Jeffrey D. Sachs, president of UN Sustainable Development Solutions Network, delivers his remarks at the keynote luncheon of the 17th Asian Financial Forum in Hong Kong on Jan 24, 2024. (ANDY CHONG / CHINA DAILY)
The Russia-Ukraine conflict would have ended if the United States had not intervened and assisted Ukraine in weaponry and funding, according to Jeffrey D Sachs, chair of the United Nations Sustainable Development Solutions Network.
Sachs told a panel discussion during the 17th Asian Financial Forum on Jan 24 that the damage caused by such conflicts to sustainability is much worse than that brought about by climate change.
The luncheon panel was moderated by Ronnie Chan Chi-chung, chair of the Hang Lung Properties Ltd. The two discussed a wide range of topics in economic and political affairs.
Sach’s keynote speech discussed how responsible capitalism can foster public-private partnerships and shape the new normal along a sustainable roadmap
The Joe Biden administration and the British government have been reported as being behind the sinking of a peace deal between Ukraine and Russia in the first half of 2022 that would have otherwise ended the conflict. Pentagon officials have publicly said their aim was to weaken Russia strategically without mentioning the cost in more lives and the disruptions to the world economy.
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Sachs said he understood that the leaders of the former Soviet Union and the United States had agreements that the North Atlantic Treaty Organization would keep away from expanding into former Soviet republics in Eastern Europe after the fall of the Berlin Wall. However, successive US administrations pushed NATO to expand to the doorstep of Russia.
Sach’s keynote speech discussed how responsible capitalism can foster public-private partnerships and shape the new normal along a sustainable roadmap.
Any country with responsible capitalism should not start an armed conflict, nor a trade war, but instead allow other countries to compete with it in economic and technological development, Sachs said.
They should cater to social integration of those from diverse linguistic and cultural backgrounds; maintain the sustainable development of the global environment, and advocate peace and cooperation among nations, he added.
Professor Sachs and Ronnie C. Chan, chair of Hang Lung Properties Limited, discuss issues related to China, the United States and Ukraine, among others, at the 17th AFF in Hong Kong on Jan 24, 2024. (ANDY CHONG / CHINA DAILY)
According to Sachs, US protectionist intervention is an important factor in the slowdown in the Chinese mainland's economic growth, but he believes that this will not pose a huge threat.
The mainland has maintained an economic growth rate at around 5.2 percent. In addition, Sachs said it will continue to have a low-cost advantage in technological innovation, such as selling new energy vehicles at lower prices, while the Hong Kong Special Administrative Region can also provide low-cost financing in areas such as 5G, solar energy and electric vehicles.
To harness the tremendous possibilities of this dynamic technological age, international collaboration will be required to resolve the challenges, Sachs said.
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"The human part is to understand that we have common challenges. We have common beliefs. We have absolutely no reason for any conflict in this world," he added.
Sachs said he hopes the member countries of the Association of Southeast Asian Nations, the Regional Comprehensive Economic Partnership, the African Union and other groups will be able to integrate into a global community with a long-term focus.
China has a great deal of experience on economic growth, while Africa has a population similar to China. China’s Belt and Road Initiative not only brings more market opportunities to Africa, but also can solve its problems of poverty and lack of infrastructure and help Africa’s modernization enter the fast lane, he said.
Sachs also affirmed the importance of Hong Kong as an international financial center, adding that that the SAR has often been able to reach new heights and breakthroughs, and has an important role to play in promoting and coordinating sustainable financing.
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Hong Kong Financial Secretary Paul Chan Mo-po delivered the welcome remarks. Wu Bo, president and chief financial officer and member of the Management Committee, China International Capital Corporation Limited, also gave opening remarks.
Li Xiang and Janice Jiang in Hong Kong contributed to the story.
