If you're scrambling for tickets to see one of the world's most influential economists speak in Hong Kong this Thursday, you're not alone. Professor Jeffrey Sachs of Columbia University—ranked among the top three most influential economists of our time by The Economist—will be holding court at the Hong Kong Convention and Exhibition Centre, and everyone from politicians to media folks wants in.
The Economist Who Isn't Afraid to Speak Truth to Power
For anyone keeping tabs on global affairs, you've probably stumbled across Sachs in countless online videos. As Director of Columbia's Center for Sustainable Development, this guy gets it—real progress only happens when countries actually cooperate instead of constantly trying to one-up each other. Otherwise, we're all heading for a cliff.
Don't let his unassuming appearance fool you. Sachs might look mild-mannered, but when he opens his mouth, he delivers razor-sharp analysis backed by decades of serious scholarship. He's not afraid to call out the powerful, even when they probably won't listen (or in Trump's case, might not even understand).
China's Long-Term Game vs America's Short-Term Fixes
Back in April at a diplomatic forum in Turkey, Sachs dropped some truth bombs that are worth paying attention to. After working around the globe for 40 years, he claims that China is becoming the world's most visionary country—and he's got the receipts to back it up.
Here's what caught my attention: Sachs argues that China's success isn't some happy accident or stroke of luck. It's the result of serious, long-term strategic thinking. Take their "Made in China 2025" plan from 2014—Sachs points out this wasn't about protectionism but rather "an investment in technology" and a genuine bid for global leadership. The results speak for themselves: "in eight of the 10 sectors that were identified there China succeeded in reaching the forefront."
And it doesn't stop there. China's 2017 AI strategy led to breakthroughs like DeepSeek—these aren't random innovations popping up overnight. They're the fruits of deliberate, strategic planning. As Sachs put it with genuine admiration: "so this is hard work that actually pays off. This is what every government should do."
Trump's Trade Wars: Political Theater, Not Economic Policy
But Sachs doesn't just praise China—he absolutely eviscerates America's approach under Trump. The protectionist policies? Pure political theater, according to this economic heavyweight. Sure, they might win some quick political points, but the long-term economic damage is devastating.
America's tariffs and trade wars, dressed up as "national security" measures against supposed foreign exploitation, are really just feeding nationalist anger—and that's never a substitute for actual economic policy. They certainly don't solve America's massive debts and budget problems.
Sachs gets straight to the point about America's real issues: "Here's where the US really failed over the last 40 years -- we let the inequalities widen and widen... the United States political system didn't address it at all for 40 years." His diagnosis is brutal but accurate: "Candidates of both political parties are paid by rich donors for their reelection campaigns and both parties then become the agents of tax cuts and not really addressing the social conditions."
The result? "You end up with a Donald Trump coming in and selling a pseudo explanation -- it's all China, and selling a pseudo remedy -- a trade war." And here's perhaps the most damning quote about Trump's attitude toward America's debt crisis: "Donald Trump hasn't said it in public but apparently in private during his first term he was asked about the problem of the US national debt and his answer was 'I don't care because I'll be dead by the time it's a problem.'"
From Economic Doctor to Hong Kong Honors
Sachs isn't just a talking head—he's the real deal. This "economic doctor" has helped countries like Bolivia beat hyperinflation and guided numerous nations through successful economic transitions from planned to market economies. The irony? This lifelong champion of market economics now watches America retreat into protectionism, trashing the very global rules and order it once built.
Hong Kong clearly appreciates his work too. In 2023, the Chinese University of Hong Kong gave him an honorary Doctor of Social Science degree for his efforts in sustainable development and fighting economic inequality.
While Thursday's forum theme hasn't been officially announced yet, I'm personally hoping to hear Sachs dive deep into the relationship between planned and market economies—especially given how China's strategic approach seems to be running circles around America's reactive politics.
This is the kind of perspective we desperately need more of: clear-eyed analysis that cuts through the political noise to focus on what actually works.
Ocean
** The blog article is the sole responsibility of the author and does not represent the position of our company. **
ST. PAUL, Minn., (AP) — Gov. Tim Walz denounced the Trump administration's latest threat to withhold federal funds from Minnesota as another step in a “retribution” campaign as he unveiled a package of legislation Thursday intended to fight fraud in public programs, a persistent problem that provided an impetus for the federal government's immigration crackdown in Minnesota.
