Xi's Four-Point Plan on Mideast War - World Facing 'Struggle Between Right & Might' - Pedro Sánchez's China Visit - China's Q1 Trade at $1.69 Trillion - Lavrov Meets Wang in Beijing
Here are the key reports and articles from the People’s Daily’s edition on Wednesday, April 15, 2026.
Page 1: Let’s begin with Xi Jinping’s meeting with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. The Chinese readout says:
President Xi Jinping noted that the UAE is China’s comprehensive strategic partner, and China always attaches high importance to growing this bilateral relationship. With the concerted efforts of both sides, China and the UAE have maintained sound and stable development of bilateral relations, kept deepening mutual political trust, steadily advanced practical cooperation, and enjoyed vibrant people-to-people exchanges. To cement and elevate China-UAE relations is the firm commitment of both sides and meets the aspiration of both peoples. China stands ready to work with the UAE toward a more solid, resilient and dynamic China-UAE comprehensive strategic partnership. Our two countries should continue to provide mutual support on issues concerning each other’s core interests and major concerns, maintain high-level exchanges and strengthen strategic mutual trust. We should enhance synergy between development strategies, tap into the potential and deepen win-win cooperation in such areas as energy, investment, trade, science and technology. We should strive for greater progress in education, civil aviation and tourism to foster closer people-to-people exchanges and strengthen popular support. We should enhance coordination and cooperation in multilateral platforms such as the U.N. and BRICS, counter international and regional uncertainties with a stable China-UAE relationship, and jointly build a community with a shared future for humanity.
On the conflict in the Middle East, the readout says:
“President Xi Jinping stressed China’s principled position of promoting peace and facilitating talks, and reiterated China’s readiness to continue playing a constructive role in this regard. President Xi Jinping made four propositions on safeguarding and promoting peace and stability in the Middle East.
First, stay committed to the principle of peaceful co-existence. The Gulf states in the Middle East are close neighbors that cannot move away. It’s important to support the Gulf states in improving their ties, work to build a common, comprehensive, cooperative and sustainable security architecture of the Middle East and the Gulf region, and consolidate the foundation for peaceful co-existence.
Second, stay committed to the principle of national sovereignty. Sovereignty serves as a foundation for all countries, especially developing countries, to survive and thrive, and it must not be violated. The sovereignty, security and territorial integrity of the Gulf states should be earnestly respected, and the safety of their personnel, facilities and institutions vigorously safeguarded.
Third, stay committed to the principle of international rule of law. We should safeguard the authority of international rule of law, reject selective application, and prevent the world from returning to the law of the jungle. It is important to firmly uphold the international system with the U.N. at its core, the international order based on international law, and the basic norms governing international relations underpinned by purposes and principles of the U.N. Charter.
Fourth, stay committed to a balanced approach to development and security. Security is a prerequisite for development, and development serves as a safeguard of security. All sides should work to create a sound environment for and bring positive energy to the development of the Gulf states. China stands ready to share with the Gulf countries the opportunities through Chinese modernization, and work with them to nurture a fertile ground for regional development and security.”
As per the Chinese readout, Sheikh Khaled said: “The UAE commends China’s responsible and constructive role in international affairs, and China’s efforts on promoting political settlement of the crisis taking place in the Middle East. The UAE is committed to staying in close communication and coordination with China to facilitate ceasefire between the relevant sides, restore peace and stability in the region as soon as possible, maintain international shipping security, and prevent further impact on the global economy and energy security. The UAE will earnestly protect the safety of Chinese citizens and institutions in its territory.”
Xi also met with Spanish Prime Minister Pedro Sánchez. The Chinese readout says:
“President Xi Jinping noted that despite the changing and turbulent international landscape, China-Spain relations have developed steadily, forging a relationship with strategic resolve. An important experience of this lies in the ability to make the right decisions based on common interests. Facts have proven that deepening cooperation serves the interests of both peoples, aligns with the prevailing trend of our times, and bolsters each other’s strength and confidence in pursuing an independent path. The two sides should always prioritize the development of bilateral relations in their respective foreign policies and support each other in safeguarding national sovereignty and territorial integrity. China combines its long-term strategic goals with phased objectives, and acts with historical patience to draw up and carry out five-year plans generation after generation. China has firm resolve in advancing Chinese modernization and the broad-mindedness to share development opportunities with the world through high-standard opening up. China will inject confidence and momentum into global economic growth through its own development. The two sides should seize opportunities, jointly pursue innovation-driven development, strengthen cooperation in areas such as trade, new energy, and smart economy, and encourage exchanges in culture, education, scientific research, and sports, so as to bring about more outcomes in the comprehensive strategic partnership and deliver greater benefits to the two peoples.”
