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The international economy is brittle and uncertain. Growing geopolitical tensions have intensified stress on an interconnected global economy, which risks fragmenting. Existing supply chains face threat of disruption, and emerging technologies, though rapidly advancing, encounter growing financial and institutional skepticism. Furthermore, the US Federal Reserve has cut interest rates for the first time since the early days of the pandemic, indicating a new economic era.The September issue of TI Observer explores the current turbulence in the global economy, analyzing the effects of geopolitical tensions, supply chain fragmentation, development of financialization, hollowing out of the real economy, in order to shed light on future economic transformations.当前，全球性挑战层出不穷——地缘冲突叠加延宕、供应链碎片化趋势加剧、人工智能等新科技前景充满未知。此外，美联储降息近期落地，进一步增加了全球金融市场的不确定性。以上因素相互交织，全球经济在动荡中艰难前行。《太和观察家》（TI Observer）九月刊关注全球经济现状，深入分析供应链碎片化、经济金融化空心化问题，期望以此探明未来发展之路。太和智库线上英文刊物《太和观察家》（TI Observer）致力于促进中外沟通交流，弥合 “理解鸿沟”。
TI Observer (TIO) is an online monthly English publication produced by Taihe Institute. TIO is dedicated to promoting transnational interaction and mutual understanding, thus bridging the gap of misunderstanding and bringing China and the world closer to each other.
TIO本期作者 (Ordered by Contents)
Warwick Powell
· Senior Fellow of Taihe Institute
Liu Baocheng
· Director of Center for International Business Ethics, and Deputy Dean of Academy of Global Innovation and Governance, University of International Business and Economics, Beijing, China
Liang Yan
· Kremer Chair Professor of Economics, Willamette University, Oregon, US
· Research Associate, Levy Economics Institute
Ding Yifan
· Senior Fellow of Taihe Institute
Evan Hill
· TI Youth Observer
【TIO 太和观察家】Global Games in the Shadow of War
【Youth Voices】The G7 and the Perils of "Moral Leadership"
【TIO 太和观察家】The G7 and India: Modi's Balancing Game
【TIO 太和观察家】The G7 and the New World Order
【TIO 太和观察家】Can the New G7 Roadmap Weather Domestic Uncertainty?
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