Tuesday, March 31, 2015

China will surely lead Asia but how transparent she will remains to be judged?

From what I read in this article on President Xi Jinping’s speech at the Boao forum, it is a speech and the laying out of its future outlines in economic, political and maritime affairs around international altruism.

President Xi - Playing by his own rules.
Credit: thierry ehrmann on flickr
What is striking is her realization and acceptance of the fact that she will be expected to shoulder much responsibilities both in Asia and globally. China is the world’s largest economy by PPP numbers but the second largest by GDP. Though her growth is slowing, China has lots of money to spend and she is spending them around the world.

Why not spend them at home, for her poor neighbors like Indonesia, New Zealand and Malaysia? By doing so, she in essence is saying: “I’m going to help all of you, but you’re going to start looking at me as Uncle Xi. That means, Uncle Sam might be…obliterated soonest from your political and economic radar.”

Those are important words for Asia. Yet, the question remains how open enough will China agree to be? The US knows lots we don’t about China’s political and economic transparency and accountability and is not saying much about the AIIB, Asian Infrastructure Investment Bank, whose membership roster is expected to be closed today. The UK does the same but is looking at the economics. How would China lead the AIIB without being transparent and accountable enough to satisfy the UK, can only be imagined!

By creating a road "...from China to Asia..." President Xi in essence meant to say: "...from now on, all roads lead to China."

Those are words Nigeria wants to hear. She, like other developing and emerging economies, will be counting on China as assistance of second resort.

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