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Non-conventional in English | Homeland Security Digital Library | ID: grc-740641


From the Executive Summary: [1] Since the end of the Cold War, the United Kingdom (UK), United States (US), Australia, Canada and New Zealand - the five powers commonly known in intelligence circles as the 'Five Eyes' - have been among the leading advocates of 'hyper-globalisation', the idea that markets should prevail over almost all other considerations. China has benefited disproportionally from this form of globalisation, leading to a fundamental transformation in its economic and industrial fortunes over the past two decades. [2] Although already well-established in the US, the idea of 'decoupling', particularly from China's economy, has gained currency with the COVID-19 [coronavirus disease 2019] crisis. The inability to produce and source Personal Protective Equipment via globalised supply chains has reminded democratic governments and peoples that it is necessary to be able to produce strategic commodities, just as China's actions and behaviour have reminded them of the authoritarian nature of the Chinese Communist Party (CCP). [3] Under Xi Jinping's leadership, the CCP has already used China's economic power as a geostrategic weapon to revise the rules-based international system. Now vulnerable to rising domestic and international criticism over its handling of the COVID-19 outbreak, the CCP has adopted a policy of aggressive defence, to the extent that it is exploiting accumulated economic dependencies for political gain.Supply and demand;China;COVID-19 (Disease);International economic relations