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Portrait of Jun Akabane. Flyer for the seminar "Japan's Economic Security and the Semiconductor Industry."
In this talk, Prof. Akabane presents research that examines the background behind the recent emphasis on economic security, the history of Japan's semiconductor industry, and the validity of Japan's ongoing semiconductor industry revitalization strategy.
 
Economic security gained prominence globally starting in the late 2010s as the U.S.-China economic rivalry became apparent, leading to related legislative developments. Furthermore, the semiconductor shortage that emerged in 2020 impacted production and social activities globally, leading to semiconductors being positioned as strategic materials. Under the banner of economic security, nations are now working to strengthen their semiconductor industry supply chains.
 
Japan's semiconductor industry held a high market share in the DRAM sector during the 1980s. However, it lost competitiveness in the 1990s due to a misjudgment of market trends and changes in the external environment, such as the Japan-U.S. trade friction and yen appreciation. Its logic integrated circuit (IC) micro-processing technology stalled at 40nm in the 2010s. Against this backdrop, the semiconductor shortage that emerged in 2020 caused the Japanese government to recognize the need to revitalize its semiconductor industry, leading to the launch of two major projects currently underway: TSMC Kumamoto and Rapidus.
 
A comparative analysis, however, reveals strikingly different outcomes for supply chain resilience – a core component of economic security. TSMC Kumamoto strengthened linkages with Japan's equipment, materials, automotive, and electronics sectors, raising expectations that it would bolster Japan's domestic supply chain. Rapidus, by contrast, signals Japan's entry into the global supply chain for advanced logic ICs – a domain it had previously not participated in – rather than primarily reinforcing domestic resilience.
 
June Akabane
Jun Akabane joins the Walter H. Shorenstein Asia-Pacific Research Center (APARC) as a visiting scholar beginning spring 2025 through winter 2026. He currently serves as Professor at Chuo University in the Department of Economics. While at APARC, he will be conducting research analyzing business strategies in the era of economic security from the perspective of global value chains, environmental and human rights issues, with a particular focus on companies in the U.S. and Asia.
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Visiting Scholar, 2025
Jun_Akabane.jpg Ph.D.

Jun Akabane joins the Walter H. Shorenstein Asia-Pacific Research Center (APARC) as visiting scholar beginning spring 2025 through winter 2026. He currently serves as Professor at Chuo University in the Department of Economics. While at APARC, he will be conducting research analyzing business strategies in the era of economic security from the perspective of global value chains, environmental and human rights issues, with a particular focus on companies in the U.S. and Asia.

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At a recent seminar hosted by APARCʼs China Program, Professor Jessica Chen Weiss, the David M. Lampton Professor of China Studies at the Johns Hopkins University's School of Advanced International Studies, presented findings from her forthcoming book, Faultlines: The Tensions Beneath China's Global Ambitions (under contract with Oxford University Press), which examines how domestic politics and regime insecurity shape China’s foreign policy ambitions, prospects for peaceful coexistence, and the future of international order. Drawing on research and fieldwork in China, Weiss argued that understanding Beijingʼs behavior on the world stage requires looking beyond ideology to the contested priorities and political calculations that drive decision-making within the Chinese Communist Party (CCP).

Weiss proposed a framework centered on three pillars that have sustained CCP legitimacy since the late 1970s: sovereignty (nationalism), security (civility), and development. Her analysis reveals that China's objectives are not static but moving targets shaped by competing domestic interests, leadership priorities, and international pressures.


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The Sovereignty-Security-Development Paradigm
 

At the heart of Weissʼs argument is the recognition that the CCPʼs foremost concern is domestic survival. In the face of the collapse of most communist regimes, the Party has remained vigilant against what it calls “peaceful evolution” and democratic contagion.

On issues touching core sovereignty concerns – Taiwan, Hong Kong, and maritime territorial claims – China has been “hyperactive” in making demands, even when doing so invites international censure. Weiss explained that the more central an issue is to CCP domestic legitimacy, the harder it becomes to make concessions, and the more likely international pressure is to backfire.

Yet tensions exist between competing priorities. China has compromised on certain border disputes to shore up domestic security, while its evolving stance on climate change reflects a shift from viewing carbon limits as threats to growth to recognizing the greater threat environmental catastrophes present to the nation’s stability.

Beyond the Monolith: China's Internal Contestation
 

Weissʼs research demonstrates that authoritarian China is far from monolithic. Different geographic, economic, institutional, and even ideological interests shape policy debates, even if most actors lack formal veto power. Local governments can resist central directives, as evidenced during the COVID-19 outbreak, when local officials initially withheld information about human-to-human transmission from the central government to prevent panic from disrupting important political meetings.

This pattern of center-local tension extends to China's international commitments. Local officials often game environmental regulations to juice growth and secure promotions, undermining Beijingʼs pledges on carbon emissions. On issues ranging from Belt and Road investments to export controls, implementation frequently diverges from stated policy as local actors pursue their own interests.

Weiss’s framework distinguishes among issues that are both central and uncontested (such as Taiwan), those that are central but contested (like climate change and trade policy), and peripheral issues where Beijing has shown greater flexibility (such as demonstrated by many UN peacekeeping initiatives). This helps explain why international pressure succeeds in some domains but fails spectacularly in others.

"The more central an issue is domestically, the more pressure the government faces to perform, and the harder it is to defy these domestic expectations," Weiss said. As a result, international pressure on these central issues is more likely to backfire, forcing the government to be seen as defending its core interests. She underscored that "even on these central issues, there's often tension with other central priorities, and managing these trade-offs comes with a number of different risks. It also means that sometimes an issue that touches on one pillar of regime support can yield to another."

Nationalism as Constraint and Tool
 

Weiss described nationalism as both a pillar of the CCPʼs legitimacy and a potential vulnerability when the government’s response appears weak. While large-scale anti-foreign protests have become rare, nationalist sentiment remains active online and shapes diplomatic calculations.

During Speaker Nancy Pelosiʼs 2022 visit to Taiwan, Chinese social media erupted with calls for the PLA to shoot down her plane. One interlocutor told Weiss his 14-year-old son and friends had stayed up past bedtime to watch Pelosiʼs plane land, illustrating nationalismʼs penetration into Chinese society.

Survey research reveals Chinese public opinion is quite hawkish, with majorities supporting military spending and viewing the U.S. presence in Asia as a threat. The government often refrains from suppressing nationalist sentiment to avoid backlash, even when doing so creates diplomatic complications. Weissʼs public opinion survey experiments, however, reveal that tough but vague threats can provide the government with wiggle room for de-escalation, although disapproval emerges when action is not sufficiently tough.

