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China's Xi promotes building initiative amid debt worries

10 Comments
By JOE McDONALD

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Well, I reckon China is headed for some lost decades just like Japan when all its debt comes due, and the debt it is owed is not repaid. Considering the population cliff it is facing, it will be much worse than what Japan faced and is facing.

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American debt is the biggest one in the world. I would be more afraid about that.

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watch China Uncensored on Youtube and learn about the Belt and Road indentured servitude system

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Yeah, because all the stuff related to China - an American Company - on YouTube is super partes.

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China promises to minimize corruption?! Ha ha ha!

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I find also funnier people who try to make fun of China, while It is succesfully stealing American influence here and there. Italy has been the First G7 Country to join BRI. The UK want to collaborate with Huawei, despite what the US say. The EU is shifting slowly towards China, and It Is trying to do like that for years. It's also a reason why there's a strong rivalry between Merkel and Trump.

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Don't underestimate or write off China and its Belt and Road program. China looks at the long term, not short term. China is not concerned about debt; in the long run (say in 50 years), the program will benefit China in terms of market dominance and control, established logistical supply chain for China's military, and political control over the recipient country.

As much as I respect China's capitalistic shrewdness and ruthlessness, I prefer Japan's and U.S.' system over China.

Beijing could enhance the appeal of Belt and Road by making it more like the World Bank or other multinational organizations, 

Wouldn't be surprised if China buys or takes over the World Bank. Then it could really finance its Belt and Road program at other countries' expense.

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Anyone who has been to China recently know they have built truly world class infrastructure all over. If not, then go to Google Maps and look at photos of their cities. China is a lot more developed than you think. They have so much infrastructure expertise and capability they are now exporting it to other countries. Meanwhile, what has happened to the $1 trillion infrastructure plan to rebuild roads and bridges and railways in the US?

3 ( +3 / -0 )

@Halwick: you go on now and bet on China, I will stick with the US staying out in front for a long long time.

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@Reckless: I'm just being cynically and pessimistically realistic. I actually prefer the U.S. political system over China and hope you are right about the U.S. staying out in front.

But right now, I just don't see the U.S. or Japan or the Western world having the political willpower to challenge China. For example, China is making massive investments in Africa, particularly the Congo region, to dominate and control the rare earth and metals market. We all know cobalt is a crucial item in lithium-ion battery production and China aims to corner that market and be the "center of renewable energy universe", to use their words. What is U.S. and Japan doing to counter that threat?

Then there is China's space program. According to an article I read about China’s space program ambitions, it is aimed at "long-term wealth creation for the Chinese nation, by utilizing a space-based economy", which implies expanding on the Belt and Road program through investing in lunar and asteroid mining capability. The lunar surface is filled with thorium, magnesium, platinum, titanium, silicon, water (ice), aluminum, and iron ore just waiting to be mined. The moon could serve as a new and tremendous supplier of energy and resources. China has gone on record stating "Whoever first conquers the moon will benefit first.”

The U.S. isn't even thinking on this capitalistic level, instead still stuck in the "flag and footprints" model.

And I'm dismayed to admit that China has become more pragmatic-, capitalistic- and opportunist-thinking than the U.S., particularly where "long-term wealth creation" is concerned.

I have to call it as I see it.

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