Zhao Xiaozhuo, a researcher at the Chinese Academy of Military Sciences, explains the trajectory of the Ukraine war in terms of two types of warfare: “mechanized warfare,” centered mostly on large-scale platforms such as aircraft and tanks, and “information warfare,” which more systemically integrates such platforms with other tools, including low-cost, dual-use technologies such as drones and social media. Zhao argues that Ukraine has used the latter to its advantage, which has enabled it to—among other things—take out Russian combat platforms through precision strikes.
Zhang Bei, a senior economist at the People’s Bank of China, warns that risks to China’s financial security are increasing amid an evolving geopolitical environment. Zhang sees sanctions as a double-edged sword, with economic and reputational costs to the sanctioning country—particularly if the sanctioned country is well-integrated with the global economy and financial markets. As a result, Zhang argues that China can reduce the likelihood and impact of potential sanctions by increasing financial openness and integration, diversifying trade and investment relations, and taking a more active role in global economic and monetary governance, including through measured RMB internationalization.