![]() China does not participate in international coordinating agencies to ensure effective assistance like the OECD Development Assistance Committee.China also launched the Asian Infrastructure Investment Bank in 2014 which already has 103 member states, including many of America’s strategic allies. In 2018, China launched a ministry-level development agency – the China International Development Cooperation Agency – to better coordinate and advance its commercial and foreign policy interests around the world through foreign aid. Many countries announced they were postponing, cancelling, or reviewing Chinese-funded projects, including Egypt, Bangladesh, Pakistan, and Tanzania due to pandemic related internal economic concerns, as well as Nigeria or Myanmar whose own pandemic economic challenges may constrain their ability to service Belt and Road related debt later. In the first half of 2020, China’s investments in the Belt and Road Initiative dropped by about 50% due to pandemic restrictions.This initiative seeks to build new markets for Chinese goods and increase China’s economic connectivity in 130 countries around the world, encompassing more than 60% of the world’s population and one-third of global GDP – including 40 out of 54 African countries. China is expected to spend over $1 trillion on its “Belt and Road Initiative” – seven times the size of the Marshall Plan in real dollars. In 2018, China increased its budget for foreign aid by 7%. GROWING CHINESE INVESTMENTS IN DIPLOMACY AND DEVELOPMENTĬhinese President Xi Jinping released his vision for China’s global leadership at the 19th National Congress of the Communist Party of China, saying, “major country diplomacy with Chinese characteristics aims to foster a new type of international relations and build a community with a shared future for mankind.” In 2019, China surpassed the United States in the size of its diplomatic network, citing 276 diplomatic posts-including embassies, consulates, and permanent missions to international organizations. Estimates indicate that China’s economy has already recovered from the downturn driven by the pandemic, growing by 4.9% in the third quarter of 2020, marking it as one of the few economies likely to show an overall positive rate of growth for 2020. China sent medical teams and donating medical equipment to over 150 countries and joined COVAX, the global initiative to ensure an equitable distribution of a vaccine, before the United States. The COVID-19 crisis has highlighted China’s efforts to increase its global influence, from bilateral humanitarian response at the outbreak to vaccine diplomacy. Under its “China Standards 2035” plan, China aims to set the global standards for the next generation of technologies, from telecommunications to artificial intelligence, a move that may have enormous implications for tech industries worldwide. ![]() ![]() ![]() From official investments in key industries like infrastructure, aerospace, and power to investments by Chinese state-owned companies in new technologies like 5G, China has pledged to become a world economic leader by 2025 through global manufacturing. The People’s Republic of China’s global investments have grown dramatically in recent years, surpassing the United States as the largest trading partner with many countries in Latin America and Africa and challenging America’s strategic influence across the globe. ![]()
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