Hi again Hezekiah. Thanks for reading. Yes, I have a lot of issues with America’s conduct of foreign affairs and the country definitely has a lot to answer for in terms of its abuse of power. However, I would be hesitant to argue that Russia or China would fare any better if they were to take upon themselves the mantle of global hegemony.
I have argued before (you can read more here if interested) that the Belt and Road initiative has many flaws, both in the underlying rationale for the project and its execution.
The Chinese government is currently attempting to accelerate the country’s transition from a manufacturing to a consumption and services-led economy.
But such a transition comes with significant growing pains including mass layoffs and heavy debt. To mitigate these challenges the government needs to keep its state-owned enterprises afloat, many of which are involved in the industrial sector and that are now burdened with over-capacity and debt after years of soaring growth.
Expanding into new markets is a key component of the government’s strategy and observers cite this as a major rationale for the Belt and Road Initiative. By effectively getting others to pay for the country’s debt and use up its surplus capacity, it is hoped the initiative will take pressure off the shifting of the gears taking place within China’s own economy.
Furthermore, significant hurdles impede China’s Belt and Road Initiative from even getting off the ground. Across numerous sites projects are being canceled, renegotiated or delayed due to disputes about costs or complaints host countries get too little out of projects built by Chinese companies and financed by loans from Beijing that must be repaid.
Thanks again for your thoughtful comments, I really appreciate them mate. Peace.