China's activities are making autocracy more viable and, to the extent that China is succeeding, making China's example more appealing as a consequence. But its strategy doesn't hinge on defeating democracy around the world.
Jessica Chen Weiss

Regime Security Without Ideological Crusade
 

Weiss pushed back against arguments that China is bent on global domination or that ideology drives conflict with the West. While the CCP seeks a less ideologically threatening environment, it must balance this against development and market access.

This pragmatic calculus explains China's constrained support for Russiaʼs war in Ukraine — Beijing fears secondary sanctions more than it values autocratic solidarity. Rather than exporting revolution, China has worked with incumbents of all political stripes in the service of its national interests.

Chinaʼs strategy focuses on making autocracy viable at home, not on defeating democracy globally. This suggests room for coexistence if both sides can reach a détente on interference in internal affairs.

“China's activities are making autocracy more viable and, to the extent that China is succeeding, making China's example more appealing as a consequence. But its strategy doesn't hinge on defeating democracy around the world,” argued Weiss. This implies, to her view, that “there is more room for coexistence between autocracies and democracies if these different systems can find or reach a potential détente in the realm of ideas about how countries govern themselves, and importantly, they need to pull back their efforts in other societies across boundaries.”

Interdependence and Future Trajectories
 

Weiss concluded by outlining how her framework suggests different engagement strategies depending on where issues fall within the centrality-contestation matrix. On central but uncontested issues like Taiwan, pressure proves counterproductive, and reciprocal restraint may be most promising. On central but contested issues like currency, multilateral pressure can influence certain Chinese constituencies against others. On peripheral issues, such pressure is most effective unless powerful domestic constituencies subvert implementation.

Addressing questions about U.S.-China decoupling, Weiss noted that both sides recognize there are interdependencies that don’t have quick solutions. Even in a critical area like minerals, diversification will take at least a decade, and Chinese processing will still dominate globally. The goal of diversification should be to preempt coercion, not to achieve true decoupling.

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Oriana Skylar Mastro (left), Map of Venezuela (center), and Larry Diamond (right)
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U.S. Venezuela Operation Likely Emboldens China, Risks Strategic Neglect of Indo-Pacific, Stanford Scholars Caution

Speaking on the APARC Briefing video series, Larry Diamond and Oriana Skylar Mastro analyze the strategic implications of the U.S. operation in Venezuela for the balance of power in the Taiwan Strait, Indo-Pacific security, America’s alliances, and the liberal international order.
U.S. Venezuela Operation Likely Emboldens China, Risks Strategic Neglect of Indo-Pacific, Stanford Scholars Caution
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The Future of U.S.-China Relations: A Guardedly Optimistic View

Eurasia Group’s David Meale, a former Deputy Chief of Mission at the U.S. Embassy in Beijing, reflects on the last 30 years and describes how the two economic superpowers can maintain an uneasy coexistence.
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Chinese President Xi Jinping is applauded by senior members of the government and delegates as he walks to the podium before his speech during the Opening Ceremony of the 20th National Congress of the Communist Party of China at The Great Hall of People on October 16, 2022 in Beijing, China.
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China studies expert Jessica Chen Weiss of the Johns Hopkins School of Advanced International Studies reveals how the Chinese Communist Partyʼs pursuit of domestic survival, which balances three core pillars, drives Beijingʼs assertive yet pragmatic foreign policy in an evolving international order.

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  • Chinaʼs foreign policy is driven by three domestic pillars: The CCPʼs pursuit of sovereignty, security, and development creates competing priorities that shape Beijingʼs assertiveness on core issues like Taiwan, while allowing flexibility on peripheral concerns such as UN peacekeeping.
  • International pressure often backfires on central issues: The more important an issue is to CCP domestic legitimacy, the harder it becomes to make concessions, meaning external pressure regarding Taiwan or territorial disputes tends to strengthen rather than moderate Beijingʼs position.
  • China is not monolithic: Local governments, industries, and different Party factions contest policy implementation, creating gaps between Beijingʼs stated commitments and actual behavior on issues ranging from environmental regulations to trade.
     
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Flyer for the 2026 Oksenberg Conference, titled "Coping with a Less Predictable United States," including an image of President Trump board Air Force One.

The content, consistency, and predictability of U.S. policy shaped the global order for eight decades, but these lodestars of geopolitics and geoeconomics can no longer be taken for granted. What comes next will be determined by the ambitions and actions of major powers and other international actors.

Some have predicted that China can and will reshape the global order. But does it want to? If so, what will it seek to preserve, reform, or replace? Choices made by China and other regional states will hinge on their perceptions of future U.S. behavior — whether they deem it more prudent to retain key attributes of the U.S.-built order, with America playing a different role, than to move toward an untested and likely contested alternative — and how they prioritize their own interests.

This year’s Oksenberg Conference will examine how China and other Indo-Pacific actors read the geopolitical landscape, set priorities, and devise strategies to shape the regional order amid uncertainty about U.S. policy and the future of global governance.
 

PANEL 1 

China’s Perceptions and Possible Responses 


Moderator 

Thomas Fingar 
Shorenstein APARC Fellow, Freeman Spogli Institute for International Studies, Stanford University 

Panelists 

Da Wei 
Professor and Director, Center for International Security and Strategy, Tsinghua University 

Mark Lambert 
Retired U.S. Department of State Official, Formerly China Coordinator and Deputy Assistant Secretary 

Susan Shirk 
Research Professor, School of Global Policy and Strategy, University of California San Diego 


PANEL 2 
Other Asia-Pacific Regional Actors’ Perceptions and Policy Calculations 


Moderator 

Laura Stone 
Retired U.S. Ambassador and Career Foreign Service Officer; Inaugural China Policy Fellow at APARC, Stanford University 

Panelists

Victor Cha 
Distinguished University Professor, D.S. Song-KF Chair, and Professor of Government, Georgetown University 

Katherine Monahan 
Visiting Scholar and Japan Program Fellow 2025-2026, APARC, Stanford University 

Kathryn Stoner 
Satre Family Senior Fellow, Freeman Spogli Institute for International Studies, Stanford University 

Emily Tallo 
Postdoctoral Fellow, Center for International Security and Cooperation, Stanford University 

Thomas Fingar, Laura Stone
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The January 3, 2026, U.S. “Operation Absolute Resolve” in Venezuela to capture and remove President Nicolás Maduro has raised urgent questions about its repercussions for the U.S.-China competition, Taiwan Strait security, American strategic priorities in the Indo-Pacific region, and U.S. allies and partners.

