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Pence to unveil rival to ‘dangerous’ Belt and Road Initiative at Apec meet

Pence to unveil rival to ‘dangerous’ Belt and Road Initiative at Apec meet

Read more on South China Morning Post

Contributions

  • This can be helpful competition if the initiative is implemented thoughtfully. Many countries in the region desperately need infrastructure investment. China has an important role to play, but US engagement will assure countries have multiple options and prevent Beijing from exercising too much leverage.

  • Any alternative initiative would do well to integrate blockchain into its trade finance even more widely than the Belt and Road project has.

  • Very keen to see what Mike Pence offers as Washington's counter to the Belt and Road Initiative. China's ambitious trillion-dollar scheme has taken a beating recently, with accusations of debt-trap diplomacy and pushback from Malaysia on a string of Beijing-backed projects.

  • If I were to place a bet on the future of the Belt and Road initiative, it would be that it may end up as one of the biggest boondoggles in history. The PRC is looking to create infrastructure on a level never truly attempted before, and do so in areas where it has never really been considered. This

    If I were to place a bet on the future of the Belt and Road initiative, it would be that it may end up as one of the biggest boondoggles in history. The PRC is looking to create infrastructure on a level never truly attempted before, and do so in areas where it has never really been considered. This initiative is fraught with many issues, from labor to construction quality.

    Authoritarian regimes flushed with capital love to build, and this reflects the PRC’s great ambitions. Though becoming involved with the PRC on this level of foreign investment is problematic at best. Assertions that the PRC has become a predatory lender to developing nations, or nations in economic turmoil are far from misguided. A perfect example is their involvement in Venezuela.

    Over the last decade, China has provided nearly $70B to Venezuela - an amount Venezuela is in no position to make good on either in cash, or oil exports. In order to stave off further economic catastrophe by securing further Chinese financial support, Venezuela sold an additional 9.9% share of the joint China-Venezuela oil venture, Sinovensa. China already owns a 40% stake. In addition, Chinese companies will handle new drilling and procurement for Sinovensa.

    In short, the PRC is walking away with the family silver. Especially when you consider Venezuela is believed to have one of the biggest oil reserves in the world.

  • Would like to see what's on the table for us here in Japan. The country isn't very trustful of Washington these days after walking away from TPP talks, shutting them out of Korea talks, and antagonizing on trade and US military bases. PM Abe may pay lip service to the Trump administration but the sentiment

    Would like to see what's on the table for us here in Japan. The country isn't very trustful of Washington these days after walking away from TPP talks, shutting them out of Korea talks, and antagonizing on trade and US military bases. PM Abe may pay lip service to the Trump administration but the sentiment by the natives is different.

  • Does anyone seriously believe the US will come up with a well thought through and comprehensive alternative to China’s Belt & Road initiative? BnR May have its faults but it’s certainly not lacking in ambition and imagination - something the US has not been known for lately.