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China vs USA: Great power competition in the economic field

Great power competition between US and China has expanded into the economic sector, with each offering several novel initiatives that attempts to influence as well as attract developing countries to subscribe into. China has taken lead by pitching the BRI for infrastructure development and the GDI for acceleration of SDGs attainment in developing countries, while US countered by proposing PGII and IPEF to regain their global foothold. While seemingly benign at present, recent developments have suggested that economic competition between the two powers will intensify where IP limitations, trade restrictions, or even sanctions come into play. Projecting three possible future scenarios, it was concluded that the best outcome will be where the two giants are sharing power and responsibilities.

As part of Southeast Asia, a region where the competition is greatly endured, Indonesia should be proactive in managing and attempting to converge the condition towards a dynamic equilibrium. Recent surveys have indicated that Southeast Asians are worried of the growing China-US competition and does not want the region to be pressured by those great powers. Rather through ASEAN, the situation should be managed to ensure resulting benefits for the Southeast Asian peoples.

The paper further presented several policy options that Indonesia, both as the Chair of ASEAN 2023 and as a sovereign state, can take. As ASEAN’s Chair, Indonesia should solidify ASEAN’s position, strengthening the Treaty of Amity and Cooperation and encouraging collaborative projects that involve both China and the US. While on its own, Indonesia must continue its active participation in the aforementioned initiatives to shape it while also taking advantage for its national development, as well as work with others in multilateral fora to synergise those initiatives and stimulate major powers to work together for the common good.

Keyword: China, America, great power competition, economic diplomacy, infrastructure, foreign policy

Ketersediaan
2023-0061Sesparlu 72-2023Training Materials RepositoryTersedia
Informasi Detail
Judul Seri
-
No. Panggil
Sesparlu 72-2023
Penerbit
Jakarta : Kementerian Luar Negeri.,
Deskripsi Fisik
Digital File
Bahasa
English
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NONE
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text
Tipe Media
computer
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online resource
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