This paper argues that the COVID-19 pandemic is an inevitable result of globalisation and that the pandemic, in turn, has seriously threatened the world’s globalisation, but adverse effects on globalisation will be temporary.

Although governments everywhere are scrambling to contain the economic fallout from COVID-19, some are approaching the task more strategically than others. The European Union and China, in particular, are focusing on long-term investments in clean energy, whereas America is doubling down on the past.

While some degree of deglobalisation may be desirable today, this process also carries grave risks, from skyrocketing production costs to geopolitical conflict. The only way to mitigate those risks is through enhanced multilateral cooperation.

China’s decision to demolish the “one country, two systems” arrangement in Hong Kong appears to be a fait accompli, and in fact seems to have been preordained. Viewed in a broader context, the move represents a major salvo in a new cold war that is already playing out across three critical dimensions.