From the rise of China to the fate of crypto, Future Investment Initiative offered glimpses of a world in transition

From the rise of China to the fate of crypto, Future Investment Initiative offered glimpses of a world in transition

RIYADH: The third and final day of the Future Investment Initiative (FII) forum in Riyadh saw experts unpack issues running the gamut from China’s rise to superpower status and the fluctuating fortunes of cryptocurrency to Africa’s green energy transition. One session, titles “China is back,” sought to figure out China’s precise place in the “new global order” and how the Middle East might collaborate with the Asian power to enhance its own position, and potentially provide a bridge between the East and West. Earlier this year, the Chinese city of Shanghai went into lockdown following a new outbreak of the omicron variant of COVID-19 Since then, citizens of other major cities across the country have been ordered to stay home, bringing local economies to a standstill. While other nations have sought to drive down COVID-19 infections through a mixture of mass vaccination and public awareness campaigns, China has implemented a policy of “zero COVID,” resulting in multiple highly disruptive lockdowns. Such is the size and far-reaching influence of the modern Chinese economy and its dominant role in global supply chains, as well as manufacturing, that the impact of these lockdowns has been felt around the world. Despite global stress in