In two new episodes of the APARC Briefing series, Stanford scholars Larry Diamond, the Mosbacher Senior Fellow in Democracy at the Freeman Spogli Institute for International Studies (FSI) and William L. Clayton Senior Fellow at the Hoover Institution, and APARC faculty affiliate Oriana Skylar Mastro, a center fellow at FSI, join host Kiyoteru Tsutsui, the director of APARC, to unravel what happened in Venezuela and the implications of the U.S. actions in Latin America for Taiwan, security and alliances in the Indo-Pacific, and U.S. relations with stakeholders in the region.

Both scholars agree that the U.S. mission in Venezuela is a precedent that likely emboldens rather than deters China in its Taiwan calculus, warning that the shift it represents in U.S. national security policy might detract from American capabilities in the Indo-Pacific region at a crucial moment. They also provide sobering advice for U.S. allies struggling to adjust to rapidly shifting geopolitical realities under the second Trump administration.

A Shocking Action in World Affairs


There is no dispute that the Maduro government has been deeply authoritarian, deeply corrupt, and deeply illegitimate, says Diamond, author of Ill Winds: Saving Democracy from Russian Rage, Chinese Ambition, and American Complacency. Yet the United States “has probably violated international law to intervene forcibly in the internal affairs of Venezuela and remove its political leader," creating enormous implications for the international community. If it does not pursue a strategy of systemic democratic change in Venezuela, “all of this will have been for naught, and it will have paid a tragic price in terms of international precedent and international legitimacy,” Diamond argues.

Beijing is already using the operation as a "discourse power win," depicting the United States as crushing sovereignty and international law, Mastro notes. Moreover, in addition to Venezuela, President Trump continues to make statements about Greenland, reiterating its importance for U.S. national security and his interest in acquiring the territory, which has alarmed European partners and exacerbated strains with NATO.

“For the first time since WWII, some European countries have declared the United States to be a security threat,” Mastro says. “So I am curious to see if the Chinese try to bring along the Venezuela case as well, to convince U.S. allies and partners to distance themselves from the United States, which would have significant repercussions for the global order and for the United States' role in it.”

There is no situation in which we 'neutralize' Chinese air defenses and then somehow do some sort of infiltration.
Oriana Skylar Mastro

A Risky Strategic Reorientation


By unilaterally bypassing international norms to wield power in its own "backyard," the United States may have set a precedent that China can now exploit to justify its own ambitions in Taiwan as a legitimate exercise of regional dominance.

Diamond remarks on this line of thought: “If the United States, as a hegemon, can just do what it wants to arrest and remove a leader, in its kind of declared sphere of influence, what's to stop Xi Jinping from doing the same in his sphere of influence, and with a democratic system in Taiwan, whose sovereignty he does not recognize?” 

On the other hand, many commentators have argued that Operation Absolute Resolve serves as a deterrent to Chinese aggression. Granted, there is no doubt that the operation was a remarkably successful military attack showcasing the capabilities of U.S. special forces, notes Mastro, who, alongside her academic career, also serves in the United States Air Force Reserve, for which she currently works at the Pentagon as deputy director of research for Global China Strategy. Nevertheless, she emphasizes that the United States cannot carry out a similar attack in Asia.

“There is no situation in which we ‘neutralize’ Chinese air defenses and then somehow do some sort of infiltration,” says Mastro, author of Upstart: How China Became a Great Power. The U.S. intervention in Venezuela, therefore, “does not tell us a lot, operationally, about what the United States is capable of in a contingency via China.”

More troubling, Mastro identifies the Venezuela operation as demonstrating a fundamental shift in U.S. strategic priorities, with the raid conducted just weeks after the Trump administration released its 2025 National Security Strategy, which prioritizes restoring “American preeminence in the Western Hemisphere.” Mastro characterizes it as “the one region where U.S. dominance faces no serious challenge.” Thus, Venezuela suggests “the Trump administration means business about the renewed focus on the Western Hemisphere, and, unfortunately, that makes me concerned that there might be strategic neglect of the Indo-Pacific moving forward,” she points out.

Diamond stresses that, virtually throughout the entire presidency of Xi Jinping, dating back to 2012, China has been rapidly building up its military capabilities, prioritizing those specifically suited for coercing, isolating, or potentially seizing Taiwan. Against this backdrop, “I am much more fearful about the future of Taiwan in the week following U.S. military action on January 3 in Venezuela than I was before that action.” 

Mastro agrees with this assessment about the ripple effects of the operation in Venezuela. “I would say that it probably emboldens China.”

[M]y advice to the leaderships [of our allies is]: Find a way to get to the fundamental interests you need to pursue, defend, and preserve. And in the case of East Asia, that has to be number one, above all else, the preservation of our alliances.
Larry Diamond

Frank Advice for U.S. Allies


For U.S. allies in the Indo-Pacific, including Japan, South Korea, the Philippines, and Australia, as well as allies and partners in Europe, both scholars offer pragmatic counsel for coping with the Trump administration.

Diamond urges U.S. allies to manage Trump diplomatically while staying focused on core interests, namely, prioritizing the preservation of the alliances and strengthening autonomous defense capabilities to demonstrate commitment and hedge against potential U.S. retrenchment.

“It takes constant, energetic, proactive, imaginative, relentless, and in some ways deferential working of the relationship, including the personal relationship between these leaders and Donald Trump [...] The future will be better if the leaders of these countries internalize that fundamental lesson about Trump.”

Mastro is equally direct about the limited alternatives ahead of U.S. allies: "You don't really have an option. That Chinese military – if it gives the United States problems, it definitely gives you problems. There's no hope for a country like Taiwan without the United States. There's no hope for Australia without the United States."

Counterintuitively, U.S. assertiveness may indicate its insecurity about the balance of power with China. “It seems to me that the United States also needs to be reassured that our allies and partners support us [...] And if we had that confidence, maybe the United States would be less aggressive in its use of military force.”

Watch the two APARC Briefing episodes:

🔸 What the U.S. Raid in Venezuela Means for Taiwan and Asia - with Larry Diamond >

🔸 Does Venezuela Provide China a Roadmap for Taiwan? – with Oriana Skylar Mastro >

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Speaking on the APARC Briefing video series, Larry Diamond and Oriana Skylar Mastro analyze the strategic implications of the U.S. operation in Venezuela for the balance of power in the Taiwan Strait, Indo-Pacific security, America’s alliances, and the liberal international order.