“President Xi Jinping emphasized that today’s turbulent world faces the struggle between right and might. How a country approaches international law and the international order reflects its views of the world, order, and values, and its sense of responsibility. China and Spain are both countries that value principle and justice. We need to strengthen communication, consolidate mutual trust, and work closely together to reject any backslide into the law of the jungle, jointly uphold true multilateralism, safeguard the U.N.-centered international system and the international order underpinned by international law, promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, and foster the building of a community with a shared future for humanity.”
As per the Chinese readout, Sanchez said:
“Spain firmly adheres to the one-China principle, highly values China’s status as a major country, and is deeply committed to developing a Spain-China partnership with strategic resolve. Spain hopes to strengthen cooperation in trade, investment, new energy, and other sectors, as well as to enhance people-to-people exchanges. Faced with a complex and challenging international situation and multiple recurring conflicts and disputes, only by adhering to multilateralism and fostering a multipolar world can lasting peace be achieved for humanity. Spain actively supports the four major Global Initiatives proposed by President Xi Jinping and stands ready to maintain close communication and coordination with China to jointly address challenges related to international geopolitics, trade protectionism, and climate change, while upholding international law and multilateralism. Spain opposes a new Cold War and attempts to decouple and sever supply chains, and supports enhanced communication, understanding and cooperation between Europe and China. The sound development of EU-China relations serves the common interests of both sides and contributes to world peace and stability.”
Another report on the page talks about Li Qiang’s meeting with Sanchez. The report says:
“Li Qiang said that, at present, ‘volatility’ and ‘turbulence’ in the international situation have become more prominent, with unilateralism and protectionism on the rise. But at the same time, the forces seeking cooperation and promoting development are also continuously growing stronger. China and Spain, as major economies of the world, jointly safeguard multilateralism and free trade, firmly push forward open cooperation, and have added momentum to the development of the two countries and even the world. The more volatile and turbulent the international landscape becomes, the more China and Spain should strengthen practical cooperation, empower each other and achieve mutual success. This morning, President Xi Jinping held talks with the Prime Minister, drawing up a blueprint for deepening the relations of the two countries. China stands ready to further align its development strategies with Spain, promote the continuous deepening and solidification of all-round cooperation, and achieve a higher level of mutual benefit and win-win results.”
I am using Xinhua English and the Chinese report to build the next paragraph.
Li said China is willing to work with Spain to better leverage their complementary economic advantages, deeply explore cooperation potential, and promote the expansion, quality improvement and balanced development of bilateral trade. China is willing to import more high-quality products from Spain and encourage more capable Chinese-funded enterprises to invest in Spain. China is willing to enhance cooperation with Spain in areas such as new energy vehicles and energy storage to create more highlights of cooperation, Li said, adding that China supports universities, research institutions and enterprises from both sides to strengthen joint research and development, enhance scientific and technological innovation capabilities, and work together to seize future development opportunities. Li said China is also willing to enhance the level of transportation cooperation with Spain, promote the high-quality development of the China-Europe Railway Express, and jointly build an international green shipping corridor. It is hoped that Spain will continue to play an important role within the European Union and promote the healthy development of economic and trade relations between China and the EU, Li noted. 李强指出，中方愿同西班牙更好发挥经济互补优势，深挖合作潜力，推动两国贸易扩容提质、平衡发展。中方愿进口西班牙更多优质产品，鼓励更多有实力的中资企业赴西班牙投资。中方愿同西班牙加强新能源汽车、储能等领域合作，打造更多绿色合作亮点。双方要用好科技合作联委会等平台，支持两国高校、科研机构和企业加强联合研发、成果转化等合作，共同增强科技创新能力，携手抢抓未来发展机遇。中方愿同西班牙提升交通运输合作水平，促进中欧班列高质量发展，共建国际绿色航运走廊。希望西班牙继续在欧盟内发挥重要作用，推动中欧经贸关系健康发展.
