Steve Hayward at Powerline has a post on Why the Future is Trumpist which I agree with fully. Do read it. But what is particularly interesting are his comments on China.
Let’s start today with just the single issue of China (or “Chy-nah,” as Trump likes to enunciate it). I was struck by some recent survey findings from Pew Research displayed in the chart below. You can see that public opinion toward China has turned sharply negative all around the world over the last few years. Trump did that. And it will leave a residue that Biden will have to deal with. Biden—and craven corporate America that doesn’t want to see its lucrative Chinese market shrink—may try to go back to business as usual. But it will come at a political cost. Trump forever shattered the complacency of the China-accommodationists of both parties over the last 20 years.
He also finishes with a word on the Belt and Road program which should be of interest to the Premier of Victoria who will be looking to finance his many idiocies both past and present.
The Financial Times over the weekend notes some significant changes in China’s international lending practices. China’s government control banks were lending massively (more than the World Bank and its affiliates in many years) to promote their “belt and road” strategy that aimed to secure markets for China. But this was the epitome of predatory lending. When a developing country was unable to make payments on loans, China would convert the debt into equity, and thus extend their ownership of foreign infrastructure. You might even call this imperialism. In any case, China’s lending has suddenly dried up.
Biden will no doubt continue to try to sell America out, but perhaps the Chinese will no longer be buying.