The Democratic governor made the announcement a day after Vice President JD Vance said the administration would “temporarily halt” some Medicaid funding to Minnesota over fraud concerns, as part of what he described as an aggressive drive against the misuse of public funds. Walz's proposals were in the works well before Vance's announcement. They followed other initiatives Walz launched previously to try to come to grips with a problem that eventually helped lead him to drop his bid for a third term.
“This is a targeted retribution against a state that the president doesn’t like,” Walz said at a news conference, where he said the administration is using the same kind of “false information” on fraud as a “pretext” the way it did to justify Operation Metro Surge, in which the Department of Homeland Security sent over 3,000 federal officers into Minnesota.
The Trump administration’s move to freeze the Medicaid funds was part of a larger effort to spotlight fraud around the country. The administration had previously cited allegations of fraud involving day care centers run by Minneapolis-area Somali residents as a reason for a massive enforcement surge there.
One Minnesota federal prosecutor last December estimated that the total fraud across several programs could exceed $9 billion. But John Connolly, the state’s Medicaid director, told reporters Thursday the state has no evidence to substantiate such a high figure.
Other fraud cases in Minnesota have included a $300 million pandemic food fraud scheme revolving around the nonprofit Feeding Our Future, in which 78 defendants have been charged, with at least 57 convictions so far, in what prosecutors call the largest COVID-19-related fraud scheme in the country.
The governor's long list of proposals is aimed at better detection and oversight, strengthened investigative and enforcement authority and increased criminal penalties. One of them is the creation of a centralized Office of the Inspector General to lead fraud prevention efforts. The state Senate passed a bipartisan inspector general bill last year. But it remains stalled in the House amid disagreements over whether it should have law enforcement authority or, as the Walz administration prefers, just focus on investigations and leave enforcement up to the existing state Bureau of Criminal Apprehension.
Dr. Mehmet Oz, the administrator for the Centers for Medicare and Medicaid Services, said at a news conference Wednesday with Vance that the government would hold off on paying $259.5 million to Minnesota for Medicaid, the health care safety net for low-income Americans. Oz said the money would be delivered only after Minnesota implements "a comprehensive corrective action plan to solve the problem.” And he gave Walz 60 days to respond.
“How does taking and punishing children and elderly have anything to do with fighting fraud?” Walz countered. He added that the Trump administration has given his team no guidance for how to address its concerns, nor any opportunity to show the work that Minnesota has already done over the years to fight fraud. His administration estimates that 1.2 million Minnesotans could be hurt.
Officials at the Minnesota Department of Human Services, which administers Medicaid, noted that withholding $259.5 million — retroactive to the fourth quarter of 2025 — follows earlier federal action to withhold more than $2 billion in annual Medicaid funding to the state. The agency said the state submitted a corrective action plan earlier, and is still in the process of appealing that decision.
The state agency said it has implemented several new processes and reforms to prevent and detect Medicaid fraud since 2024. The changes included identifying areas at high risk of fraud, imposing stricter controls such as criminal background checks on providers, and more unannounced site visits.
Walz and Minnesota Attorney General Keith Ellison are both scheduled to appear before the U.S. House Oversight Committee next Wednesday for a hearing on misuse of federal funds in Minnesota's social service programs.
Administrator for the Centers for Medicare & Medicaid Services Dr. Mehmet Oz speaks beside Vice President JD Vance during a news conference on efforts to combat fraud, in the Old Eisenhower Executive Office Building on the White House campus Wednesday, Feb. 25, 2026, in Washington. (AP Photo/Tom Brenner)
Administrator for the Centers for Medicare & Medicaid Services Dr. Mehmet Oz speaks during a news conference in the Old Eisenhower Executive Office Building on the White House campus Wednesday, Feb. 25, 2026, in Washington. (AP Photo/Tom Brenner)
Vice President JD Vance and Administrator for the Centers for Medicare & Medicaid Services Dr. Mehmet Oz take questions from reporters following remarks on the administration's efforts to combat fraud during a news conference in the Old Eisenhower Executive Office Building on the White House campus Wednesday, Feb. 25, 2026, in Washington. (AP Photo/Tom Brenner)