As per the report, Sanchez said that Spain sought to “expand cooperation in trade, investment, science and technology, renewable energy, education, culture and other fields, expand tourism and people-to-people exchanges, continuously enhance the stability and sustainability of bilateral relations, and better benefit the two peoples. Spain is ready to enhance multilateral communication and coordination with China and firmly support the United Nations and multilateralism, Sanchez said, adding that the Spanish side supports strengthening dialogue and communication between the EU and China, and is willing to play an active role in handling economic and trade differences properly, and in promoting trade and investment cooperation between the EU and China.”
The two sides signed deals in areas of economy and trade, education, science and technology, and agriculture and food.
Zhao Leji also met Sanchez. Xinhua reports:
Zhao said that “China is willing to work with Spain to implement the important consensus reached by the leaders of the two countries, consolidate political mutual trust, promote all-around mutually beneficial cooperation, and build a comprehensive strategic partnership that is more strategically resilient, more dynamic, and of greater international influence, Zhao said. The NPC of China stands ready to work with the Spanish parliament to strengthen exchanges between the legislative bodies, deepen experience sharing in legislation, supervision and governance, and create a favorable legal environment for pragmatic cooperation between the two countries, Zhao noted.”
Importantly, Sanchez reiterated: “Spain firmly adheres to the one-China principle.”
Next, there’s a combined report on Wang Huning’s meetings with Gerry Brownlee, speaker of the New Zealand House of Representatives, and Vietnamese President To Lam.
Xinhua’s report on Wang’s meeting with Brownlee says:
“Wang said China is willing to work with New Zealand to implement the important consensus reached by the two countries’ leaders, solidify the political foundation of bilateral relations, and maintain the correct direction of cooperation for mutual benefit. China will also work with New Zealand to jointly practice genuine multilateralism, and promote the continuous development of the China-New Zealand comprehensive strategic partnership, said Wang. The CPPCC stands ready to play an active role in this regard, he added. Noting that China’s rapid development and transformation is impressive, Brownlee said New Zealand adheres to the one-China policy and is willing to strengthen cooperation with China in trade, science and technology, environment, climate change, tourism, and education, among others. The New Zealand parliament is ready to deepen exchanges with the Chinese side, enhance understanding of China, tighten cultural and people-to-people exchanges, and promote the development of New Zealand-China relations, Brownlee noted.”
Xinhua’s report on Wang’s meeting with To Lam says:
Wang said that “China is willing to work with Vietnam to implement the important consensus reached by the general secretaries of the two parties, carry out in-depth exchanges and mutual learning of theories and experiences in party and state governance, promote the development of a China-Vietnam community with a shared future, and advance the steady and long-term development of bilateral relations, said Wang, adding that the CPPCC National Committee is willing to make contributions in this regard. To Lam said Vietnam has always followed and sincerely congratulated China on its theoretical explorations and practical achievements in reform, opening up and socialist modernization. In the new era, Vietnam stands ready to deepen political mutual trust, strengthen strategic alignment, and consolidate traditional friendship with China to help both sides achieve new development goals, he added.”
Finally, there’s a report with Q1 trade data from China. Some of these numbers are really interesting. Total imports and exports reached 11.84 trillion yuan ($1.69 trillion) in the first quarter, up 15% year on year. This is the first time that first-quarter trade has exceeded 11 trillion yuan, while the quarterly growth rate is also the fastest in nearly five years. Exports totaled 6.85 trillion ($977.49 billion) yuan, up 11.9%, while imports rose 19.6% to 4.99 trillion yuan ($713.16 billion). In USD terms, overall Q1 trade was up 18.0%; exports grew 14.7% while imports grew 22.7%. Here’s some country-specific data from the GACC’s website:
Total trade with the EU was $212 billion, expanding 17.6% year on year. Exports grew 21.1%, while imports expanded 10.5%.
