Xi Jinping presides over the second meeting of the presidium of the 19th National Congress of the Communist Party of China (CPC) at the Great Hall of the People in Beijing, capital of China, Oct. 20. [Xinhua]
(This article was contributed by Kim Sang-chul, former supervisor of KOTRA in Beijing / Shanghai.)
South Korea's interest in China's 19th Congress seems not to be so high as in the past because relations between the two countries is not the same as before. What picture is the Chinese drawing today about the future? In the big picture, it is summarized as to how to go inside and how to maintain external relations with the United States on an equal footing.
Although economic strength has increased to the level of G2, China's greatest concern is that the gap between rich and poor has reached a dangerous level. It is an inevitable phenomenon in introducing a market economy system into the socialist political system.
The remarkable feature is that China's future sketch is based on a relatively long breath of 15 years in drawing up national goals. It plans to complete the modernization of socialism by resolving the internal gaps continuously until 2035 and to realize the dream of building a socialist power by 2050. The fact that China is once again slowing down the time of emerging as the center of the world, or the hegemonic state, is considered to be the best reflection of reality.
A more detailed analysis of this can be seen as a way to overcome internal contradictions and conflicts and conclude the Chinese socialist system by 2035. Chian showed the will to complete the dream of opening the Pax China era beyond the U.S. by 2050. At this Congress, the Chinese leadership or the elite showed clearly what is worrying about the future.
Everybody admits the 'one road and one belt' project has exerted the greatest influence externally. Its driving force is China's leadership backed by 'China Money'. This reflects a strategy that China will concentrate on various infrastructures such as railway, power plant, communication, and port. Many countries in Asia and Europe welcomed it, implying that the Chinese funds will help expand their backward infrastructure.
This project, which seems to be rolling well, is now struggling. In the early stages, the construction itself is not progressing well due to various factors such as delays in funding by the Chinese government, conflicts with the local government, recruitment of personnel, and environmental problems. At its core, the idea is starting from China's FDI, but as China' s foreign reserves fall below $3 trillion, there has been a continued noise.
Investment areas are concentrated in Singapore, which relatively lacks infrastructure construction projects, while China cannot afford to look at Southeast Asia, Central Asia, Eastern Europe and Africa where demand is so strong. As a result, complaints are growing in such countries. And there is a growing tendency for the project itself to suddenly take its toll one by one.
There are many reasons, but ultimately it's because China sticks to its own interests without taking into consideration the actual benefits of the other countries. Projects are being delayed or unfulfilled because their interests do not match at the stage of contracting. The fact that China's funding situation is not the same as in the past is also fueling this situation.
It is not unrelated to the selfish behavior of Chinese companies in Latin America and Africa, which have received a considerable amount of Chinese money. It should be conducted bilaterally in profit sharing, technology transfer, and post management. In this regard, We have opportunities in high-speed railways, nuclear power plants, and various infrastructures.
Although the second phase of the Xi Jinping leadership made a splendid start, China has many worries and anxieties. Internal harmony through socialism and the market economy, and strengthening its external status through 'one belt and one road' cannot be realized easily, and project delays or retreat could be fatal to China.
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