this is the first time a us treasury secretary has visited china since the covid pandemic and this is the environment they find themselves in. for example, trade restrictions. one point of contention is over rare earth metals, essential components to make semiconductor those which are used in everything from smart phones to military equipment. earlier this week beijing said it will require a special license to obtain two metals predominantly mined in china stopping this move has seen a retaliation against export bands put in place by the united states of critical technology needed for artificial intelligence and quantum computing. both sides argue that these bands are neededin argue that these bands are needed in the interest of national security. another issueis national security. another issue is the weakening yuan. china s currency has lost nearly 5% of its value against the us dollar over the past year which makes chinese exports more competitive on the global market. the
welcome to hardtalk. i m stephen sackur. the idea of a social contract is a staple of political philosophy, put curedly, it s the ties and obligations that bind the individual, the community and the state. but what happens when that contract is threatened by forces beyond the control of any national government, say, a climate crisis or right now, a global pandemic? my guest is baroness minouche shafik, the director of london school of economics, former top official at the world bank. is humanity capable of collective action to meet global challenges? baroness minouche shafik, welcome to hardtalk. thank you very much. lovely to be here. it s a pleasure to have you on the show. you have written extensively through a long career as a top economist about the relationship between the individual and the collective, whether it be the community, the nation state or indeed, the wider world. what do you think the covid pandemic has revealed to us about the limitations of, for example,
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