Trade with the US was $128.7 billion, falling 16.6%. Exports fell 16.3%, while imports tumbled 17.6%. If one just looks at Q1 trade data in USD, China’s trade with the US is now just 7.61% of its total trade. And its exports to the US are just 9.89% of its total exports. This offers an understanding of how far de-risking seems to have taken place in terms of direct trade with the US.
Total trade with ASEAN countries expanded to nearly $281 billion, growing 18.4%. Exports, at around $176 billion, grew 20.5%, while imports, at $105 billion, also grew 15.0%.
China’s Q1 trade with Japan was around $85 billion, and fairly balanced, with Japan enjoying a small surplus. Total trade in Q1 grew 17.8$, with Chinese exports expanding 6.9% and imports growing by 29.9%.
China’s trade with Australia in Q1 was $61.26 billion, expanding 40.7%. Its exports grew 23.5%, while imports expanded by 50.7%. In absolute terms, China imported around $41 billion worth of goods from Australia. So the trade balance favours Canberra.
Trade with Russia was also above 60 billion, growing 14.8%. China’s exports to Russia expanded 22.1%, while its imports grew 9.5%. In this case, the overall trade is fairly balanced, with China exporting goods worth 27.67 billion in Q1 and importing goods worth $33.6 billion
China’s Q1 trade with India was $43.14 billion. This is a growth of 19.9%. China’s exports to India expanded by 17.5% in Q1, while its imports grew 37.5%. The absolute numbers are important here. In absolute terms, China imported only $5.8 billion worth of goods from India.
The report also says:
“In the first quarter, China’s exports of machinery and electronic products reached 4.34 trillion yuan, a year-on-year increase of 18.3%, accounting for 63.4% of total exports, up 3.5 percentage points from the same period last year. Among them, exports of green products such as electric vehicles, lithium batteries, and wind turbine generators and their parts increased by 77.5%, 50.4%, and 45.2%, respectively.”
Page 3: There’s a report on Wang Yi’s meeting with the visiting Sergei Lavrov. The Russian Foreign Minister also met Xi Jinping today, but I don’t have the full readout on that yet. Anyway, the Chinese readout of the Wang-Lavrov meeting says:
“Wang Yi said that the current international landscape is undergoing intense turbulence. The perils of unilateralism and hegemony are intensifying, the global governance system is facing profound adjustments, and the cause of peace and development for humanity is confronting severe challenges. Faced with a complex and volatile external environment, and under the personal care and strategic guidance of President Xi Jinping and President Putin, China-Russia relations ‘do not fear the floating clouds blocking the view’ and cooperation in various fields ‘after a thousand grindings and ten thousand strikes is still firm and strong’. On the international stage, both sides coordinate with and support one another, demonstrating to the world that amidst adverse currents, a righteous path still exists, and amidst shifting landscapes, a sense of responsibility prevails.” 王毅表示，当前国际局势剧烈动荡，单边霸权危害加重，全球治理体系面临深刻调整，人类和平发展事业遭受严峻挑战。面对复杂多变的外部环境，在习近平主席和普京总统亲自关心和战略引领下，中俄关系“不畏浮云遮望眼”，各领域合作“千磨万击还坚劲”。双方在国际舞台相互协调，相互呼应，向全世界表明逆流之中仍有正道、变局之下更有担当.
