China's overland Silk Road and Maritime Silk Road Thread
- Thread starter SampanViking
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That is perhaps the greatest problem OBOR is facing as of now. While the lion's share of the blame falls on the individual nations for not doing their homework before accepting the investments, thus leading to such issues. China cannot escape the fallout completely, like it or not it has to realize that such large scale investments comes which such image issues. And to be frank China has not make things better either with its earlier "no questions ask" attitude regarding the feasibility of projects and the capacity of the nations to repay in a reasonable manner . Recklessness and fecklessness, not some carefully planned plot of domination, that is the real hole in OBOR, which while makes it less devious does not lessen the fallout of the resulting scandals.
While China has come to realize the damage of such aloofness and had taken steps to try and ensure a level of transparency and anti-corruption among the participating states. There is more that it can do, like setting up a oversight body consisting of people from all the participating nations as well as non-participating nations like Germany, France and Britain ensure a balanced view point. This body would be responsible for auditing beforehand financial stability of the receiptant state, the feasibility of the projects involved and the timely repayment of the said investments. The body should have the power to immediately halt any further investments should it be suspected that the investments is heading towards another Sri Lanka scenario
China should also use the leverage it has in the OBOR project to ensure that each participating nation toes the line of the said body, while this might be a unwelcomed moved to some of the states. In the end China has to realize that being the originator of OBOR, it has the unstated burden of being responsible for its overall success and integrity.
While China has come to realize the damage of such aloofness and had taken steps to try and ensure a level of transparency and anti-corruption among the participating states. There is more that it can do, like setting up a oversight body consisting of people from all the participating nations as well as non-participating nations like Germany, France and Britain ensure a balanced view point. This body would be responsible for auditing beforehand financial stability of the receiptant state, the feasibility of the projects involved and the timely repayment of the said investments. The body should have the power to immediately halt any further investments should it be suspected that the investments is heading towards another Sri Lanka scenario
China should also use the leverage it has in the OBOR project to ensure that each participating nation toes the line of the said body, while this might be a unwelcomed moved to some of the states. In the end China has to realize that being the originator of OBOR, it has the unstated burden of being responsible for its overall success and integrity.
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This article explore the possibility of US and the West participating in the OBOR project either as a full member, or side-by-side by initiating similar projects and investment initiatives. All in all this possibility should be lauded by entire world, China included. Multiple investment initiatives gives more choice to the states involved, allowing them to tailor their investment policies to one that is to their liking. Competitive investments can also allow both China and the West to discover each other's strong points and weaknesses that can be addressed. And finally there is the obvious advantage of increased economic growth and prosperity for all participating nations, provide the investments are sound and reasonably made.
That presupposes that non-participating nations have an interest in the project's success and would in good faith audit the projects. I think what would instead happen is enormous amounts of bureaucratic red tape to outright sabotage, as countries like France and Germany would prefer to see the project fail.
Equation
Lieutenant General
Please that article is just another sour grape as China OBOR has become more and more popular it is now in China's best interest to share the glory with the US and West when they didn't take the initiative in the first place?
I don't think that Chinese banks were reckless. I think the reason for the risky loans is China's policy of noninterference in other countries' internal matters. The policy may have stopped the banks from doing their due diligence with as much skepticism as they normally would have used. The policy may have to change a bit after the Malaysian experience: Najib's government was so corrupt, they probably lied a lot to China's banks. The banks will have to be more careful in the future.
Agree.
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And why should the listed nations not ? Germany, French and Britain has interests in the success of OBOR, in fact the overland silk road freight train route ends at Duisburg which is in Germany. The notion that "if you are not with us, then you are against us" is just as petty and immature as Washington's stance on the global war on terror back in 2001.
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That is the very definition of recklessness, in fact one can even add on the charge of negligence as well. That China takes everything other nations say at face value without fact checking.
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Intentions and attitudes means next to nothing here, what matters most is that if the West decides to step up investment initiatives with the world there is all to gain and nothing to lose.
There is no presupposed glory gained or lost with the OBOR project at its initiation, such things depends on the actions and results of the participates, even late comers can achieve the same results as first times if they act smartly.
Nor is such things anathema to the West, the Marshall Plan in 1946 is a clearest example.