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With its vast resource endowment and notable efficiencies in sourcing, production, distribution, and trade, China has accumulated trade surpluses with numerous countries. Through assiduous and methodical efforts in import substitution and export promotion, a handful of them may over time, be able to reduce their trade deficits, and possibly their dependence on inflows from it of investment and financial aid. However, their vulnerability to economic shocks and growth deceleration is likely to persist as long as China retains the ability to weaponize trade and financing.
China has repeatedly demonstrated a willingness to deploy both tools liberally in pursuit of its geopolitical and strategic interests. China’s capability to undertake such strategic manipulations stems from its well-conceived and effectively executed policies aimed at exploiting economic dependencies. Since the early 1980s, when Deng Xiaoping made the del...
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