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EVENT UPDATE: Due to overwhelming interest, registration for this event is now on a first-come, first-served basis with no waitlist to ensure fairness and accommodate as many guests as possible. Seating is not guaranteed, so please arrive early. An overflow space will be available. Expect a confirmation email from our event team by January 22.

The Freeman Spogli Institute for International Studies and the Shorenstein Asia-Pacific Research Center (APARC) are pleased to host Ambassador, Mayor, Congressman, and White House Chief of Staff Rahm Emanuel for a fireside chat with Ambassador Michael McFaul, with welcome remarks by Kiyoteru Tsutsui, the director of APARC, and a Q&A session to follow. 

Ambassador Emanuel, most recently the Ambassador of the United States to Japan, is famous for straight talk, relentless drive, and game-changing results. He will share his unvarnished thoughts on America’s relationships with Japan and other key allies, and, more broadly, what it means to lead and the leadership we need at home and abroad at this moment in history. Ambassador Emanuel is a brilliant strategist and an engaging speaker who will hold us accountable. Get ready for a fast-paced and wide-ranging discussion, including important insights from one of our generation’s brightest minds and greatest leaders.

 

Speaker

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Colored photo of Rahm Emanuel sitting on a chair giving discussion at a 2017 Stanford Event

Rahm Emanuel has devoted his life to public service, with a remarkable number of impactful leadership positions across government.  Appointed the 31st United States Ambassador to Japan by President Joe Biden, he most recently served in Tokyo from 2021 – 2025 during a period of expanding Chinese aggression and massive investment in our Asia Pacific Alliances.  As Mayor of the City of Chicago from 2011-2019, he invested in education, providing universal public pre-kindergarten and full-day kindergarten for every Chicago child, and free community college.  Chicago led the U.S. in corporate relocations and foreign direct investment for seven consecutive years during his administration, and he prioritized investment in infrastructure, public transportation, open space, and cultural attractions.

From 2008-2010, Ambassador Emanuel was President Barack Obama’s Chief of Staff and top advisor, helping secure the passage of the Dodd-Frank Wall Street Reform Act and the landmark Affordable Care Act.  Emanuel was elected four times as a Member of the U.S. House of Representatives from Illinois’s 5th Congressional District (2002-2008). As Chairman of the House Democratic Caucus, Emanuel helped pass legislation to raise the minimum wage and authored the Great Lakes Restoration Act.  From 1993 to 1998, Ambassador Emanuel rose to serve as Senior Advisor to the President for Policy and Politics in the Clinton Administration, spearheading efforts to pass the President’s signature achievements, including the Federal Assault Weapons Ban, the Brady Handgun Violence Prevention Act, and the historic Balanced Budget Act, which created the Children’s Health Insurance Program expanding health care coverage to 10 million children.

 

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Michael McFaul is a senior fellow at the Freeman Spogli Institute for International Studies (FSI) and former director of FSI, the Ken Olivier and Angela Nomellini Professor of International Studies in the Department of Political Science, and the Peter and Helen Bing Senior Fellow at the Hoover Institution, all at Stanford University. He joined the Stanford faculty in 1995. Dr. McFaul is also an international affairs analyst for NBC News. He served for five years in the Obama administration, first as special assistant to the president and senior director for Russian and Eurasian Affairs at the National Security Council at the White House (2009-2012), and then as U.S. Ambassador to the Russian Federation (2012-2014).

He has authored several books, most recently Autocrats versus Democrats: China, Russia, America, and the New Global Disorder. Earlier books include the New York Times bestseller From Cold War to Hot Peace: An American Ambassador in Putin’s Russia, Advancing Democracy Abroad: Why We Should, How We Can; Transitions To Democracy: A Comparative Perspective (eds. with Kathryn Stoner); Power and Purpose: American Policy toward Russia after the Cold War (with James Goldgeier); and Russia’s Unfinished Revolution: Political Change from Gorbachev to Putin.

He teaches courses on great power relations, democratization, comparative foreign policy decision-making, and revolutions.

Michael A. McFaul

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616 Jane Stanford Way, Stanford, CA 94305

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David Meale, former U.S. diplomat and current consultant, offered a cautiously optimistic perspective on U.S.-China relations at an APARC China Program seminar, arguing that despite significant tensions, there remains substantial room for what he calls “managed rivalry”—a relationship that is neither warm nor easy, but constructive enough for both countries to serve their populations and address global challenges. Drawing on his 33 years in the U.S. Foreign Service, he traced the evolution of U.S.-China relations over the past three decades and assessed current trajectories, bringing both diplomatic experience and fresh insights from private sector concerns to his analysis.

Three Decades of Evolving Relations
 

His entry into China-focused diplomacy came in 1995 when he was assigned to Hong Kong during the handover. During that era and through the early 2000s, U.S. policy operated under the assumption that China would gradually embrace the post-war rules-based international order shaped largely by the United States. The thinking was that China would develop a self-interest in preserving this order, becoming a constructive, if not easy, partner. This belief undergirded the strong U.S. effort to bring China into the World Trade Organization in 2001.

During his service as an Economic Officer in Taiwan in the 2000s, Meale witnessed the merging of talent from Asia and the United States that built China’s electronics manufacturing industry. Five percent of Taiwan’s workforce had moved to the mainland; there were even Shanghainese dialect programs on Taiwanese television at night for those dreaming of seeking their fortunes through cross-strait opportunities. Although there was tension with the Chen Shui-bian administration, there was a surprising amount of positivity in Taiwan about the mainland. That, of course, has now changed.

The Obama administration continued to work within the framework of bringing China into the existing international order, even as concerns grew. The approach aimed to convince China to preserve and, if necessary, shape this order, while using it to constrain China when necessary, as demonstrated by the attempt to resolve the South China Sea dispute involving the Philippines through the United Nations Convention on the Law of the Sea (UNCLOS).

The Trump administration marked a decisive shift. Meale noted that Trump openly discarded the goal of integrating China into the existing order, instead pursuing aggressive trade policies, technology restrictions, and explicit framing of China as a threat. The Chinese hoped the Biden administration would turn this around, but it instead maintained this posture, pursuing an “invest, align, compete” strategy—investing in the United States, aligning with allies, and defining the relationship as a competition.

Trump 2.0 brought “Liberation Day,” which Meale sees as the belief that the U.S. place in the world needs to be corrected; the United States is economically overextended, the trade imbalances and the associated debt cannot continue, and the supply chain vulnerability from COVID must be addressed. Tariffs were ratcheted up, and both sides imposed export controls. 

