Mining the future – The Wire China
Good evening. Robert Friedland is perhaps the most interesting billionaire you’ve never heard of. Check out our cover story this week to find out how the ex-hippie (he was Steve Jobs’ guru!) turned into a mining mogul – and why he’s teaming up with some of China’s biggest players to mine a metal he says is a national security issue. Elsewhere, we have infographics on Qiming Venture Partners, the venture capital firm attracting big US capital; an interview with Raffaello Pantucci on the West’s missed opportunity in Central Asia; an op-ed by Carl E. Walter, a former JP Morgan China executive, on China’s financial deterioration; and an op-ed by Shang-Jin Wei on how China could possibly meet its growth target this year. If you are not already subscribed to Threadplease register here.
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Robert Friedland says the transition to renewable energy will not be achieved without people like him mining the essential metals needed “to electrify the global economy”. He may be right, but as Isabella Borshoff’s report shows, the mining magnate’s decision to partner with some of China’s biggest players to mine copper in Congo poses a conundrum to the West.
Overview: Who is Qiming Venture Partners?
Qiming Venture Partners, a leading venture capital firm, recently raised significantly more than expected from US investors for a new fund – a sign that the institutional appetite to invest in China remains strong. This week, The wire is Eliot Chen’s infographics introduce readers to Qiming, its sponsors and key investments.
Interview with Raffaello Pantucci
Raffaello Pantucci is a researcher at the S. Rajaratnam School of International Studies (RSIS) in Singapore and the Royal United Services Institute (RUSI). His new book, Sinostan: the inadvertent Chinese empire, studies China’s relations with its western neighbours. In this week’s Q&A with Andrew Peaple, he talks about the West’s missed opportunity in Central Asia, Xinjiang’s relations with Central Asia, the origins of the BRI and Sino-Russian relations in Asia central.
Artwork by Lauren Crow
The Party and China’s Financial Deterioration
The Communist Party should be concerned about the risks that have built up in China’s financial system, says Carl E. Walter, former COO of JP Morgan China and co-author of Red Capitalism: The Fragile Financial Foundations of China’s Extraordinary Rise. To avoid social and even political crises, he says, the party must shed the fossilized thinking that has plunged the country into today’s difficulties.
Will China achieve its growth target?
China’s GDP growth target for this year looks challenging given the war in Ukraine and US monetary tightening. The goal remains achievable, argues Columbia professor Shang-Jin Wei, but only if Chinese policymakers return to the kind of market-oriented reforms and regulations that have proven successful in the past.
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