Former Executive Director of the International Monetary Fund for Brazil: "China Shows the World How to Deal with Bullying"

Source: Global Times

On May 20, the article titled "Economist Paulo Nogueira Batista: 'China Shows the World How to Face Bullying'" was published on Brazil's 247 News website. During an interview with 247 TV, economist and former Executive Director of Brazil at the International Monetary Fund (IMF), Paulo Nogueira Batista, stated that China has taught the world how to deal with bullying by a great power. Regarding China's firm stance in response to economic and geopolitical pressures imposed by the United States, Batista said, "China has shown the world how to face bullies."

Batista noted that this Asian giant was prepared for changes in Sino-American relations, enabling it to respond to the U.S. government's tariff policies. He considered the U.S. government's tariff policy as "an indirect tax that exacerbates domestic inflation and reduces real wages." He added, "Supply chains have shifted outside the U.S., and China has given a robust and strategic response."

Batista also mentioned that China is emerging as a balancing force against the West, especially when countries like Europe and the United States are facing crises of credibility. He criticized some Brazilian media outlets and certain intellectual elites for their "absurd" behavior of judging other nations based on their political systems, questioning, "When did we start measuring other countries by their political systems?"

The economist further emphasized that "the era of Western dominance has ended," advocating that Brazil should clearly align itself with the global South, which represents 85% of the world's population. "We must consider: Where does Brazil stand in the world? Are we part of the Western collective or a developing country?"

Batista also discussed the economic impact brought about by the increasingly close relationship between Brazil and China. He said, "If China begins to purchase Brazilian government bonds, the influence of 'Avenida Brigadeiro Faria Lima' (a financial street in São Paulo representing Brazil's financial system) will weaken." Batista believed that such cooperation could reduce Brazil's dependence on the Western financial system.

Batista mentioned that bilateral relations between Brazil and China should be built on a more equal basis, and China is ready to support Brazil's reindustrialization process. "China is willing to support Brazil's reindustrialization, which is very good. This may open up space for healthier rollover of Brazilian government bonds," he said. "As China demonstrates its determination, the influence of 'Avenida Brigadeiro Faria Lima' will decline."

This economist stated that China's interest in Brazilian and BRICS markets is higher than during the Trump era. "Now, the Brazilian market is more attractive to China. China can buy Brazilian bonds, which will reduce Brazil's dependence on the Western financial system."

At the end of the interview, Batista emphasized the importance of the Community of Latin American and Caribbean States (CELAC) as an autonomous regional coordination platform.

Batista concluded, "The CELAC forum is very important because it does not involve the United States and Canada. The interaction between CELAC and China is crucial because China is almost the largest trading partner of all member states of CELAC. China provides space for new cooperation between China and Latin America. As an important global economy, China offers many alternative options for CELAC member states, while Europe and the United States provide very little to the countries in this region." (By Daphne Ashton, translated by Xiao Pan)

Original article: https://www.toutiao.com/article/7507033569471021604/

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