RE: China and Russia's presidents -both- absent from the G20
September 11, 2023 at 1:33 am
(This post was last modified: September 11, 2023 at 1:59 am by Anomalocaris.)
China’s belt and road is only secondarily a power play to bind other countries to Chinese finance. The primary reason for belt and road is to find markets to mop up the loose credit and absorb the vast industrial overcapacity that China had built up as a result of the extremely loose monetary policy that the communist government had adopted to shelter the Chinese manufacturing sector from the effects of the 2008 world financial melt down. (Just the fact that the term “monetary policy” can occur in the same sentence as “communist government” says everything about how mutated and unrecognizable the term “communist” has become in the context of China). Belt and road is a reaction to long term internal financial and economic need, Not a knee jerk reactive policy adopted because of freaking out by policies someone else adopted.
China has the the surplus capacity sitting around. If they are not used they will further crater business and consumer sentiment. The west does not have the capacity to match it, and needs to sustain higher government spending to acquire it.
Belt and road is in this sense not ambitious because it does not presume sustained singularity of purpose, perseverance and determination divorced from economic imperative. It will last because even if the will flags, the need will persist. Biden’s plan is ambitious precisely because it does depend on maintaining singularity of purpose not matched by economic imperative in the long run. So Belt and road, or some version of it, is likely to be more enduring than its western counterpart.
China has the the surplus capacity sitting around. If they are not used they will further crater business and consumer sentiment. The west does not have the capacity to match it, and needs to sustain higher government spending to acquire it.
Belt and road is in this sense not ambitious because it does not presume sustained singularity of purpose, perseverance and determination divorced from economic imperative. It will last because even if the will flags, the need will persist. Biden’s plan is ambitious precisely because it does depend on maintaining singularity of purpose not matched by economic imperative in the long run. So Belt and road, or some version of it, is likely to be more enduring than its western counterpart.
