In the first week of 2018, British politics was consumed by the appointment (and subsequent resignation) of someone called Toby Young to something called the Office for Students1. For the benefit of readers outside of the UK – and outside of the tiny clique of obsessives familiar with this affair – it is almost impossible to exaggerate just how much fuss was made out of so little.
If one needs proof of the debased news values of the British media (and social media) one only has to compare the frenzy surrounding Mr Young with the fleeting interest in a genuinely important appointment that took place shortly before Christmas.
I’m referring to the former UK Prime Minister, David Cameron, and his new role as vice chairman of the UK-China Fund. The purpose of the fund is to help raise finance for China’s Belt and Road Initiative – a vast interlocking network of infrastructure investments that will stretch across Eurasia by land and sea.
Also known as ‘The Silk Road Economic Belt and the 21st-century Maritime Silk Road’ or the ‘One Belt and One Road Initiative’, Michael Burleigh wrote about it for UnHerd back in July.
Writing for Foreign Policy, Bruno Maçães explains why Britain’s cooperation with China on the project could be of such significance:
“As the Belt and Road initiative gains speed, China is increasingly finding that it cannot provide the required financial resources on its own. The numbers involved in financing Belt and Road start at $1 trillion and go all the way to $8 trillion. To attempt to fill these needs at home — using Chinese banks — at a time when its economy is slowing down and its banks are saddled with bad loans would expose China to unmanageable risks. Other institutions are already involved and were even created for that purpose but will do little to fill the financing gap.
“…Therefore, it is essential for China to gain access to global financial markets to complement its domestic resources. No other financial hub could do this better than London.”
A trillion, by the way, is a thousand billion – or a million times a million, if you prefer. In other words, this is a big deal.
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