The Chinese hit back hard; Chinese officials are very proud of China’s pushback against an unchecked Trump. China’s economic growth is forecast at 5 percent this year, and the feeling from China is that it has shown the world the United States cannot push it around.

Looking ahead to 2026, Meale is optimistic. There will undoubtedly be crises that pop up: the Chinese will overreach on rare earth elements, and the United States will take an economic action that the Chinese did not plan on. Meale sees this as the “sine curve” of the U.S.-China relationship. There’s a crisis, tensions rise, there’s a response, and things eventually cool down. The curve goes up and down, but very little gets resolved.


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China's Current Challenges
 

China, Meale noted, effectively contains two economies: one serving approximately 400 million people who are producing world-class products with perhaps the world's best industrial ecosystem and impressive infrastructure, and another economy serving the rest of China's population, which has improved significantly over recent decades but relies heavily on informal work and the gig economy.
China faces deep structural problems, including a property sector crisis that has destroyed significant household wealth, an economy structured excessively around investment rather than consumption, youth unemployment reflecting a mismatch between graduating students and available jobs, and "involution" (neijuan, 内卷)—a race to the bottom in sectors where government incentives have driven overcapacity. China's reliance on export-led growth comes at a time when its overcapacity is increasingly unwelcome not just in developed countries but across the global South.

These challenges, Meale argues, will not result in a financial crisis or recession, but rather chronic headaches that will affect its foreign relations. Growth will continue, albeit at a slower pace, and the country will have significant work ahead to address inequality and structural imbalances.

On the question of Taiwan, Meale pushed back against predictions of imminent Chinese military action, particularly speculation about 2027 as a critical year tied to the 100th anniversary of the People's Liberation Army. He argued that, right now, one of China’s top goals is to avoid being drawn into a Taiwan conflict. China has recently purged nine senior military officials and is dealing with serious problems in its military. Five years from now, however, the situation could look quite different.

Defining End States and Finding Common Ground
 

Meale concluded by outlining what he believes each side seeks as an end state, arguing that these visions, while different, are not irreconcilable. Rather than global domination, he argued China seeks a world that works for what it calls "grand rejuvenation." This means overcoming the century of humiliation, reunifying with Taiwan, and living safely and securely on its own terms. China wants recognition as a global power, dominance in its near seas, freedom from technology containment, elimination of shipping chokepoints, access to markets, and the ability to pursue relationships with ideologically aligned countries.

The United States, meanwhile, accepts that competition with China is permanent but seeks a predictable China. U.S. goals include protecting advanced technology where it has an advantage, avoiding supply chain vulnerabilities, shaping Beijing's choices without attempting to control them, maintaining the Taiwan status quo until it evolves in a mutually and naturally agreed way, and ensuring fair trade to address what it sees as a stacked deck in current trade relationships. The United States also wants to prevent China from enabling adversaries, as seen in Chinese firms rebuilding Russia's military-industrial complex while maintaining nominal neutrality on Ukraine.

These end states, Meale acknowledged, collide in many ways but not in absolute ways. He sees substantial room for leader-driven, managed rivalry that can function constructively. This rivalry will not be easy or warm, but it can allow both countries to serve their populations while cooperating where global interests align.
 

Key Takeaways  
 

  • The “integrated China” assumption is over. U.S. policy no longer aims to bring China into the existing international order, marking a fundamental shift from decades of engagement strategy.
  • China's economy faces structural challenges, not a crisis. China will continue to grow, but must address inequality, overcapacity, and wealth destruction from the property crisis.
  • Taiwan timing matters more to Beijing than deadlines. China seeks to control when and how the Taiwan issue is resolved, preferring not to be forced into premature action.
  • Managed rivalry is possible. Despite significant tensions and incompatible elements of each side's goals, there remains space for constructive competition. While the relationship between the world's two largest economies will stay competitive and often contentious, it need not become catastrophic.
     

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Eurasia Group’s David Meale, a former Deputy Chief of Mission at the U.S. Embassy in Beijing, reflects on the last 30 years and describes how the two economic superpowers can maintain an uneasy coexistence.

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COVID-19 temperature testing in China.

The COVID-19 crisis was a profound stress test for health, economic, and governance systems worldwide, and its lessons remain urgent. The pandemic revealed that unpreparedness carries cascading consequences, including the collapse of health services, the reversal of development gains, and the destabilization of economies. The magnitude of global losses, measured in trillions of dollars and millions of lives, demonstrated that preparedness is not a discretionary expense but a foundation of macroeconomic stability. Countries that invested early in surveillance, resilient systems, and inclusive access managed to contain shocks and recover faster, proving that health security and economic security are inseparable.

For the Asia-Pacific, the path forward lies in transforming vulnerability into long-term resilience. Building pandemic readiness requires embedding preparedness within fiscal and development planning, not as an emergency measure but as a permanent policy function. The region’s diverse economies can draw on collective strengths in manufacturing capacity, technological innovation, and strong regional cooperation to institutionalize the four pillars— globally networked surveillance and research, a resilient national system, an equitable supply of medical countermeasures and tools, and global governance and financing—thereby maximizing pandemic prevention, preparedness, and response. Achieving this will depend on sustained political will and predictable financing, supported by the catalytic role of multilateral development banks and international financial institutions that can align public investment with global standards and private capital.

The coming decade presents a narrow but decisive window to consolidate these gains. Climate change, urbanization, and ecological disruption are intensifying the probability of new zoonotic spillovers. Meeting this challenge demands a shift from episodic response to continuous readiness, from isolated health interventions to integrated systems that link health, the environment, and the economy. Strengthening regional solidarity, transparency, and mutual accountability will be vital in ensuring that no country is left exposed when the next threat emerges.

A pandemic-ready Asia-Pacific is not an aspiration but an imperative. The lessons of COVID-19 call for institutionalized preparedness that transcends political cycles and emergency budgets. By treating health resilience as a global public good, the region can turn its experience of crisis into a model of sustained, inclusive security for the world.

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Building a Pandemic-Ready Asia-Pacific

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Portrait of Dr. Suriya Chindawongse, Ambassador of Thailand to the United States.

Stanford’s Walter H. Shorenstein Asia-Pacific Research Center welcomes Dr. Suriya Chindawongse, Ambassador of the Kingdom of Thailand to the United States, for a timely and forward-looking discussion titled “From Tech to Tariffs to Transactional Crime: ASEAN’s Strategy for Political Resilience and Economic Renewal.”

