Thursday, February 6, 2025
Last month, a Bloomberg article titled "Why The China Bubble Hasn't Popped" caught my attention. It seems people are persistently disappointed, waiting for China’s economy to collapse, only to be met with a reality that doesn’t align with those expectations. Unfortunately for the doomsayers, China’s economy isn’t on the verge of collapse. It’s evolving, adapting to ongoing challenges.
This situation brings to mind a saying that captures the essence of Chinese thinking: "摸着石头过河" (Mó zhe shítou guò hé), which translates to "crossing the river by feeling the stones." Often attributed to Deng Xiaoping, this metaphor reflects a pragmatic, flexible approach to reform. It’s about moving forward cautiously, step by step, with each decision informed by real-time feedback and experience. The key lies in trial and error and trial again until it works.
In today’s uncertain world, the question shouldn’t be when China will collapse, but rather how it will continue to adapt, innovate, and shape its role and thrive in the global economy.
On another bigger issue, on January 10, 2025, many outlets reported that 2024 was the hottest year on record, with confirmation from sources like the UN, WMO, and NASA.
The World Meteorological Organization (WMO) stated, “We saw extraordinary land and sea surface temperatures, extreme ocean heat, and severe weather affecting many countries around the world—destroying lives, livelihoods, and dreams. We also witnessed the retreat of sea ice and glaciers. It was an extraordinary year.”
NASA also confirmed that 2024 was the warmest year on record. According to their analysis, Earth’s average surface temperature in 2024 surpassed all previous years.
California, in particular, has faced devastating wildfires in recent years, driven by rising temperatures, dry conditions, and shifting weather patterns.
Glaciers are melting at an accelerated pace, contributing to rising sea levels. This phenomenon has been closely tracked by NASA, NOAA, and other climate researchers for decades.
There is a pressing need for countries to transition from fossil fuels to clean energy, while simultaneously phasing out coal and other fossil fuel plants.
Unfortunately, this transition is stalled in the U.S., where the current administration withdrew from the Paris Climate Accords and continues to prioritize the interests of the oil and gas industries. There's also a troubling lack of support for climate change action and clean energy solutions.
The situation is deeply disturbing, and it highlights the urgent reality of the climate crisis. The consequences are no longer future projections—they are happening now, in the form of raging wildfires, melting glaciers, and more extreme weather events.
It’s clear that simply expanding clean energy won’t be enough if we don’t also shut down existing fossil fuel infrastructure.
Equally alarming is the lack of strong political and scientific leadership in the U.S. to confront climate change directly. Without this leadership, the world will inevitably look elsewhere for guidance in tackling climate issues.