“Wang Yi said that this year marks the 30th anniversary of the establishment of the China-Russia strategic partnership of coordination and the 25th anniversary of the signing of the China-Russia Treaty of Good-Neighbourliness and Friendly Cooperation. It also marks the inaugural year of China’s 15th FYP. Both China and Russia must seize this historic opportunity and align with the prevailing trends of the times to fully implement the important consensus reached by the two heads of state, thereby elevating the China-Russia strategic partnership of coordination , along with mutually beneficial cooperation across all fields, to a higher level. The two sides should strengthen cooperation within multilateral frameworks such as the United Nations; take the 25th anniversary of the founding of the Shanghai Cooperation Organization as an opportunity, and through China-Russia cooperation implement the consensus of the Tianjin Summit, supporting Kyrgyzstan in hosting this year’s summit well; jointly safeguard the momentum of unity of the BRICS countries, and defend the legitimate rights and interests of the Global South; continue to maintain strategic coordination on major international and regional issues, join hands in practicing multilateralism and international righteousness, and jointly advance the process of world multipolarization.” 王毅说，今年是中俄战略协作伙伴关系建立30周年和《中俄睦邻友好合作条约》签署25周年，也是中国“十五五”开局之年。中俄双方要把握历史契机，顺应时代大势，全面落实两国元首达成的重要共识，推动中俄战略协作伙伴关系和各领域互利合作向更高水平发展。双方应加强在联合国等多边框架下合作，以上海合作组织成立25周年为契机，通过中俄合作落实天津峰会共识，支持吉尔吉斯斯坦办好今年峰会；共同维护好金砖国家团结势头，捍卫全球南方正当权益；继续就重大国际地区问题保持战略协作，携手践行多边主义和国际道义，共同推进世界多极化进程.
“Lavrov stated that the Russia-China comprehensive strategic partnership of coordination is characterised by mutual respect and high mutual trust. The Russian side stands ready to work with China to effectively implement the consensus reached by the heads of state of both countries, maintain close high-level exchanges, deepen practical cooperation, and achieve mutual benefit and win-win results. The current international situation is facing severe challenges; some countries are attempting to cobble together various ‘small circles’ to contain Russia and China. Both sides must effectively align the series of global initiatives proposed by President Xi Jinping with concepts put forward by President Putin—such as the ‘Greater Eurasian Partnership’ and a ‘Security Architecture for the Eurasian Continent’, while maintaining coordination and cooperation within multilateral forums and in international and regional affairs, safeguarding their respective national interests, and jointly upholding the security and stability of the international system.” 拉夫罗夫表示，俄中是彼此尊重、高度互信的全面战略协作伙伴。俄方愿同中方共同落实好两国元首共识，持续密切高层交往，深化务实合作，实现互利共赢。 当前国际形势面临严峻挑战，一些国家企图拼凑遏制俄中的各种“小圈子”，双方要对接好习近平主席提出的系列全球倡议和普京总统提出的“大欧亚伙伴关系”“欧 亚大陆安全架构”等设想，在多边舞台和国际地区事务中保持协调配合，捍卫各自国家利益，共同维护国际体系安全稳定.
Both sides communicated and aligned plans for the meeting between the two heads of state later this year, and exchanged in-depth views on international and regional issues of common concern, such as the US-Iran conflict, the situation in the Asia-Pacific region, and the Ukraine crisis. Following the talks, the two sides jointly signed a consultation plan between their respective foreign ministries for 2026. 双方就筹备年内两国元首会晤进行沟通对表，并就美伊冲突、亚太局势、乌克兰危机等共同关心的国际和地区问题深入交换意见. 会谈后，双方共同签署两国外交部2026年磋商计划.
What we have from the Russian side so far are Lavrov’s opening remarks. He said:
“I fully agree with you that the foundations of international relations are facing the most severe challenges. Just look at what happened in Latin America, Venezuela, at the beginning of the year, and what is happening now in the Middle East. The Ukraine crisis, which the West tried to artificially create in order, as it claimed, to inflict a strategic defeat on the Russian Federation, is now being used, primarily by the Europeans, to begin nurturing plans to create a new aggressive bloc in western Eurasia and to drag the Ukrainian regime into it clearly with the objective of directing this new entity against the Russian Federation. Highly dangerous games continue unabated in eastern Eurasia as well, including the Taiwan issue and the South China Sea. The situation on the Korean Peninsula and in the space that has for many years remained a place of cooperation and neighbourliness – I’m referring to the ASEAN-centric space - is being escalated as well. Attempts are being made to break it apart by creating small-geometry and bloc-like entities in order to contain both the People’s Republic of China and the Russian Federation, which share borders with this most important region that is part of Eurasia. Our vast continent needs to be watched over at all times. I am confident that we will be able to substantively discuss joint practical steps today, both in line with the initiatives put forward by the President of the People’s Republic of China on global security and other areas, and in line with President Vladimir Putin’s initiative to form common Eurasian continental security architecture.”
