While the war in Ukraine has just entered its fiftieth day, China, Moscow’s close diplomatic and economic partner, has still not condemned the Russian invasion. The Asian giant is content to call on all parties to exercise restraint and dialogue. In this regard, US Treasury Secretary Janet Yellen said on Wednesday (April 13) that China’s position towards Russia threatened its own “Integration” in the world economy.
“China recently reaffirmed its special relationship with Russia. I sincerely hope that China will make something positive out of this relationship and help end this war.” said Janet Yellen. She also warned the Asian giant about it “In the future, it will become increasingly difficult to separate economic concerns from broader considerations of national interests, including national security.”
Questioned this Thursday, April 14, the Chinese Foreign Ministry expressed its dissatisfaction. “We are making great efforts to defuse the situation, resolve the crisis and restore peace,” said Zhao Lijian, a spokesman for Chinese diplomacy, calling for it “distort position” from Beijing. “Ukraine’s sovereignty must be preserved. Russia’s legitimate security concerns must also be respected.” he repeated during a press conference.
“Time will finally prove China is on the right side of history”
More broadly, the American minister castigated the countries and companies that have not severed trade ties with Russia, stressing that these countries undoubtedly have hope “fill the void left by others by maintaining their ties with Russia. That kind of motivation doesn’t last long.
“We oppose unjustified accusations and suspicions against China, let alone any pressure or coercion against China.” said Zhao Lijian. And to add: “Time will finally prove that China is on the right side of history.”
Nonetheless, Beijing, like Moscow, believes that NATO expansion helped spark 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 Russia’s economy and leadership, including asset freezes and transaction bans on major Russian banks.
Inflation is also rising in China, mainly because of the war
Inflation accelerated sharply in China last month. In March, the consumer price index rose 1.5% on a year, up from 0.9% in February, according to the National Bureau of Statistics (BNS). According to the consensus of the Bloomberg finance agency, experts were expecting a lower increase of 1.4%.
This increase is related to “the global surge in wheat, corn and soybean prices” noted Dong Lijuan, a statistician at the BNS. Food prices around the world have skyrocketed since Russia invaded Ukraine on February 24. This means that the prices for fresh vegetables have risen by 17.2% within a year.
Another reason for this rise in inflation: the epidemic outbreaks that have multiplied in China over the past month. The country has been hit by Covid-19 like never before since the first wave hit the country in late 2019. Tens of millions of Chinese are confined to their homes, leading to supply difficulties and soaring prices of certain products. . .
“Consumer price index could rise further in April as households across China stock up on groceries and other items amid Shanghai lockdown,” observes economist Ting Lu of Nomura Bank.