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31. China’s Economic Slowdown: Root Causes, Beijing’s Response and Strategic Implications for the US and Allies

Author:
John Lee
Publication Date:
12-2019
Content Type:
Special Report
Institution:
Hudson Institute
Abstract:
This monograph attempts to argue and/or demonstrate three main points. First, it looks at why there were credible fears about the stability and viability of the Chinese economy — especially the financial and banking system — leading up to the end of the Twelfth Five Year Plan (2011–15), and what these were. To understand why Beijing was so concerned, the monograph draws out the serious structural problems that were leading inevitably to a permanent slowdown from the double-digit growth rates of the first three decades of reform. Second, the monograph looks at what occurred from 2015 to the present, and how China apparently overcame its economic difficulties. In fact, it has not overcome its problems, but deferred them to a future time in ways that only its unique authoritarian political economy is able to do.Third, it is clear the Communist Party is not passively awaiting an unhappy economic fate in connection with its mounting imbalances and domestic economic dysfunction. In many respects, its leaders have been highly creative in seeking solutions that do not entail a weakening of the party’s hold on economic power. On the contrary, the party has been busily shaping and pursuing grand strategic policies such as the Belt and Road Initiative (BRI) and Made in China 2025 (MIC 2025) to solve or alleviate many of its domestic political-economic problems. This monograph argues that these and other outward-focused initiatives stem most fundamentally from Chinese weaknesses and vulnerabilities but are being remade and recast into initiatives that will strengthen the position of the CCP domestically, ensure greater resilience for its political economy, and advance its ambitious strategic and international objectives at the same time. In summary, it is about the Communist Party cleverly transforming domestic vulnerability into grand strategy and using economic approaches to gain pre-eminence and “win without fighting.”
Topic:
International Relations, Foreign Policy, National Security, Geopolitics, Economy, Belt and Road Initiative (BRI), and Strategic Competition
Political Geography:
China, Asia, North America, and United States of America

32. Working paper on the relations between Russia and China

Author:
Jens Bastian
Publication Date:
05-2019
Content Type:
Working Paper
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
Working paper by the independent economic analyst Jens Bastian, focusing on relations between China and Russia is published by ELIAMEP. More specifically, in the text entitled “The Embrace Between the Russian Bear and the Panda Bear: An Emerging Sino-Russian Axis” it is argued that: “The depth and momentum of Sino-Russian strategic cooperation is deepening and accelerating. Defense and security, the various bilateral energy arrangements, the synergies resulting from the combination of the Eurasian Economic Union and the Belt and Road Initiative (BRI), reflect the wider range of joint activities of the two states”.
Topic:
Security, Foreign Policy, Defense Policy, Bilateral Relations, and Belt and Road Initiative (BRI)
Political Geography:
Russia, China, and Eurasia

33. The Embrace Between a Russian Bear and the Panda Bear. An Emerging Sino-Russian Axis

Author:
Jens Bastian
Publication Date:
06-2019
Content Type:
Working Paper
Institution:
Hellenic Foundation for European and Foreign Policy (ELIAMEP)
Abstract:
During a three-day official visit to Moscow in June 2019 the Chinese President Xi Jinping described Russia’s Vladimir Putin as his “best friend”. While China-US relations are deteriorating over bitter trade disputes, the imposition of tit-for-tat tariffs and intellectual property rights, the Sino-Russian partnership is evolving and deepening in areas such as security and defense, bilateral energy cooperation as well as the Kremlin’s expanding participation in China’s Belt and Road Initiative (BRI). Both Beijing and Moscow are building an alliance shaped by shared grievances and based on mutual strategic convenience. Against this background the following report argues that the strategic realignment underway between the Kremlin and Beijing is not one of equal partners. Status matters between the leadership of both countries. Moscow cannot compete with China’s sweeping investment efforts and infrastructure projects in the context of the BRI. What is increasingly emerging in this relationship is a junior role for Moscow and senior status for Beijing. The trade balance is heavily tilted in China’s favor. Chinese banks are key lenders to Russia. The energy cooperation is defined by China being able to command prices from Russia below market rates. Most importantly, China’s BRI is a multi-decade vision, spacing continents and backed up by sheer unlimited financial resources which Russia cannot even contemplate to match. With Russia and China strengthening their cooperation across policy fields, individual countries and sub-regions in continental Europe are faced with new and challenging strategic choices. As Moscow consolidates its economic footprint in Serbia and Montenegro, Beijing expands its presence across Central and Eastern Europe in the context of the 17+1 network. Policy makers are thus faced with daunting options. Some see Beijing as the more promising alternative, while others are tempted to seeking accommodation with both Russia and China.
Topic:
Security, International Cooperation, Bilateral Relations, Belt and Road Initiative (BRI), Trade, and Strategic Interests
Political Geography:
Russia, China, and United States of America

