THE Chinese BRI is achieving new heights of trans-regional connectivity promoting integrated transport systems, rails, seaports, developing new avenues of productivity in terms of digitalization, modernization and innovation and, mostly importantly, facilitating to overcome incidents of poverty, unemployment, undergrowth, sluggish national capacity, poor social development through immense community development, nurturing human capital, skill development, holistic and comprehensive people’s friendly policies creating win-win situation and befitting propositions for all.
Thus Chinese wisdom of global shared prosperity is gearing Xi’s global development, security and civilizational initiatives through the BRI in Asia, Africa, Central Asia, Asia Pacific, Europe, Latin America, Middle East and rest of the world. The joining of more than 155 countries with the BRI, 25-30 international organizations and completion of over 3,000 projects within the last ten years is a good omen for the regional as well as international economy.
According to many published reports, the BRI has emerged as a mega development initiative with a US$4 trillion investment spanning over 155 countries, encompassing 1,590 projects worth $1.9 trillion under the BRI and 1,574 projects involving $2.1 trillion in Chinese investments. However, concerns have arisen that with Trump’s electoral victory, the BRI could face significant challenges in the future. The ongoing US policies of decoupling and de-risking, coupled with the unilateral imposition of socio-economic, trade, technological and punitive legal measures, are expected to intensify, creating numerous obstacles for the expansion of the BRI.
Since we live in an era of economic globalization and international cooperation, which demands a fair, free, transparent and equitable world order, maintaining a balance between competition and cooperation is essential for the future bilateral relations between the USA and China in politics, economy, and technology. The recent meeting between US President Joe Biden and Chinese President Xi Jinping at APEC clearly reflected China’s willingness to work with President-elect Trump, which is a positive sign for both countries and the global economy. Moreover, global interdependence requires healthy competition and cooperation, rather than economic protectionism, isolation and the unilateral imposition of socio-economic, investment, technology and industrial measures. Meaningful engagement, constant negotiations, political consultations, economic cooperation and diplomatic sustainability should be the way forward under Trump’s presidency.
There are concerns that unhealthy competition resulting from expected economic, trade and technological measures, along with high tariffs (60 percent) against China, could derail the economic, manufacturing, and industrial development of both the US and the world, undermining the prospects for greater regional and global socio-economic prosperity. Therefore, sanity must prevail, as good relations between these economic superpowers have significant socio-economic, geopolitical and geostrategic implications. Their constructive competition could drive regional and global economic growth, create new opportunities for investment, science and space cooperation, promote hybrid agriculture and generate other beneficial propositions for global markets.
Easy and smooth inflows of trade and commodities guarantee regional as well as global trading systems which must be protected and progressed between the USA and China. Stability of China-US relations disseminates message of stability, sustainability, progress, prosperity, positivity and participation promoting economic cooperation, brightens chances of investments, joint ventures, industrial cooperation, artificial intelligence, digitalization, e-commerce, and other befitting fields producing a win-win situation for both the countries.
China is a global leader in new technologies such as lithium batteries, wind and solar manufacturing, hydrogen power generation, hybrid agriculture, health, vaccines, and transport systems, all of which have significant impacts on connectivity between the Global South and North, green transformation, agricultural productivity, economic diversification, and community development. Therefore, the stability of China-US relations is crucial. To ensure global economic growth is not hindered by economic instability, political tensions, industrial non-cooperation, or investment sanctions, stability, sustainability, peace, and harmony must be prioritized. China’s contribution to global GDP, which accounts for 30 percent, remains a key growth engine for the world and should be recognized and regulated.
China is a key engine of global growth and a stabilizing force in the world economy. China’s economy is progressing steadily despite economic fluctuations around the world. China’s role in the world economy is increasing, and it will play a greater role in the development of the world economy.
In summary, the looming threats of climate change are affecting economies, communities, manufacturing capacities, and basic human survival, putting the systematic response at risk. The stakes are high and must be addressed through cooperation, coordination, and collaboration between China and the USA. Cooperation on climate change, health, and human services should be the priority for both countries, as failure to do so could jeopardize economies, communities, humanity, the environment, biodiversity, blue economies, agriculture, and global health.
The Chinese President Xi Jinping’s speech in the just concluded APEC disseminated the message of development, economic cooperation, openness, modernization, digitalization, qualitative industrial cooperation and last but not least, green transformation through structural reforms, producing win-win situation and forming bilateral or trilateral befitting propositions gearing all the regional as well as world economies towards greater stability, sustainability, innovation and diversification brightening the chances of quick economic recovery. Thus economic globalization instead of America First and international cooperation instead of conflicts should be the mantra of the US and China countries.
Xi Jinping’s advocacy for openness, transparency, fair, free, and equitable economic cooperation is essential for greater development, integration, progress, prosperity, and peaceful persuasion of equal opportunities. These efforts should be accelerated and achieved collectively for the wellbeing of all countries and communities around the globe. The Chinese President’s proposals for a fair, free, transparent, and equitable trading system will further enhance and expand the scope, utility, and importance of regional economic integration, which must be actively pursued to achieve a shared global future and prosperity.
It seems that Xi’s suggestions are timely, integrated, interactive facilitating a positive, productive and participatory trading system producing win-win situations for every country. The US and China are the custodians and guarantors of global economic stability and sustainability therefore their good ties would translate a message of hope encouraging industrial cooperation and investments producing favourable conditions for money, stock markets and manufacturing units.
Let us hope that the President-elect Trump will triumph his own instinctive obsession of containment of China and jointly work for a better world, better for all people, producing better equations against global warming, unbridled role of AI and last but not least unrestricted self-glorification & gratification of his hawkish team against China and the Global South.
