Sagatom Saha

Image: During an autumn 2016 inspection tour in Shenzhen (Guangdong Province), PRC Premier Li Keqiang poses with workers holding characters for the “Made in China 2025” (中国制造2025, Zhongguo Zhizao 2025) indigenous technology innovation program. (Source: Xinhua)

Image: PRC lead trade negotiator Liu He (刘鹤) (left) and U.S President Donald Trump (right) pose for a photo at the signing of the “Phase One” U.S.-China trade agreement on January 15, 2020. Despite optimistic statements surrounding the signing of the deal, serious disputes remain unresolved between the two sides. (Image source: Xinhua)

Image: A supertanker unloads oil at a terminal in Zhoushan (Zhejiang Province), February 2018. (Source: Caixin Global). China is the world’s largest importer of oil, and it is therefore seeking closer relations with Gulf Region producers, including Iran. The fact that oil deals are usually denominated in dollars imposes additional transaction costs and exchange rate risks, providing another motivation for the PRC to seek greater internationalization of its own renminbi currency.

Image: PRC Premier Li Keqiang (center) presides over a November 25, 2019 meeting of senior CCP officials to review plans for the 14th Five-Year Plan (2021-2025). Other figures present include Vice-Premier Han Zheng (right), a member of the Politburo Standing Committee; and Vice-Premier Liu He (second from left), the lead representative in trade negotiations with the United States. (Source: PRC State Council)