John Ross explains why BRI – the New Silk Roads – is the potential engine of global growth.
His basis is the IMF analysis.
The challenge for the West is to enable some transfer of leadership to China for global growth. Some fear that it is the beginning of a loss. All change involves some loss. Resisting it for that reason is to live in the past.
China has shown a preparedness to negotiate the leadership. But while the West wasted funds on QE, China protected its assets to fund this.
The West needs to protect its interests, and will protect its interests. But it has to accept change.
From that acceptance a balanced way forward can be found. BRI is hard to succeed if just based in Asia. It needs Europe and the USA to enable it to succeed fully in the Middle East and Africa.
We need peace and growth and a balanced way forward can enable that. It is not simple but let’s look at how AIIB has adjusted to Western agendas. It is partnering with Western institutions. If the West approaches this constructively and positively then China will welcome us all.
It is the opportunity of a lifetime. It will continue and happen in 20-30 years or 50 years.
That is the experience of working with China.
Better Europe and the USA engages sooner and carves out a good share for the West. But we better be prepared for some bumps.
Important times for President Trump and a newly elected Europe seeking a new way forward. And, of course for a UK seeking to go global on its own.
Interesting 10 years ahead. Interesting 6 months ahead.