On Jwhen the Permanent Court of Arbitration (PCA) at The Hague ruled against China stating that it had “no historic rights based on the Nine-Dash Line” and creation of artificial islands in the South China Sea, the Chinese waived-off all outstanding loans of Cambodia, which prevented the Asean nations from issuing a joint statement supporting the PCA ruling about the South China Sea. Its defence budget of $152 billion is four times that of India’s paltry $40 billion, while the Chinese Navy’s share of the defence budget is about $50 billion, as compared to approximately $5 billion allocated to the Indian Navy.Īll this at a time when disturbing media reports indicate that a bankrupt American Westinghouse (owned by Toshiba) is still trying to sell six civilian nuclear reactors to India, and the US is trying to get Pakistani help in extricating its forces from Afghanistan, is now expected to “rehyphenate” Pakistan with India by offering it a similar “nuclear deal”, and India’s open wooing of the US since 2006 has alienated our age-old strategic partner Russia, who is now selling arms to Pakistan, supported China’s “one belt, one road (OBOR)”, at a time when tensions are rising further with Pakistan sentencing Kulbhushan Jadhav to death for “spying”.Ĭhina is using “cheque book diplomacy” to make friends and also acquire real estate in strategically-located foreign lands as part of its global OBOR, which using China-Pakistan Economic Corridor (CPEC) will connect it to Europe by sea and land for trade. With a $12 trillion economy still growing at about 6.5 per cent annually and $3 trillion in foreign exchange reserves, China is moving very rapidly to become a true global power with a two-ocean Navy.
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