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Beijing faces a new test of its economic statecraft
It must learn from its mistakes if it is to make a success of the Global Development Initiative.
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China must learn from its mistakes if it is to make a success of the Global Development Initiative, says the writer.
PHOTO: REUTERS
Yu Jie
When President Xi Jinping came to power in 2012, his vision was for China to become a leader of the Global South. His Belt and Road Initiative (BRI), launched in 2013, and the Global Development Initiative (GDI), which Mr Xi announced at the UN General Assembly in September last year, are tools for projecting Chinese influence in the developing world.
Whether the GDI succeeds will serve as a test of China's economic statecraft. The keyword in Beijing's description of the initiative is sustainability, with the emphasis less on physical infrastructure projects and more on poverty alleviation and sustainable development through grants and capacity-building, all with the stamp of approval of the UN's 2030 Sustainable Development Goals.
