File photo of Chinese President Xi Jinping
Beijing, naturally, is where the action happens in China’s political theater. But to really understand the country’s complex power structure — and the intense, ongoing struggle for supremacy — it is also important to look backstage. That would be Guangdong Province, nearly 2,000km to the south.
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The People’s Bank of China has surprised many with its tolerance for market pain as it squeezes leverage in parts of the financial system. But rest assured, China won’t clamp down so hard it endangers President Xi Jinping’s goal to keep growth above 6.5 percent, according to economists from Morgan Stanley, Mizuho Securities and Oxford Economics.
The VIP list at Beijing’s glittering launch party for its massive Silk Road trade plan was worth scrutinising not for the luminaries who were on it, but those who weren’t. Singapore Prime Minister Lee Hsien Loong, who irritates Beijing by standing up to its bullying in the South China Sea, was notably missing; he didn’t get an invitation. European government heads were welcome, but mostly stayed away, as did leaders from India and Japan. The no-shows reflect a broad disquiet: To skeptics, what President Xi Jinping calls the “Project of the Century” is, at heart, an imperial venture.
Because of Trump’s shambolic presidency, a series of disastrous foreign-policy decisions, and Beijing’s concerted push to peel away U.S. allies, it currently seems to be winning the global battle for hearts and minds.
What does China’s President Xi Jinping want? Four years before Donald Trump became president, Xi became the leader of China and announced an epic vision to, in effect, “make China great again”—calling for “the great rejuvenation of the Chinese nation.”
East Asia has usually been unipolar, and often hegemonic. Today the region has returned to unipolarity so quickly that almost nobody has noticed. Whether China can again become a hegemon, however, is far less certain.
There are two major reasons China is able to move much faster than India on deals and aid, including a one-party system that gives Xi decision-making power far beyond what Modi is able to command. The world’s second-largest economy, China has far more resources, from the world’s largest foreign reserves, to some of its biggest infrastructure companies.
In the name of safeguarding its 1.4 billion people, China has been collecting biometric information from millions of people whom it deems potential threats—among them, Uyghurs, migrant workers, and college students—as part of national DNA database.
Courtesy: Global Times
In concrete terms, the Belt and Road initiative is an immensely ambitious development campaign through which China wants to boost trade and stimulate economic growth across Asia and beyond. It hopes to do so by building massive amounts of infrastructure connecting it to countries around the globe. By some estimates, China plans to pump $150bn into such projects each year. In a report released at the start of this year, ratings agency Fitch said an extraordinary $900 billion in projects were planned or underway.
Courtesy: Global Times
World leaders are gathering in Beijing this weekend for a big summit touting China’s infrastructure spending spree to connect Europe, the Middle East, Asia, and Africa. The project, known as the Belt and Road Initiative—or “One Belt, One Road” (OBOR) in straight translation—was introduced by president Xi Jinping in 2013 as a land-and-sea version of the fabled Silk Road trading route of the 16th to 18th centuries.
