EconomistUniversity.com and Norman MacraeFoundation (email@example.com usa text 240 316 8157 ) welcomes links to Updating The Economists' 1975 vision of Asia-China-Pacfic Century seeking solutions “towards an innovative, invigorated, interconnected and inclusive world economy.”
G20 Trade Ministers have already agreed to lay down nine core principles for global investment. At the summit, China will keep pressing for emerging markets to have a bigger say in the Bretton Woods system.
China will seek greater G20 backing for the New Silk Roads – or One Belt, One Road (OBOR), as they are officially known – as well as the new Asian Infrastructure Investment Bank (AIIB).
China has proposed OBOR; a pan-Eurasian connectivity spectacular designed to configure a hypermarket at least 10 times the size of the US market within the next two decades.
Shuttling between the West and Asia, one can glimpse, $1.4 trillion project potentially touching 64 nations, no less than 4.4 billion people and around 40 per cent of the global economy which will, among other features, create new “innovative, invigorated, interconnected and inclusive” trade horizons and arguably install a post-geopolitics win-win era.
An array of financial mechanisms is already in place. The AIIB (which will fund way beyond the initial commitment of $100 billion); the Silk Road Fund ($40 billion already committed); the BRICS’s New Development Bank (NDB), initially committing $100 billion; plus assorted players such as the China Development Bank and the Hong Kong-based China Merchants Holdings International.
Chinese state companies and funds are relentlessly buying up ports and tech companies in Western Europe – from Greece to the UK.Cargo trains are now plying the route from Zhejiang to Tehran in 14 days, through Kazakhstan and Turkmenistan; soon this will be all part of a trans-Eurasia high-speed rail network, including a high-speed Transiberian. The $46 billion China-Pakistan Economic Corridor (CPEC) has the potential to unblock vast swathes of South Asia, with Gwadar, operated by China Overseas Port Holdings, slated to become a key naval hub of the New Silk Roads. Deep-sea ports will be built in Kyaukphyu in Myanmar, Sonadia island in Bangladesh, Hambantota in Sri Lanka. Add to them the China-Belarus Industrial Park and 33 deals in Kazakhstan covering everything from mining and engineering to oil and gas.
A lot of the action happens in member-states or observers of the Shanghai Cooperation Organization (SCO). The New Silk Roads are about to be totally intertwined with the reprogramming of the SCO as a security-economic cooperation umbrella.
In parallel Russia, with the progressive coordination of the Eurasia Economic Union (EEU) with the New Silk Roads, projects the Russia-China strategic partnership much further than just New Silk Road connectivity to Europe.
Follow those CUES
Southeast Asia – via the Maritime Silk Road — is a key hub in the New Connectivity Game in Eurasia.
Following a recent meeting in Inner Mongolia, China and ASEAN are set to launch an emergency diplomatic hotline and eventually adopt a Code for Unplanned Encounters at Sea (CUES).
ASEAN and East Asian powers, meanwhile, keep weighing the merits of the Regional Comprehensive Economic Partnership (RCEP) — 16 nations, 29% of global trade – as an alternative to the US corporate-pushed TPP, a sort of NATO-on-trade that excludes China.
China is hyperactive on all fronts. It will boost the use of Singapore know how to advance New Silk Road projects. Singapore, with a population nearly 75% ethnic Chinese, is China’s largest foreign investor and a major overseas hub for yuan trade. More than 20% of Singapore’s GDP is linked to China.
China from economically reign over the Asia-Pacific.