The Coronavirus pandemic is the second major crisis of globalization in a decade. We did not learn our lessons from the financial crisis and this is perhaps why the impact of COVID-19 has been even more massive.
This briefing aims to deepen discussion on the Belt and Road Iniatiative (BRI) in Myanmar. The BRI is often described as a ‘grand strategy’ led by President Xi Jinping, centrally planned and rolled out by obedient state-owned enterprises (SOEs). The sheer size of the initiative – 136 countries have received US$90 billion in Chinese foreign direct investment and exchanged US$6 trillion in trade with China - can make the BRI appear monolithic and inevitable. However, using a political economy analysis, this briefing demonstrates that the BRI is not a grand strategy, but a broad framework of activities that seek to address a crisis in Chinese capitalism. An examination of four BRI projects in Myanmar using Chinese language sources shows the extent of lobbying by Chinese SOEs and the Yunnan provincial government to promote the projects, with support from the central Chinese government.
A Memorandum of Understanding to establish the China Myanmar Economic Corridor (CMEC) was signed by the governments of Myanmar and China in September 2018. The CMEC forms part of China's Belt and Road Initiative (BRI), a 21st century reimagining of the ancient Silk Road, the network of land and sea trade routes that once linked Imperial China with markets in the west.