Sunday, May 14, 2017

Brenda Goh And Yawen Chen — China pledges US$124 billion for new Silk Road, says open to everyoneB

Chinese President Xi Jinping pledged US$124 billion on Sunday for his ambitious new Silk Road plan, saying everyone was welcome to join what he envisioned would be a path for peace and prosperity for the world.
China has touted what it formally calls the Belt and Road initiative as a new way to boost development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment.…
Inclusivity, harmony, and win-win. What's not to like?
Some Western diplomats have expressed unease about both the summit and the plan as a whole, seeing it as an attempt to promote Chinese influence globally.
"The West" doesn't like anything it does not control.
China has rejected criticism of the plan and the summit, saying the scheme is open to all, is a win-win and aimed only at promoting prosperity.
“What we hope to create is a big family of harmonious co-existence,” Xi said, adding pursuit of the initiative will not resort to outdated geopolitical manoeuvring.
“What we hope to achieve is a new model of win-win cooperation.”...
Asia Times
China pledges US$124 billion for new Silk Road, says open to everyoneB
Brenda Goh And Yawen Chen


Unknown said...

India threw a wrench in the works, and quite rightly so from an MMT perspective.

India Skips, Warns Of "Unsustainable Debt"

380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and international bodies in countries along the new trade routes
Indian foreign ministry spokesman Gopal Baglay, asked whether New Delhi was participating in the summit, said "India could not accept a project that compromised its sovereignty."

And a debt denominated in yuan, which itself is pegged to the dollar would indeed compromise India's sovereignty.

Dan Lynch said...

From a mercantilist point of view, increasing Chinese exports will be good for China, but what will happen to Russia's domestic producers? Not every Russian will find work selling oil and gas to China. Petro states as a rule are not successful states -- they tend to have high inequality, Dutch disease, and political instability.

Russia has plenty of resources and plenty of smart people. They should build up their own industries instead of importing manufactured goods from China.