Three hundred billion euros over six years. This is the sum that the European Union plans to mobilize to counter the gigantic trade link project between Asia and Europe.
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Fiber optic networks, transport infrastructure, clean energy networks, digital, health, climate… The name of the project is Global Gateway (Global Gateway, in good French). It will bring together funds released by EU Member States, European financial institutions and private sector investors. The stated objective is to compete with the project of a vast Chinese trade channel which should link Asia to Europe and Africa, but with a more virtuous model in terms of human rights.
European projects must have a high level of transparency in terms of funding, but also good governance. This is what must make the difference. Europe knows very well that it cannot compete with China quantitatively (production volumes), on the other hand it can impose itself on the quality of investments. In other words, where China is pulling the rope of social conditions, Europe has the means to present itself as a remedy for dubious methods. The objective is to offer developing countries an alternative to Chinese initiatives by mobilizing European public funding but also private funding, to regain control of a conquering China accused of putting pressure on these countries by pushing them into debt in order to better control the situation.
For this global investment strategy between Asia and Europe and Africa launched in 2013, Beijing has already officially disbursed nearly 125 billion euros in investments. Westerners see it as a tool for China’s influence on poor countries, the Chinese focusing mainly on renewable energies and green financing, but the pandemic has pushed Beijing to moderate its ardor. The opportunity for Europe to regain control with this investment plan “Global portal” which is also, and above all, a geopolitical tool.