China’s foreign policy is about to change, and not entirely by choice.
The country’s engagement with the developing world has accelerated markedly in the wake of the economic crisis. And for all the focus on Beijing’s relationship with Washington, it is Beijing’s relationship with the emerging world’s capitals, from Cairo to New Delhi, that may contain the greater surprise.
In the past months, a series of Chinese academics have proposed using the country’s foreign-exchange reserves to finance infrastructure projects in the developing world. The economist Xu Shanda has called for a Chinese “Marshall Plan” to boost demand for Chinese goods. A governor of the People’s Bank of China, Zhou Xiaochuan, has argued for establishing a supra-sovereign wealth fund to invest in the developing world.… Seguir leyendo »