European leaders remain wary of Beijing thanks to its support for Russia.
Chinese Foreign Minister Wang Yi speaks at the Munich Security Conference in Munich, Germany, February 14, 2025. Credit: Munich Security Conference
While the Trump administration has been dominating the media agenda over Ukraine and the Middle East, lining up presidential decrees across the board and shaking up the U.S. government, China has had every reason to rub its hands.
Then Chinese Premier Zhou Enlai and Christopher Soames, vice-president of the European Economic Community Commission — an indirect predecessor of the European Commission, now the executive body of the EU. May 5, 1975. Credit: European Commission.
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How did the late premier convince local governments to surrender fiscal revenues to Beijing? In an extract from his recent book, Authoritarian Markets, Adam Y. Liu explains how Zhu played his trump card — letting local governments set up their own banks.
The academic and former U.S. ambassador to Russia talks about the contrasts between Putin and Xi, and what Washington can do about their relationship with each other.
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