Mao Zedong (Chairman Mao) announced the formation of the People's Republic of China, now 70 years ago.
Now China is sending its companies to the world in order to hone its competitive edge and later these companies assert themselves, according to MERICS. The EU for example has missed the digital revolution of the 2000's, whereas China has Alibaba, whilst buying up companies like Volvo. Or investing in Greek harbours [Watchdog opens way for implementation of Cosco’s master plan for Piraeus]. The BRI-plans highlighted this gap, and the "Made in 2025" policy is to ensure global market power. Meanwhile, the EU is striving to act as a united front by introducing an EU connectivity strategy, but also in facilitating private-public partnerships via its program Important Projects of Common European Interest (IPCEIs). The EU is still looking for ways to complement their answer to the BRI. MERICS believes that it would be beneficial to both continents if they pool their resources [Europe has to buckle up to survive the challenge of the Belt and Road].
The Jamestown Foundation ascertains two trends. First, the BRI is growing, since 62 new countries joined. Second, China is spending less around the world on construction and on investments. As the Foundation sees it, the priority of China in general terms is threefold: construction, investments and energy. Lesser priority is given to the Digital Silk Road. China needs to prioritize in order to maintain a sustainable spending pattern [The Belt and Road Initiative Adds More Partners, But Beijing Has Fewer Dollars to Spend].
A. Cikmazkara
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