Xi and Putin driving Eurasia resurgence, says Duowei

Want China Times, Staff Reporter 2015-07-13

Chinese president Xi Jinping and his Russian counterpart Vladimir
Putin in the Russian city of Ufa, July 10, 2015. (Photo/Xinhua)

Chinese president Xi Jinping and his Russian counterpart Vladimir Putin are actively driving the resurgence of Eurasia, reports Duowei News, a US-based Chinese political news outlet.

Xi and Putin were among the leaders who attended the "dual summit" of the BRICS nations — Brazil, Russia, India, China, South Africa — and the Shanghai Cooperation Organisation — China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, Uzbekistan —in the Russian city of Ufa on July 8-10.

In his speech at the BRICS summit, Xi called for the formation of a community of responsibility and common destiny based on mutual political trust, economic integration and cultural tolerance.

The importance Xi has placed on the dual summits reflects China's growing investment in diplomacy as part of the country's continuing plan to comprehensively deepen reforms, Duowei said.

Since coming to power in November 2012 as general secretary of the Communist Party, Xi has sought to strengthen ties with Africa and Latin America, as well as build a new type of "major powers" relationship with the US, Duowei said, though it is clear that his primary focus is firmly on Eurasia.

According to Duowei, China's main strategic emphasis now is Xi's ambitious "Belt and Road" initiative, which aims to boost connectivity and cooperation among countries in Eurasia. The two-tier project comprising the land-based Silk Road Economic Belt and the sea-based Maritime Silk Road is likely to be tied in with the newly formed, Beijing-led Asian Infrastructure Investment Bank and New Development Bank (NDB), formerly the BRICS Development Bank, and its US$100 billion emergency reserve fund, of which China is the largest contributor with a share of 41%.

China is not the only country aiming for a Eurasia resurgence, Duowei said, adding that Russia as well as other emerging nations have also been moving towards developing stategies of regional integration.

This is not surprising given Eurasia's strong potential, Duowei said. Eurasia accounts for 75% of the world's population and holds a significant portion of the world's mineral resources. Up to 60% of the world's gross national product is attributable to Eurasia, and three-quarters of the world's known energy resources are also found on the Eurasia mainland, Duowei added, noting that proper strategies and management will reap massive benefits for every party in the long run.

The three main powers in Eurasia are the European Union, Russia and China, Duowei said. The EU is struggling with the Greek debt crisis, while Russia is reeling from the economic sanctions imposed as a result of its annexation of the Crimean penninsula from Ukraine last year, leaving China as the most important driving force of the region, Duowei added.

The unprecendented level of cooperation and integration developing across Eurasia provides cause for optimism, notwithstanding the instability caused by sluggish economies, terrorism, religious fundamentalism, environmental pollution, territorial disputes and military conflicts, Duowei said.

For Beijing, a prosperous Eurasia is not only the key to reviving China's slowing economy, it is the road to greater international credibility and authority, Duowei said. While there is still much integration to be coordinated and many obstacles to overcome, China must face these problems head on if it intends to succeed, Duowei added.

A limited attendance meeting of the Shanghai Cooperation Organisation Heads

of State Council in the Russian city of Ufa, July 10, 2015. (Photo/CFP)

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