China initiative ‘brings job opportunities’
For countries like Fiji, which often find it hard to finance big ticket infrastructure projects, there’s an opportunity to sign up to China’s Belt and Road Initiative (BRI) to secure financial assistance – cheap loans or economic aid from Beijing.
A China-based political analyst says these projects usually create jobs and bring long-term economic and social benefits for Fiji and other countries.
The BRI is an economic and trade plan primarily about infrastructure – roads, ports, airports, water facilities, power plants, etc.
Later on, it evolves into connectivity in other areas including people-to-people exchanges, medical co-operation and so on. These were comments made by Xu Qinduo, a senior fellow at the Pangoal Institution - a China-based public policy think tank.
During an interview with the Fiji Sun, Mr Xu said the initiative offered opportunities for investment from China or ex- ports to China, a win-win process for both countries and peoples.
He said people-to-people exchanges for educational and work purposes would go a long way towards building a better world.
Mr Xu said the idea behind the initiative was to further develop China’s economy by investing overseas.
By connecting China with other countries through the BRI, Beijing was helping to create a bigger market and, in this sense, ultimately everybody won.
Mr Xu said naturally this led to the idea to connect China to central Asia and Europe and revive the old Silk Road, an ancient trade route dating back to as early as 207 BCE that linked the East and West running from South East Asia through China, India, East Africa, the Middle East, Arabian Peninsula and on to Europe.
China’s President Xi Jinping first put forward the idea of the Silk Road Economic Belt in a speech in Kazakhstan in 2013. The idea was later expanded into the 21st Century Maritime Silk Road when Mr Xi visited Indonesia.
Infrastructure development:
Part of the BRI expounds on the need for better infrastructure and better connectivity.
An Asian Development Bank report in 2017, Meeting Asia’s Infrastructure Needs, estimated that the region would need to invest $26 trillion in infrastructure until 2030 to keep pace of economic growth. Mr Xi said China understood the importance of infrastructure in its own experience and had the financial firepower to do so with a foreign reserve of more than $3 trillion USD.
Global power projection claim:
Mr Xi maintained the BRI was purely about economics and trade.
But inevitably, he said, countries who viewed China as a rival or competitor saw the BRI through the lens of geopolitics. “China doesn’t have any intention to compete with the US, to replace the US as the number one power in the world,” he said.
“That’s why the BRI is open, transparent, inclusive. Every country is welcome to join instead of being an exclusive club.” Mr Xi said there was no grand plan to conquer or control other parts of the world.
“For China, it takes it seriously that there’s international responsibility for a big power like China to shoulder,” he said.
“In this sense, BRI is more like a public good China contributes to the development of countries.
“That’s also why China talks so much about aligning the BRI with countries’ own national strategy, the UN Agenda 2030. It’s all about economic development, about poverty alleviation and improvement of people’s livelihoods.”