34. The Kunming-Vientiane Railway: The Economic, Procurement, Labor, and Safeguards Dimensions of a Chinese Belt and Road Project

Author:
Scott Morris
Publication Date:
05-2019
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
The Kunming-Vientiane (K-V) railway, part of the Kunming-Singapore multi-country rail network (or “Pan-Asia Railway”), is an anchor investment of the Chinese government’s Belt and Road initiative (BRI). This case study will assess the rail project along four dimensions: economic implications; procurement arrangements; labor; and environmental and social safeguards. In each of these areas, evidence from the railway project suggests that Chinese policy and practice could be better aligned with the practices of other sources of multilateral and bilateral development finance. Where the project’s standards are broadly aligned, at least in principle, there is nonetheless reason to believe that China’s approach carries heightened risks given the overall scale of financing. These risks hold for China’s global program of official finance, which has made the country the largest source of official credit in the world. In this regard, BRI policymakers should consider a more rigorous set of “best practices” that align Chinese official finance with leading multilateral standards, even if these practices don’t currently characterize many other bilateral lenders. Such an approach would be consistent with the multilateral vision for BRI espoused by Chinese officials and reflected in the framework of the annual Belt and Road Forum for International Cooperation. This study considers what a stronger set of standards would look like in the context of the four areas of focus.
Topic:
Infrastructure, Belt and Road Initiative (BRI), Transportation, and Railways
Political Geography:
China and Asia

35. China-Belarus Cooperation Under “Belt and Road Initiative”

Author:
Weihong Xu
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
As the programmatic strategy of China’s economic reopening, “Belt and Road Initiative" has gained more and more recognition from abroad. Belarus, as it sits at the core of the New Silk Road Economy Zone, is also coming to the stage. Belarus has a good geographic location and advantageous natural conditions, but the difficulty of seeking Western assistance in developing its real economy has been constantly rising after Brexit, isolationist Trump, and the rising of anti-globalism in Europe. Consequently, Belarus has been responding positively to China’s BRI. Especially in the cooperation of production capacity, Belarus industries are sincerely looking at China, as China is the only great economy that transcends from planned economy to market economy.
Topic:
Development, International Cooperation, Economy, and Belt and Road Initiative (BRI)
Political Geography:
China, Eurasia, and Belarus

36. A Study of China-Italy Cooperation in BRI

Author:
Hua Jing and Anurag Ram Chandran
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
In ancient times, Europe and Asia were connected together by the Silk Road, with Rome and China respectively serving as the two major terminals. The Silk Road was viewed as the main line of trade and business across borders at that time--an early version of economic globalization. In fact, the grand history of the Silk Road and the connection and exchanges between the two countries are well documented by Marco Polo in his Travelogue. Upholding the concept of globalization, China proposed the Belt and Road Initiative (BRI)in which Italy matters a lot. Relatively speaking, among all the countries in the Western Europe, the government and business community in Italy holds a positive stand towards BRI. Even though, it is still undeniable that there is still skepticism and doubt in carrying out relevant projects. Whether we can succeed in exploring more areas and spaces for cooperation and making full advantage of the complementarities between China and Italy, will affect not only the future development of the two countries but also the implementation of the BRI all across Europe.
Topic:
Diplomacy, International Cooperation, Bilateral Relations, and Belt and Road Initiative (BRI)
Political Geography:
China, Europe, Asia, and Italy

37. China- Pakistan Economic Corridor: Current Situation, challenges, Countermeasures and Suggestions

Author:
Lingfei Li
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
China- Pakistan Economic Corridor (CPEC) is a series of big engineering project that China and Pakistan develops to enhance the connectivity and common development of the two countries. CPEC, with Kashghar (in Chinese Xin Jiang Province) and the port of Gwadar (in Pakistani Baluchistan Province) at its northern and southern ends respectively, is a hub of Silk Road Economic Belt and Maritime Silk Road. So it is extraordinarily significant for the strategic deployment and promotion of Belt and Road initiative. At the moment (May 2017), the construction of CPEC has made a number of important developments. The governments of China and Pakistan have also conducted rounds of consultations to set up “long-range planning of CPEC”. On this occasion, this article will conclude the current situation of the construction of CPEC, summarize and evaluate the challenges and risks that exist, and offer preliminary countermeasures and suggestions.
Topic:
International Cooperation, Partnerships, Economy, Belt and Road Initiative (BRI), Trade, and Industry
Political Geography:
Pakistan, China, South Asia, and Asia

