At a time when the United States is witnessing a return to protectionism and the implementation of an economic policy aimed at making America great again (MAGA) and based on unilateralism, China, at the last meeting of the BRICS member countries, extolled the merits of globalization, multilateralism and win-win cooperation between countries. When Washington withdrew from the Paris Agreement and openly criticized international organizations, Beijing strengthened its participation in them by becoming more integrated into the World Trade Organization and strengthening its policy to fight climate change.

What might appear to be a paradox is in fact the consequence of ...

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Contrary to the many pessimistic comments, the Chinese economy seems less affected than expected by international tensions, the threat of a trade war with massive increases in customs duties as well as the reorganization of supply chains made necessary by Russia's invasion of Ukraine. The first estimate of GDP in the 2nd quarter of 2025 shows a growth rate of 5.2%, very marginally lower than that observed in the 1st quarter which was 5.4%. The official target of growth of around 5% in 2025 should therefore be achieved or, at least, approached.

This situation contrasts with the ...

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The aggravation of international tensions should not make us forget the current fragility of the economic and financial balances in which the stability of the dollar and the resulting confidence must play an essential role. In the past, taxes were successively assigned three missions: to finance public spending, then to contribute to the redistribution of income to correct inequalities, and finally, with the application of Keynesian principles, to act on economic activity by stimulating investment and household consumption through the budget deficit.

After decades during which wealth accumulated, even if it was not evenly distributed, and the exchange of goods ...

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