Janka Oertel on "The End of the China Illusion" (Part 2)

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Glossary

Belt and Road Initiative (BRI)

(04:10 or p.1 in the transcript)

China’s Belt and Road Initiative is a strategy initiated by the People’s Republic of China that seeks to connect Asia with Africa and Europe via land and maritime networks with the aim of improving regional integration, increasing trade and stimulating economic growth. The name was coined in 2013 by China’s President Xi Jinping, who drew inspiration from the concept of the Silk Road established during the Han Dynasty 2,000 years ago – an ancient network of trade routes that connected China to the Mediterranean via Eurasia for centuries. The BRI has also been referred to in the past as 'One Belt One Road'. The BRI comprises a Silk Road Economic Belt – a trans-continental passage that links China with southeast Asia, south Asia, Central Asia, Russia and Europe by land – and a 21st century Maritime Silk Road, a sea route connecting China’s coastal regions with south east and south Asia, the South Pacific, the Middle East and Eastern Africa, all the way to Europe. The initiative defines five major priorities: policy coordination; infrastructure connectivity; unimpeded trade; financial integration; and connecting people. The BRI has been associated with a very large programme of investments in infrastructure development for ports, roads, railways and airports, as well as power plants and telecommunications networks. Since 2019, Chinese state-led BRI lending volumes have been in decline. The BRI now places increasing emphasis on “high quality investment”, including through greater use of project finance, risk mitigation tools, and green finance. The BRI is an increasingly important umbrella mechanism for China’s bilateral trade with BRI partners: as of March 2020, the number of countries that have joined the Belt and Road Initiative by signing a Memorandum of Understanding (MoU) with China is 138. source

BRICS

(04:41 or p.2 in the transcript)

"BRICS" is the acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa. The term was originally coined in 2001 as "BRIC" by the Goldman Sachs economist Jim O'Neill in his report, Building Better Global Economic BRICs (Global Economics Paper No: 66). At that time, the economies of Brazil, Russia, India and China experienced significant growth, raising concerns regarding their impact on the global economy. Foreign ministers of these countries began meeting informally in 2006, which led to more formal annual summits beginning in 2009. Generally speaking, these meetings are held to improve economic conditions within BRICS countries and give their leaders the opportunity to work in collaboration regarding these efforts. In December of 2010, South Africa joined the informal group and changed the acronym to BRICS. Together these emerging markets represent 42% of the world population and account for over 31% of the world's GDP according to the World Factbook. According to the 2023 summit chair South Africa, over 40 nations were interested in joining the economic forum for the benefits membership would provide including development finance and increase in trade and investment. At the conclusion of the summit, it was announced that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates will become new members of BRICS starting in 2024. source

Global Gateway 

(25:52 or p.7 in the transcript)

Global Gateway is a new European strategy to boost smart, clean and secure links in digital, energy and transport sectors and to strengthen health, education and research systems across the world. The European Commission and the EU High Representative launched it in 2021. Global Gateway aims to mobilise up to €300 billion in investments through a Team Europe approach, bringing together the EU, its Member States and their financial and development institutions. It seeks a transformational impact in the digital, climate and energy, transport, health, and education and research sectors. The focus is on smart investments in quality infrastructure, respecting the highest social and environmental standards, in line with the EU’s interests and values: rule of law, human rights and international norms and standards. 6 core principles are at the heart of Global Gateway, guiding the investments: democratic values and high standards; good governance and transparency; equal partnerships; green and clean; security focused; catalysing the private sector. Global Gateway is the EU’s contribution to narrowing the global investment gap worldwide. It is in line with the commitment of the G7 leaders from June 2021 to launch a values-driven, high-standard and transparent infrastructure partnership to meet global infrastructure development needs. Global Gateway is also fully aligned with the UN’s Agenda 2030 and its Sustainable Development Goals, as well as the Paris Agreement on climate change. source