zu viele rote Linien die Diplomatie zwischen Peking und Washington lähmen Xi Jinping warnt vor einem Zusammenstoss mit den USA, sollte die Taiwan-Frage falsch gehandhabt werden. Doch je mehr Positionen als nicht verhandelbar gelten, desto kleiner wird der Spielraum für echte Verhandlungen. Xi Jinping warnte Donald Trump vor einem Zusammenstoss beider Länder.
Reading between China’s red lines
Chinese President Xi Jinping sent an unmistakably tough message on Taiwan to US President Donald Trump during their recent summit in Beijing. Xi warned that if the issue was handled poorly, China and the US would “collide or even clash”, creating an “extremely dangerous situation”. He stressed that Taiwan holds the key to Sino-American relations. This is a classic example of the bright red lines that Xi has grown fond of drawing in recent years.
Entre líneas: las líneas rojas de China
El presidente chino, Xi Jinping, envió un mensaje inequívocamente duro sobre Taiwán al presidente estadounidense, Donald Trump, durante su reciente cumbre en Pekín. Xi advirtió de que, si el asunto se gestionaba mal, China y Estados Unidos «chocarían o incluso entrarían en conflicto», creando una «situación extremadamente peligrosa». Subrayó que Taiwán es la clave de las relaciones sino-estadounidenses.
America and China have a problem with red-line inflation
Chinese President Xi Jinping sent an unmistakably tough message on Taiwan to US President Donald Trump during their recent summit in Beijing. Xi warned that if the issue was handled poorly, China and the United States would “collide or even clash,” creating an “extremely dangerous situation.” He stressed that Taiwan holds the key to Sino-American relations. This is a classic example of the bright red lines that Xi has grown fond of drawing in recent years.
Reading Between China’s Red Lines
NEW HAVEN—Chinese President Xi Jinping sent an unmistakably tough message on Taiwan to US........
Cumbre Estados Unidos-China: Los consejos de Sun Tzu para Trump
Se rumorea que el año pasado el presidente de Estados Unidos, Donald Trump, retrasó un dÃa, hasta el 2 de abril, su anuncio arancelario del llamado DÃa de la Liberación, porque no querÃa que su "emergencia" comercial inconstitucional pareciera una broma del DÃa de los Inocentes. Este año, Trump desafió el calendario con un discurso a la nación el 1 de abril, en el que promocionaba otro acto inconstitucional: una guerra con Irán llevada a cabo sin la aprobación del Congreso.
The contrast between The Art of the Deal and The Art of War
Rumor has it that last year, US President Donald Trump delayed his so-called Liberation Day tariff announcement by a day, to April 2, because he didn’t want his unconstitutional trade “emergency” to come across as an April Fools’ Day hoax. This year, Trump defied the calendar with an address to the nation on April 1, touting yet another unconstitutional act—a war with Iran conducted without congressional approval. Both moves have much in common.
Trump can learn from Sun Tzu
This picture combination shows Chinese President Xi Jinping and US President Donald Trump. (Photo: AFP) Rumour has it that last year, US President Donald Trump delayed his so-called Liberation Day tariff announcement by a day, to April 2, because he didn't want his unconstitutional trade "emergency" to come across as an April Fools' Day hoax.
The art of war — but scratch the art The May summit between Xi and Trump is shaping up to be a historic mismatch between a long-term strategist and a false prophet touting his successes
Rumour has it that last year, US President Donald Trump delayed his so-called Liberation Day tariff announcement by a day, to 2 April, because he didn’t want his unconstitutional trade ‘emergency’ to come across as an April Fools’ Day hoax. This year, Trump defied the calendar with an address to the nation on 1 April, touting yet another unconstitutional act — a war with Iran conducted without congressional approval. Both moves have much in common.
Os conselhos que o guerreiro-filósofo da China Antiga Sun Tzu daria a Donald Trump
NEW HAVEN — Dizem que, no ano passado, o presidente dos EUA, Donald Trump, adiou por um dia — para 2 de abril — o anúncio das tarifas no chamado “Dia da Libertação”, pois não queria que sua “emergência” comercial inconstitucional fosse confundida com uma brincadeira do Dia da Mentira. Este ano, Trump desafiou o calendário com um discurso à nação em 1º de abril, promovendo mais um ato inconstitucional — uma guerra contra o Irã conduzida sem a aprovação do Congresso.
US-Aussenpolitik: Sun Tzus Lehren für Donald Trump
Meinung – Sun Tzus Lehren für Donald Trump Mitte Mai treffen sich der US-Präsident und sein chinesischer Amtskollege zum Gipfel, doch die USA verhandeln aus einer Position der Schwäche. Trumps Zoll- und Kriegspolitik sind nach hinten losgegangen, während China geduldig abwartet. US-Präsident Donald Trump mit Chinas Präsident Xi Jinping bei ihrem letzten Treffen in Südkorea.
Sun Tzu’s advice for Donald Trump
Stephen S RoachThu, Apr 30, 2026 • 10:00 AM GMT+08 • • 5 min read Photo by tommao wang on Unsplash Follow us on Facebook and join our Telegram channel for the latest updates. Rumour has it that last year, US President Donald Trump delayed his so-called Liberation Day tariff announcement by a day, to April 2, because he didn’t want his unconstitutional trade “emergency” to come across as an April Fools’ Day hoax.
Stephen Roach: Trump halálos csapást mér a világrendre
EURHUF USDHUF BTCUSD BUX OTP MOL RICHTER MTELEKOM OPUS XAUUSD Portfolio signature Donald Trump egymást követő években két nagy horderejű lépéssel is felforgatta a nemzetközi rendet, előbb kereskedelmi „vészhelyzetre” hivatkozva sokkolta a globális kereskedelmi rendszert, majd a Kongresszus felhatalmazása nélkül háborút indított Irán ellen. A döntések közös vonása a stratégiai gondolkodás hiánya – miközben Kína vezetése éppen a türelemre és a hosszú távú tervezésre építi geopolitikai előnyét.
Sun Tzu’s Advice for Donald Trump
en English Politics Apr 28, 2026 Amid a series of massive, illegal policy blunders, US President Donald Trump has set his sights on stabilizing relations with Chinese President Xi Jinping at their May summit. But it will probably go poorly because Trump is incapable of understanding the importance of strategy, a lesson that China's leaders have long grasped.
Sun Tzu’s Advice for Donald Trump
German chancellor says the U.S. ‘is being humiliated by the Iranian leadership’ as allies go public with discontent As the Iran war, a conflict President Donald Trump vowed would last no more than six weeks, now stretches past its second month, U.S. allies are …
China veta opinião divergente, reduz debate econômico e repete velhas diretrizes
NEW HAVEN – Há alguns anos, tive o pressentimento de que a cultura de longa data da China de debates acalorados sobre política econômica iria desaparecer. E agora isso aconteceu. Essa é a mensagem transmitida pelo triste fim do Fórum de Desenvolvimento da China (China Development Forum – CDF, na sigla em inglês), encontro do qual tive o privilégio de participar desde sua criação. Pelo menos até este ano.
The sad demise of China's economic debate
NEW HAVEN, Connecticut — A few years ago, I had a hunch that China's long-standing culture of spirited debate over economic policy would disappear. And now that has come to pass. That is the message sent by the sad demise of the China Development Forum (CDF), a gathering that I had the privilege of attending since its inception. Until this year, that is. After participating in 25 consecutive CDFs — making me the longest-attending foreign delegate — I was not invited in 2026.
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