The trade war with the United States coupled with the “Belt and Road Initiative” has the potential to add further pressure to China’s sluggish economy and debt pile, according to researchers, as the benefits of manufacturing in the mainland decrease.
“The advantages [of producing in China] still exist, but in terms of dynamics, the relative advantages are decreasing as a result of risks and uncertainties coming China-US trade conflict. Of course, the reform process of those countries [Vietnam, India] is also an important factor,” said Xu Qiyuan, an economist at the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.
China is focused on upgrading itself from the “workshop for the world” to one that focuses on hi-tech manufacturing, according to Xu, but the impact of such a transition could be difficult especially considering China is now growing as its slowest rate in more than three decades. “A loss for American farmers could be a boon for Kazakhstan and other countries that have been deepening their transportation ties with China through the Belt and Road Initiative.”
“If the construction of the belt and road is mainly dependent on the funds provided by China, the drawbacks are obvious. It is easy to be criticised by the international community, including its motives, standards, and influences etc,” said Xu from the Institute of World Economics and Politics, adding that China needs to reduce suspicion and criticism, and the risk of default in its own debt by building the project with developed countries.
Source: News Formal (newsformal.com)
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