ChinaAccording to an analysis by the US Air Force, the Chinese Communist government is implementing an economic coercion strategy that may disrupt the rules-based international order.
The report, entitled “The Renminbi War: Weaponizing the World’s Second Largest Economy”, outlines what the author says is China’s economic pressure campaign against South Korea, the Philippines, and Australia, and aims to “send a message to American partners who refuse to yield.” . Its requirements. “
“Now it has become a major player in the global economy, [People’s Republic of China] A report by the Pacific Air Force Strategic Competition Group stated that the United States has weaponized its market share through an economic governance strategy designed to coerce and punish countries that oppose China’s influence.
“As China continues to use its economic power in harmful ways, it is vital that the United States maintain a united front with its allies and partners, provide viable alternatives to China’s debt trap diplomacy, and continue to support compliance with established and agreed international rules. And norms,” the report concluded
China According to the report, since its economy first opened in 1978, its gross domestic product (GDP) is US$14 trillion, and it is the only major world economy to grow during the 2020 pandemic.
The report stated that Beijing launched an economic intimidation campaign against South Korea in 2016 and estimated that Seoul lost US$7.5 billion—a loss of 0.05% of the country’s GDP. The economic attack is a response to South Korea’s decision to host the Pentagon’s Terminal High Altitude Area Defense (THAAD) missile defense system.
In retaliation, the Chinese government stopped tourist groups to South Korea and refused to issue licenses for South Korean video games. China, Stop K-pop concerts and close the Chinese branch of the Korean Lotte supermarket chain.
ChinaIn 2012, the Chinese government also used its economic influence against the Philippines, at a time when Beijing’s sovereignty claims over Huangyan Island in the South China Sea were at a deadlock. The Chinese authorities refused to allow Philippine products to be sold in the Chinese market, resulting in destruction or decay of the products, which seriously affected Manila’s agriculture.
The report said: “China is angry at this pursuit of truth and the controversial Chinese telecommunications giant Huawei’s ban on 5G networks in Australia.” The imposition of sanctions on commodities such as Wagyu has caused Chinese investment in Australia to plummet by 61% in 2020.”
The report warned, “ChinaIn an increasingly globalized economy, its influence continues to expand due to the weakening of the global pandemic. Even countries outside the Indo-Pacific region, such as Germany and Norway, have felt the influence of China’s predatory economic governance strategy. “
The report was included in the May edition of the “State of the Game” newsletter, and was published by the US Air Force China Institute of Aeronautics and Astronautics (a think tank of the Air Force University at Maxwell Air Force Base, Alabama).