Also on the page is a brief report informing that Mozambique’s President Daniel Francisco Chapo will visit China, starting April 16.
Page 4: There’s a report on the new guidelines on improving the drug price formation mechanism. Xinhua says:
“These guidelines, recently issued by the General Office of the State Council, stress the need to refine the market-oriented mechanism for drug price formation, support the high-quality development of the pharmaceutical industry, and ensure that the people have access to medicines that are both high in quality and reasonable in price. The guidelines propose optimising the initial pricing mechanism for newly marketed drugs, including innovative drugs. In the case of high-level innovative drugs with a high degree of innovation and significant clinical value, their prices at the early stage of market entry should reflect the high R&D investment and high risk involved, and remain relatively stable for a certain period of time, according to the guidelines. The document calls for giving full play to the roles of commercial health insurance and charitable funding in the pricing of innovative drugs, while introducing multi-party participation in price negotiations for innovative drugs to broaden their payment channels. To ensure the stable supply and pricing of drugs in short supply, the guidelines highlight dynamic adjustments to both national and provincial drug shortage lists, as well as to lists for clinically essential drugs prone to shortages. Regarding the pricing of anaesthetic and psychotropic substances, the policy states that government-guided prices should be applied to anaesthetic and Category I psychotropic drugs in accordance with the law. The guidelines call for leveraging the guiding role of medical insurance payment standards in drug price formation, and improving the price formation mechanism for bulk procurement. The guidelines also emphasise beefing up law enforcement regarding pharmaceutical prices and anti-monopoly law enforcement, warning that severe legal actions will be taken against illegal practices in the pharmaceutical and raw material sectors, including monopolistic pricing and market manipulation.”
Page 11: Today is China’s National Security Day. There’s an article today by Xu Qin, the Party Secretary for Heilongjiang Province. The beginning of the article has a lot of praise for Xi Jinping and his Overall National Security Concept. Xu then talks about how the provincial leadership is working to ensure that the “five major securities” 五大安全 are taken care of. The five securities that he is talking about are:
national defense security
food security
ecological security
energy security
industrial security
On the practice of the Fengqiao Experience in the new era, Xu writes that the government is guiding “new economic organizations, new social organizations, and new employment groups to participate in governance in an orderly manner; strengthened the science-and-technology governance of artificial intelligence, data algorithms, and so forth; ensured that all 125 county-level Comprehensive Governance Centers are up and running effectively; the special governance campaign of ‘defusing contradictions and risks and safeguarding social stability’ has been deepened, and the resolution rate of contradictions and disputes has reached 98%.” 黑龙江坚持系统治理、依法治理、综合治理、源头治理，深化新时代“枫桥经验”龙江实践，引导新经济组织、新社会组织、新就业群体有序参与治理，加强人工智能、数据算法等科技治理，125个县级综治中心全部实现“五有”目标，深化“化解矛盾风险维护社会稳定”专项治理，矛盾纠纷化解率达98%.
Page 15: There’s an article by Dong Xiucheng, Executive Director of the China International Low Carbon Economy Research Institute at the University of International Business and Economics, on the issue of the Strait of Hormuz. He writes:
Since the outbreak of the US-Israel-Iran conflict, the shipping crisis in the Strait of Hormuz has evolved into a historic global energy supply disruption. Far from being a mere fluctuation in oil prices, this crisis is steadily eroding the foundations of global economic growth through multiple transmission channels, including industrial supply chains, inflation expectations, and financial conditions. 自美以伊冲突爆发以来，霍尔木兹海峡航运危机已演变为一场历史性的全球能源供应中断。这远非一次简单的油价波动，它通过产业链、通胀预期和金融条件等多重传导渠道，不断侵蚀全球经济增长根基.
Energy serves as the lifeblood of modern industry; consequently, a surge in energy prices triggers a ‘chain reaction’ across various segments of industrial and supply chains, driving up product prices in sectors such as petrochemicals, transportation, fertilisers, and electronics. For instance, as a global hub for fertiliser production, the Gulf region faces disruptions to its production capacity and logistics, thereby threatening global food security. Furthermore, the price of helium, a critical raw material for semiconductor manufacturing, has doubled due to damage sustained by facilities in Qatar, introducing additional uncertainty into the global electronics supply chain. 能源是现代工业的血液，其价格飙升将在产业链供应链相关环节引发“链式反应”，导致油气化工、交通、化肥、电子行业等产品价格走高。例如，海湾地区作为全球化肥生产重镇，其产能与物流受阻，将影响全球粮食安全；作为半导体制造关键原料的氦气因卡塔尔设施受损而价格翻倍，也为全球电子产业链增添变数.
