Much focus on Chinas ambitious Belt and Road Initiative has understandably been on the massive scale of its infrastructure projects and the implications for the economies of the countries involved. But more is at stake than just building railways, ports and pipelines.
As proponents of Chinas expanding global ambitions, Christopher H. Lim and Vincent Mack Zhi Wei argue that the BRI is a central component of Beijings agenda to cement its leadership in the world.
Is the world ready to accept a China-led development model through Beijing’s Belt and road Initiative (BRI), which envisions massive infrastructure projects across a whole range of countries? Having adequate funding and technology is necessary but not sufficient to ensure the success of the BRI. Fundamentally, China needs to be able to inspire confidence in its partners. If it wants the moral legitimacy to lead the world using the BRI, China will need to ensure that its domestic socio-economic and environmental issues are well managed. Failing that, the aftereffects would likely spill over to the economies within the BRI network.
China’s credibility hinges on whether it can provide concrete and tangible evidence that its approach can address key domestic challenges in an adequate and timely manner: turbulence in the Chinese stock market; the emergence of numerous “ghost cities” all over the country; rising unemployment due to the impending technology tsunami; and environmental issues such as high levels of pollution that have occurred as a result of rapid industrialization.
TACKLING DOMESTIC CHALLENGES
The Chinese stock market, when it is well managed, helps secure financing to fund economic development within China as well as the overseas expansion of Chinese enterprises. more important, the stock market is an ideal platform to raise financing for some of the BRI’s projects.
According to published data, as of February 2016, the total capitalization of stock markets in China was estimated to be Us$11.049 trillion (including Us$3.165 trillion from Hong Kong). this accounts for 15.9 percent of the Us$69 trillion capitalization among the 60 major stock exchanges globally.1
この記事は Global Asia の September 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Global Asia の September 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
‘Chinese Dream,' Global Ambition - Beijing's Belt and Road Initiative
Much focus on Chinas ambitious Belt and Road Initiative has understandably been on the massive scale of its infrastructure projects and the implications for the economies of the countries involved. But more is at stake than just building railways, ports and pipelines.As proponents of Chinas expanding global ambitions, Christopher H. Lim and Vincent Mack Zhi Wei argue that the BRI is a central component of Beijings agenda to cement its leadership in the world.
Can China's President Live Up To His Own Top Billing?
Chinese President Xi Jinping is convinced that for his country to achieve the Chinese Dream and assume its rightful place on the global stage, the central role of the Chinese Communist Party and the importance of leadership from the top must be strengthened.That flies in the face of those who believe Chinas future lies in greater openness and reform. David Shambaugh examines how Xis approach to leadership is moving China both forward and backward.
India's Strong Man: Narendra Modi Remains An Authoritarian At Heart
India has long prided itself on being the worlds largest democracy, and one built on a population of remarkable religious, ethnic, cultural and racial diversity. More recently, the country has touted its growing economy as a sign that India is poised to take its place as a major emerging power. But with the election of Prime Minister Narendra Modi in 2014, the specter of Hindu nationalism has emerged as a potent force that could threaten the countrys democracy. Pratap Bhanu Mehta looks at the evolving effects of Modis leadership.
Abe's More Assertive Japan: Will He Defy Expectations Again?
Prime Minister Shinzo Abe of Japan has proven, despite the setback of his first, undistinguished stint as premier, to be a remarkably resilient politician. In power since 2012, his economic policies have been only moderately successful and his aggressive security policies have raised the hackles of large segments of the Japanese public.Nonetheless, he may soon become Japans longest-serving post-war prime minister. The challenges he faces, however, continue to mount, writes Ellis Krauss, among them Donald Trumps erratic administration and Abes desire to amend Japans postwar peace constitution to fit the reality of the countrys more assertive security posture.