Daily Management Review

US To Invest $113 Million In Asia To Counter Chinese Influence


07/31/2018




US To Invest $113 Million In Asia To Counter Chinese Influence
More than $113 million would be spent on digital economy, energy and infrastructure by the United States in the Asian region in a move that many analysts are viewing as a strategy by the US to counter the rising influence of China in the region.
 
This plan and pledge was outlined in a speech at the "Indo-Pacific" economic strategy in a speech to business leaders in Washington by the US Secretary of State Mike Pompeo.
 
The US believed in "strategic partnerships not strategic dependency", he said.
 
The timing of the announcement bears significance because the US and China are currently engaged in a bitter trade spat where both the sides are busy in imposing tit-for-tat tariffs on each other’s goods imported into their respective countries.
 
The strategy of the new Trump administration to create a sphere of influence within a regional grouping that is identified as the "Indo-Pacific" which comprises of the west coast of the United States, countries from South East Asia and India, is being viewed as a deliberate effort of the US to counter the Belt and Road project initiated by China.
 
But compared to the many billions that is being spent by China for the Road and Belt project in the construction of ports, roads and railways throughout the Asian region and even beyond that, the amount hat has been pledged by the US is like a drop in the ocean.
 
Analysts view the road and belt project – which is a pet project of Chinese president Xi Jinping, is a strategy that is a means of extending the political and economic might of China throughout Asia and beyond in a strategic manner.
 
A very pointed reference was made by Pompeo in his speech given to the US Chamber of Commerce. "The United States of America does not invest for political influence, but rather practices partnership economics," he said.
 
"These funds represent just a down payment on a new era in US economic commitment to peace and prosperity in the Indo-Pacific region."
 
Irrespective of the amount of money that the US has pledged to spend in Asia, analysts claim that it is a cl\ear signal that the country seeks to exert and extend its engagement with Asian economies.
 
Ever since ascending presidency of the country, US president Donald Trump has been following an increasingly protectionist economic policy. This first became evident in his call of America First and then his pulling out of the Trans Pacific Partnership deal last year.
 
Trump also imposed tariffs on Chinese products imported in to the US worth $34 billion earlier this month and has repeatedly accused china of following a trade policy that encourages theft of intellectual property.
 
(Source:www.bbc.com)






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