In an era marked by rapid technological disruption, geopolitical competition, and increasingly complex transnational threats, ASEAN faces both urgent challenges and historic opportunities. Ambassador Chindawongse will explore how Southeast Asian nations are navigating shifting trade dynamics, digital transformation, and emerging security risks—from supply-chain vulnerabilities to cybercrime and cross-border illicit networks. He will also highlight ASEAN’s collective efforts to strengthen regional frameworks, deepen economic integration, and preserve strategic autonomy amid global uncertainty.

This talk offers students, scholars, and policymakers an opportunity to gain insight into the region’s evolving priorities and the role of U.S.–ASEAN cooperation in shaping a resilient and innovative future.

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His Excellency Dr. Suriya Chindawongse, Ambassador of Thailand to the United States of America - Royal Thai Embassy, Washington, D.C.

 

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headshot photo of His Excellency, Dr. Suriya Chindawongse

Dr. Suriya Chindawongse is a seasoned Thai diplomat and scholar, currently serving as the Ambassador of Thailand to the United States since June 2024. 
He holds a B.A., summa cum laude, in International Affairs, Economics & Business (minor in Mathematics) from Lafayette College, and both an M.A.L.D. (1990) and a Ph.D. (1993) from the Fletcher School at Tufts University. Beginning his career at Citibank in Bangkok, he transitioned to the Thai Ministry of Foreign Affairs in 1993. 
Dr. Chindawongse has held significant roles, including Director-General of the Department of ASEAN Affairs, Ambassador to Singapore (2020–21), and Ambassador and Permanent Representative of Thailand to the United Nations (2021–24), where he chaired the UN Sixth (Legal) Committee.

His Excellency Dr. Suriya Chindawongse, Ambassador of Thailand to the United States of America
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China’s unprecedented expansion of higher education in 1999 increased annual college enrollment from 1 million to 9.6 million by 2020. We trace the global ripple effects of that expansion by examining its impact on US graduate education and local economies surrounding college towns. Combining administrative data from China’s college admissions system and US visa data, we leverage the centralized quota system governing Chinese college admissions for identification and present three key findings.

First, the expansion of Chinese undergraduate education drove graduate student flows to the US: every additional 100 college graduates in China led to 3.6 Chinese graduate students in the US. Second, Chinese master’s students generated positive spillovers, driving the birth of new master’s programs and increasing the number of other international and American master’s students, particularly in STEM fields. And third, the influx of international students supported local economies around college towns, raising job creation rates outside the universities, as well. Our findings highlight how domestic education policy in one country can reshape the academic and economic landscape of another through student migration and its broader spillovers.

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The world’s health systems face a complex and interconnected set of challenges that threaten to outpace our capacity to respond. Geopolitical fragmentation, climatic breakdown, technological disruption, pandemic threats, and misinformation have converged to strain the foundations of global health.  Building resilient global health systems requires five urgent reforms: sharpening the mandate of the World Health Organization (WHO), operationalizing the One Health concept, modernizing procurement, addressing the climate–health nexus, and mobilizing innovative financing. Together, these shifts can move the world from fragmented, reactive crisis management to proactive, equitable, and sustainable health security.

Emerging and Escalating Threats

While the global community demonstrated remarkable resilience in weathering the COVID-19 pandemic, the crisis also exposed profound structural weaknesses in global health governance and architecture. Chronic underinvestment in health systems led to coverage gaps, workforce shortages, and inadequate surveillance systems. The pandemic also revealed a fragmented global health architecture, plagued by institutional silos among key agencies (Elnaiem et al. 2023).

Years later, the aftershocks of the pandemic still resonate worldwide, with the ongoing triple burden of disease—the unfinished agenda of maternal and child health, the rising silent pandemic of noncommunicable diseases, and the reemergence of communicable diseases. These challenges, combined with the persistent challenge of malnutrition, unmet needs in early childhood development, growing concerns around mental health, and the threat of other emerging diseases, as well as the rising toll of trauma, injury, and aging populations, have placed countries across the world under immense strain. Health systems face acute infrastructure gaps, critical workforce shortages, and persistent inequities in service delivery, making it increasingly difficult to address the complex and evolving health needs of their populations. Post-pandemic fiscal tightening has constrained health budgets with debt-to-GDP ratios exceeding 70–80% in parts of the region (UN ESCAP 2023).

Global development assistance for health has significantly declined by more than $10 billion, with sharp cuts driven by the United States. This decline is likely to continue over the next five years.

 Furthermore, climate change is fundamentally redefining the risk landscape. Rising temperatures, more frequent floods, intensifying storms, and shifting vector ranges for organisms like mosquitoes and ticks are disrupting food systems, displacing populations, and driving new patterns of disease transmission. Over the next 25 years in low- and middle-income countries, climate change could cause over 15 million excess deaths, and economic losses related to health risks from climate change could surpass $20.8 trillion (World Bank 2024). The cost of inaction has never been higher.

Meanwhile, deepening political polarization is amplifying conflict and weakening the global cooperation essential for scientific progress. The number of geopolitical disturbances worldwide is at an all-time high, displacing over 122 million people and eroding access to essential health services (UNHCR 2024). In 2023, false and conspiratorial health claims amassed over 4 billion views across digital platforms, compromising vaccine uptake and fueling health-related conspiracy theories. (Kisa and Kisa 2025). Furthermore, exponential technological advances in artificial intelligence are outpacing public health governance systems, creating new ethical and equity dilemmas. Global development assistance for health has significantly declined by more than $10 billion, with sharp cuts driven by the United States. This decline is likely to continue over the next five years (Institute for Health Metrics and Evaluation 2025).

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Graph showing total development assistance for health, 1990-2025
Note: Development assistance for health is measured in 2023 real US dollars; 2025 data are preliminary estimates.
Source: Institute for Health Metrics and Evaluation 2025.
 

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Five Critical Reform Directions for Future-Proofing Global Health Systems


1.    WHO matters more than ever — but only if it sharpens its focus.

The World Health Organization remains the technical backbone of global health, with a mandate to set norms and standards, shape research agendas, monitor health trends, coordinate emergency responses and regulation, and provide technical assistance. COVID-19 underscored both its indispensability and its limitations. During the pandemic, WHO convened states, disseminated guidance, and spearheaded initiatives like the Solidarity Trial and COVAX to promote vaccine equity, illustrating why it remains vital as the only neutral platform where 194 member states can cooperate on pandemics, antimicrobial resistance, or climate-related health risks. Its work on universal health coverage, the “triple burden” of disease, and global health data continues to anchor policy across countries.

