China's Spending $500 Billion To Reshape The World In Its Image - Foreign Affairs

China's Spending $500 Billion To Reshape The World In Its Image - Foreign Affairs - Nairaland

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China's Spending $500 Billion To Reshape The World In Its Image by MyNation(op): 9:21am On May 12, 2017

China's Spending $500 Billion to Reshape the World in Its Image

China-led economic order to top agenda at Beijing summit
Xi pushes globalization as Trump puts ‘America First’
China Plans to Reshape World Trade

China is one of the few countries in the world today with money to spend, and Xi Jinping is ready to write some checks.

China’s president will host almost 30 world leaders in Beijing on Sunday at the first Belt and Road Forum, the centerpiece of a soft-power push backed by hundreds of billions of dollars for infrastructure projects. More than 100 countries on five continents have signed up, showing the demand for global economic cooperation despite rising protectionism in the U.S. and Europe.

For Xi, the initiative is designed to solidify his image as one of the world’s leading advocates of globalization while U.S. President Donald Trump cuts overseas funds in the name of “America First.”
The summit aims to ease concerns about China’s rise and boost Xi’s profile at home, where he’s become the most powerful leader since Deng Xiaoping died in 1997.

The Belt and Road Initiative “will likely be Xi’s most lasting legacy,” said Trey McArver, the London-based director of China research for TS Lombard, an investment research company. “It has the potential to remake global -- particularly Asian -- trade and economic patterns.”

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