While the pandemic drove a temporary surge in shipment volumes due to demand for some products such as personal protective equipment (PPE) and electronics, it remains to be seen whether global trade will recover on a sustained basis. There is increasing risk of bifurcation in crucial technologies, as the US and China seek to reduce their reliance on each other. As the two countries diversify their respective technology bases and supply chains, the development of important technologies such as semiconductors, artificial intelligence and 5G telecommunications will increasingly bifurcate. Recently, the US introduced restrictions on the export to China of advanced processors widely used for AI calculations. Cross-border mergers and acquisitions across technology firms have been blocked by both sides due to anti-monopoly and national security considerations. US-China tensions are also causing a rift between the two rivals’ financial systems. Increasing scrutiny of Chinese listings in the US has prompted some Chinese firms to think about delisting from US markets. China, as well as some other countries, are seeking to reduce their dependence on the US dollar and US payment system. These developments could lead to a more fragmented global financial system over time. The growing decoupling between the US and China in trade, technology, and finance are likely to have far-reaching economic consequences. At the broad macro level, this decoupling cannot be good for global economic growth. At the micro level, there will be adjustments in supply chains, trading relationships, technology procurements, and financial arrangements that will have differentiated implications across countries and sectors.

Zeti Akhtar Aziz: Insurance and reinsurance in the aftermath of the global crisis Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 21st Federation of Afro-Asian Insurance and Reinsurance Conference, Kuala Lumpur, 20 October 2009. *  *  *  It is my great pleasure to be here today at the 21st Federation of Afro-Asian Insurance and Reinsurance Conference in Kuala Lumpur. This Conference reinforces the cooperation between the African and Asian region in the development of the insurance industry. The theme of this year's conference, "the insurance and reinsurance environment in the aftermath of the global financial and economic crisis", is indeed highly relevant as stabilization and signs of recovery are emerging in the world economy. The crisis has tested the robustness and resilience of financial systems around the world. The far reaching implications of the financial crisis have shaken the foundations of the international financial system. The effects of the crisis on the financial systems and the re-thinking by the international community on the issues that have surfaced during the crisis will fundamentally change the future financial landscape. This Conference provides an important platform to discuss the key issues faced by the insurance and reinsurance industry, in particular, in the context of our two regions and to discuss the potential to leverage on our respective relative strengths and the opportunities that the new environment presents.