The sharp rise in oil and gas prices has pushed up global inflation levels. Some countries’ central banks, in order to curb inflation, have postponed the cycle of interest rate cuts, and a few countries have even begun to restart rate hikes. Consequently, expectations of monetary easing are receding. However, the inflation resulting from this supply shock is cost-push in nature; attempting to suppress demand through interest rate hikes therefore carries the risk of triggering stagflation. This risk is particularly acute for emerging markets and developing economies that are heavily dependent on energy imports, where the compounded dangers of currency depreciation, capital outflows, and mounting debt are escalating further. 油气价格大幅上涨，推高了全球通胀水平，部分国家央行为抑制通胀推迟降息周期，少数国家甚至开始重启加息步伐，货币宽松的预期在退潮。但是，供给冲击带来的通胀是成本推动型的，通过加息抑制需求，又有可能带来滞胀风险。尤其对于高度依赖能源进口的新兴市场和发展中经济体，货币贬值、资本外流和债务交织叠加的复合风险进一步上升.
The global energy landscape is also poised for profound adjustments. The past globalized energy supply system centered on ‘efficiency’ and ‘cost’ is accelerating its shift toward a regionalized and diversified system oriented toward ‘security’ and ‘resilience’. Countries will accelerate the improvement of strategic energy reserves and implement diversification strategies for oil and gas sources. Energy transport routes and trade structures will become more regionalised and near-shored, in order to avoid geopolitical risks. Moreover, the pace of the global energy transition is set to accelerate, as countries ramp up investment in non-fossil energy development and promote the application of technologies, such as energy substitution and modern coal chemical processes, to reduce their excessive reliance on oil and gas. 全球能源格局也将迎来深刻调整。过去以“效率”和“成本”为核心的全球化能源供应体系，正加速向以“安全”和“韧性”为导向的区域化、多元化体系转变。各国将加快完善战略能源储备，实施油气来源多元化战略。能源运输路线和贸易结构将更趋区域化、近岸化，以规避地缘政治风险。全球能源转型步伐将提速，各国将加大对非化石能源开发的投资力度，推进能源替代和现代煤化工等技术应用，以降低对油气的过度依赖.
(My Note: From a developing country perspective, I find this argument to be extremely weak in the near-term. First, yes, countries can build stockpiles, but there’s only so much stockpiling one can do. Secondly, oil and gas is not like drugs or electronics that one can near-shore and build capacities. These are natural resources. Some countries have them; some don’t. So a country like India will always import oil and gas. But yes, you can diversify import partners and de-risk to limit dependence on a single actor. Also, you can potentially de-risk in terms of trade routes and avoid certain chokepoints. This entails anything from higher shipping costs and longer routes to new pipeline building, which may involve heavy investments and come with their own security risks. Finally, yes one can diversify the fuel basket and reduce dependence on imported oil and gas; but let’s be honest, it’s going to be a long, long time before the investments in green energy create the kind of de-risking that large developing countries need. Another point that I was wondering about is what does diversification and de-risking mean for Europe?)
In the face of the crisis, the immediate priority is to promote a ceasefire and stop the fighting through diplomatic means, and to restore normal navigation in the Strait of Hormuz as soon as possible; this constitutes the fundamental prerequisite for stabilizing global market confidence. At the same time, the international community needs even more to strengthen macroeconomic policy coordination, strive to maintain the stability of global industrial and supply chains, and seek pathways of certainty amid uncertainty. 面对危机，当务之急是通过外交途径推动停火止战，尽快恢复霍尔木兹海峡常态化通航，这是稳定全球市场信心的根本。同时，国际社会更需加强宏观政策协调，努力维护全球产业链供应链稳定，在不确定性中寻找确定性路径.