At the same time, the crisis exposed structural weaknesses: WHO lacks enforcement authority, relies heavily on voluntary donor-driven funding, and sometimes stretches beyond its comparative strengths. When it shifts from convening and technical guidance into direct fund management, logistics, or large-scale program delivery, it risks diluting its mandate and eroding trust. Critics argue this reflects a broader challenge of an expansive mandate and donor-driven mission creep, pushing WHO beyond what 7,000 staff and a modest budget can realistically deliver. The way forward lies in sharpening focus: leveraging its convening power and legitimacy, providing technical expertise and evidence-based guidance, coordinating emergencies under the International Health Regulations, and advocating for equity in access to medicines and care. Anchored in these core strengths, a more agile WHO can better lead during crises, sustain credibility, and ensure that global health standards are consistently applied across diverse national contexts.

2.    Animal Health as the Next Frontier

More than 70 percent of emerging infectious diseases are zoonotic in origin, with roughly three-quarters of newly detected pathogens in recent decades spilling over from animals into humans (WHO 2022; Jones, Patel, Levy, et al. 2008). The economic costs are staggering: the World Bank estimates that zoonotic outbreaks have cost the global economy over $120 billion between 1997 and 2009 through crises such as Nipah, SARS, H5N1, and H1N1 (World Bank 2012). The drivers of spillover are intensifying due to deforestation and land-use change, industrial livestock farming, wildlife trade, and climate change. These are further accelerating the emergence of novel pathogens. 

However, the governance of animal health remains fragmented. While WHO, the Food and Agriculture Organization (FAO), and the World Organization for Animal Health (WOAH) each hold mandates, they often operate in silos. The Quadripartite, expanded in 2021 to include the United Nations Environment Programme, launched a One Health Joint Plan of Action (2022–26), but it remains underfunded and lacks strong political commitment. 

There is an urgent need to move One Health from principle to practice. To fill this governance gap, the world should consider establishing an independent intergovernmental alliance for animal health with a clear mandate. This could strengthen global One Health response by augmenting joint surveillance, building veterinary workforce capacity, and integrating environmental data into early warning systems. Such an alliance should avoid creating new bureaucratic layers and instead leverage the Quadripartite as its operational backbone. Embedding One Health into national health strategies and cross-sectoral policies would enable animal, human, and environmental health systems to work in tandem and address risks at their source. Preventive investments are also very cost-effective; the World Bank estimates that annual One Health prevention investments of $10–11 billion could save multiple times that amount in avoided pandemic losses (World Bank 2012). Strengthening One Health is both a health and economic necessity. 

COVID-19 revealed how vital procurement and financial management are to global health security [...] Reform must begin by making procurement agile, transparent, and equitable.

3.    Agile Procurement: The Missing Link in Global Health Security

COVID-19 revealed how vital procurement and financial management are to global health security. A system built for routine procurement was suddenly called upon to handle crisis response on a worldwide scale, and it struggled to keep up. When vaccines became available, strict procedures, fragmented supply chains, and export restrictions meant access was uneven and often delayed. Developed countries’ advance purchase agreements stockpiled most of the supply, leaving many low- and middle-income countries waiting for doses. Within the UN system and its partners, overly complex procurement rules slowed the speed to market, and the lack of harmonized regulatory recognition caused further delays. As a result, those least able to handle shocks faced the longest waits and highest costs.

Reform must begin by making procurement agile, transparent, and equitable. Emergency playbooks should be pre-cleared to ensure that indemnity clauses and quality assurance requirements can be activated immediately when the next crisis arises. Regional pooled procurement mechanisms, like the Pan American Health Organization’s Revolving Fund or the African Union’s pooled initiatives, should be expanded to diversify supply sources and anchor distributed manufacturing. End-to-end e-procurement platforms would provide real-time shipment tracking, facility-level stock visibility, and open dashboards to strengthen accountability. Financial management must be integrated with procurement so that contingency funds, countercyclical reserves, and fast-disbursing credit lines can release resources in tandem with purchase orders. Together, these reforms would ensure that in future health emergencies, these procurement systems act as lifelines rather than bottlenecks.

4.    Addressing the Health–Climate Nexus

Climate change poses severe health risks, disproportionately affecting women and vulnerable populations in developing countries through heatwaves, poor air quality, food and water insecurity, and the spread of infectious diseases. Climate-related disasters are increasing in frequency and severity worldwide, reshaping both economies and health systems. In 2022, there were 308 climate-related disasters worldwide, ranging from floods and storms to droughts and wildfires (ADRC 2022). These events generated an estimated $270 billion in overall economic losses, with only about $120 billion insured—underscoring the disproportionate burden on low- and middle-income countries where resilience and coverage remain limited (Munich Re 2023). Over the past two decades, Asia and the Pacific have consistently been the most disaster-prone regions, accounting for nearly 40% of all global events, but every continent is now affected, from prolonged droughts in Africa and mega storms in North America to record-breaking heatwaves in Europe (UNEP n.d.).

Meeting this challenge requires a dual agenda of adaptation and mitigation. Health systems must be made climate-resilient by hardening infrastructure against floods and storms, ensuring reliable, clean energy in clinics and hospitals, and building climate-informed surveillance and early-warning systems that can anticipate disease outbreaks linked to environmental change. Supply chains need redundancy and flexibility to withstand shocks, and frontline workers require training to manage climate-driven health crises. At the same time, health systems must rapidly decarbonize. This means greening procurement and supply chains, phasing out high-emission medical products like certain inhalers and anesthetic gases, upgrading buildings and transport fleets, and embedding sustainability into financing and governance. Momentum is growing. The 2023 G20 Summit in Delhi, supported by the Asian Development Bank (ADB), recognized the health–climate nexus as a global priority, and institutions such as WHO, the World Bank, and ADB have begun to advance this agenda. The next step is to translate commitments into operational change by embedding climate-health strategies into national health plans, financing frameworks, and cross-sectoral policies. Climate action, sustainability, and resilience need to be integrated into the foundation of health systems.