38. “Turkey Dream” and the China-Turkish Cooperation under “One Belt and One Road” Initiative

Author:
Tao Zan
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
In recent years, along with the “Chinese dream” and the “Belt and Road Initiative” proposed by Chinese President Xi Jinping, relevant countries have paid attention to the Chinese people who have become subject in their fields of research. In the past decade of the 21st century, the development of Turkey is remarkable. The country proposed the ambitious “Tükiye hayal” (Turkey dream) at 3 levels : the vision for the 100th anniversary of Republic of Turkey in 2023 (referred to as the “centennial political vision of 2023”), the outlook for the 600th anniversary in 2053 of the Ottoman Empire’s conquest of Istanbul (referred to as the “sex centenary outlook of 2053”), the goals for the 1000th anniversary in 2071 of the victory in Battle of Manzikert, in which Seljuk Turks defeated the Byzantine Empire and started the campaign to conquest Anatolia (referred to as the “millenarian objective of 2071”). Via specific analysis and explanation over the process that Turkey proposes these development plans, goals and vision, this article will explore the context of these proposals, and analyze the conditions to achieve the Dream. At a second part, the article will focus on the fundamentals of Turkey from the perspective of China-Turkis relations, and discuss the foundations and prospects of China-Turkis cooperation under the “Bel and Road Initiative”.
Topic:
International Relations, Bilateral Relations, and Belt and Road Initiative (BRI)
Political Geography:
China, Turkey, and Asia

39. Current Status and Prospect of Sino-Indonesian Cooperation under the Background of the “Belt and Road”

Author:
Kun Zhai
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
During his visit to Indonesia in 2013, President Xi Jinping proposed the initiative to co-build “21st Century Maritime Silk Road”. Located at the intersection between Pacific and the Indian Ocean as well as between Asian and Oceania, Indonesia is a critical pivot and strategic fulcrum of “Maritime Silk Road”. Indonesia’s maritime power strategy, which is centered on the vision of “Global Maritime Axis”, is consistent with the “Maritime Silk Road” initiative. For three years, China and Indonesia have been actively communicating their “21st Century Maritime Silk Road” initiative and “Global Maritime Axis” strategy and deepening practical cooperation and friendly exchanges. A lot of major cooperative projects, such as Jakarta-Bandung High-speed Railway Project, have been finalized. Cooperation of mutual benefit in fields such as infrastructure construction, trade, investment, finance, e-business, etc, is making constant progress. According to 2015 Report on Five Connectivity Indexes of Countries along the Belt and Road compiled by the research team of Peking University on Five Connectivity Indexes of countries along the Belt and Road, Indonesia ranks the fifth among all 63 countries along the Belt and Road. This shows that the cooperation between China and Indonesia in fields of the Belt and Road Initiative is on a relatively high level. However, with the broadening and deepening of cooperation between the two countries, a series of problems have begun to surface. If the two parties do not pay enough attention to those problems or take measures to solve them, they will have negative influence on the implementation of the two countries on the Belt and Road Initiative. The present report will summarize the achievements of China and Indonesia in implementing the Belt and Road Initiative, analyze the underlying problems and the real altitudes of Indonesia, and propose some recommendations.
Topic:
International Relations, Diplomacy, Politics, Bilateral Relations, and Belt and Road Initiative (BRI)
Political Geography:
China, Indonesia, Asia, and Southeast Asia

40. “One Belt One Road” and the Opportunities It Could Bring to the UK

Author:
Yu Xiong and Jiamin Liang
Publication Date:
04-2019
Content Type:
Special Report
Institution:
Pangoal Institution
Abstract:
In recent years, China-UK relationship remains “Golden”. As the first Europe member who joined the Asian Infrastructure Investment Bank (AIIB), Britain is trying to strengthen China-UK cooperation among all the aspects to evolve the “Golden Era”. Since Britain officially triggered Article 50 on March 29, 2016, Britain must find replacement markets in order to overcome the possible economic and political barriers after the Completion of the entire process, which makes China an essential partner in the background. This report offers the discussions and suggestions in the China-UK cooperation under the implementation of two policies – One Belt One Road (OBOR) and Northern Powerhouse. This report also discusses the strategic background, the actual process, the uncertainties for China-UK OBOR collaboration and the potential opportunities.
Topic:
International Relations, Diplomacy, Soft Power, and Belt and Road Initiative (BRI)
Political Geography:
China, United Kingdom, Europe, and Asia