5.    Mobilizing Innovative Financing

Strengthening health systems and preventing future pandemics will require massive financing, but global health funding is in decline. Innovative mechanisms to mobilize new resources are essential. This requires stronger engagement with finance ministries, development financing institutions, and the private sector to design models that attract and de-risk investment while enabling rapid disbursement during emergencies. International financing institutions (IFIs) need to unlock innovative financial pathways to amplify health investments. They need to deploy blended finance initiatives, public-private partnerships, guarantees, debt swaps, and outcome-based financing tools to mobilize private capital for health. Over the past few years, IFIs have committed billions in health-related financing worldwide. This has included landmark support for vaccine access facilities, delivery of hundreds of millions of COVID-19 vaccine doses, and mobilization of large-scale response packages that combine grants, loans, and technical assistance. 

Embedding health into climate policies and climate resilience into health strategies will ensure that future systems are both sustainable and resilient to shocks.

There is a need to broaden the financing mandate beyond investing in universal health coverage and mobilize capital for emerging areas, including the climate-health nexus, mental health, nutrition, rapid urbanization, demographic shifts, digitization, and non-communicable diseases. By leveraging their balance sheets, IFIs can generate a multiplier effect in fund mobilization and attract new financing actors. Innovative instruments are already demonstrating potential. For example, the International Finance Facility for Immunisation (IFFIm), which issues “vaccine bonds” backed by donor pledges, has raised over $8 billion for Gavi immunization programs (IFFIm 2022; Moody’s 2024).  Debt-for-health and debt-for-nature swaps have redirected debt service into social outcomes. For example, El Salvador’s 2019 Debt2Health agreement with Germany channeled approximately $11 million into strengthening its health system, while Seychelles’ debt-for-nature swap created SeyCCAT to finance marine conservation, yielding social and resilience co-benefits for coastal communities (Hu, Wang, Zhou, et al. 2024). Similarly, contingent financing facilities—such as the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) and the International Financing Facility for Education (IFFEd)—also hold significant potential for health (IFFEd n.d.; ADB n.d.).  These examples demonstrate how contingent financing and swaps can expand fiscal space without exacerbating debt distress.

This can create a virtuous cycle of facilitating investments that create regional cooperation for sustainable and scalable impact. In this vein, the G20 Pandemic Fund is a beacon of catalytic multilateralism funding in a fragmented world. Launched in 2022 with over $2 billion pooled from governments, philanthropies, and multilaterals, it strengthens pandemic preparedness in low- and middle-income countries. Every $1 awarded from the Pandemic Fund has mobilized an estimated $7 in additional financing. The fund demonstrates that nations can still unite around shared threats, offering hope and a template for collective action on global challenges.

Equally important is the ability to deploy funds rapidly in emergencies. During the COVID-19 pandemic, reserve and countercyclical funds, used by countries such as Germany, the Netherlands, and Lithuania, along with the Multilateral Development Bank’s fast-track financing facilities with streamlined approval and disbursement processes, provided urgent and timely financing support (Sagan, Webb, Azzopardi-Muscat, et al. 2021; Lee and Aboneaaj 2021). These mechanisms should be institutionalized in national financial management systems as well as IFIs to ensure rapid funding disbursement in future health emergencies

Moving Forward

Delivering on this reform agenda requires more than technical fixes—it demands political will, sustained financing, and cross-sectoral collaboration. Member states must empower WHO to lead within its comparative strengths, while reinforcing One Health through stronger mandates and funding. Governments, IFIs, and the private sector should jointly design agile procurement and financing mechanisms that can be activated at speed during crises. Embedding health into climate policies and climate resilience into health strategies will ensure that future systems are both sustainable and resilient to shocks. Above all, reform efforts must be anchored in equity, so that the most vulnerable are protected first.

The opportunity before the global community is to reimagine health as the backbone of resilience and prosperity in the 21st century. A whole-of-systems approach is necessary to clarify mandates, integrate animal and environmental health, develop agile and fair procurement systems, embed climate action into health systems, and mobilize innovative financing. The steps taken in the next few years can lead to a more connected, cooperative, and future-ready global health architecture. 


Works Cited

ADB (Asia Development Bank). n.d. “IF-CAP: innovative Finance Facility for Climate in Asia and the Pacific.”

ADRC (Asian Disaster Reduction Center). Natural Disasters Data Book 2022

Elnaiem, Azza, Olaa Mohamed-Ahmed, Alimuddin Zumla, et al. 2023. “Global and Regional Governance of One Health and Implications for Global Health Security.” The Lancet 401 (10377): 688–704. 

Hu, Yunxuan, Zhebin Wang, Shuduo Zhou, et al. 2024. “Redefining Debt-to-Health, a Triple-Win Health Financing Instrument in Global Health.” Globalization and Health 20 (1): 39. 

Institute for Health Metrics and Evaluation. 2025. “Financing Global Health.” 

IFFEd (International Financing Facility for Education). n.d. “A Generation of Possibilities.” 

IFFIm (International Finance Facility for Immunisation). 2022. “How the World Bank Built Trust in Vaccine Bonds.” October 21. 

Jones, Kate E., Nikkita G. Patel, Marc A. Levy, et al. 2008. “Global Trends in Emerging Infectious Diseases.” Nature 451: 990–93. 

Kisa, Adnan, and Sezer Kisa. 2025. “Health Conspiracy Theories: A Scoping Review of Drivers, Impacts, and Countermeasures.” International Journal for Equity in Health 24 (1): 93.  

Lee, Nancy, and Rakan Aboneaaj. 2021. “MDB COVID-19 Crisis Response: Where Did the Money Go?” CGD Note, Center for Global Development, November. 

Moody’s. 2024. "International Finance Facility for Immunisation—Aa1 Stable” Credit opinion. October 29. 

Munich Re. 2023. “Climate Change and La Niña Driving Losses: The Natural Disaster Figures for 2022.” January 10. 

Sagan, Anna, Erin Webb, Natasha Azzopardi-Muscat, et al. 2021. Health Systems Resilience During COVID-19: Lessons for Building Back Better. World Health Organization and the European Observatory on Health Systems and Policies. 

UN ESCAP (United Nations Economic and Social Commission for Asia and the Pacific). 2023. “Public Debt Dashboard.” 

UNEP (United Nations Environment Programme). n.d. “Building Resilience to Disasters and Conflicts.” Accessed September 1, 2025. 

UNHCR (United Nations High Commissioner for Refugees). 2024. Global Trends Report. Copenhagen, Denmark. 

WHO (World Health Organization). 2022. Zoonoses and the Environment

World Bank. 2012. People, Pathogens and Our Planet: The Economics of One Health.  

World Bank. 2024. The Cost of Inaction: Quantifying the Impact of Climate Change on Health in Low- and Middle-Income Countries. Washington D.C. 

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