Suitcases bulging with cash are not the Chinese way. In this sense, that could describe almost all international aid whereby the haves gift or loan some of their national wealth to the have-nots.īut unlike traditional aid from the West, China seldom gives budgetary support or other forms of monetary donations to foreign governments. "Chequebook" invokes the feeling of money that can be disposed of at the government's discretion or whim, without any real expectation of a return. It is not the first time the phrase has been aired, with Reuters describing the establishment of the Asian Infrastructure Investment Bank in 2015 as the time when "China's chequebook diplomacy came of age," and the Financial Times reporting in 2016 that "China tries chequebook diplomacy in Southeast Asia."
The comment comes as China begins to flex its considerable economic muscles and play a more central role in global economic affairs and governance, as it rightly should, given its status as the world's second largest economy and a driving force behind world growth. One of the the most popular myths is that of China's "chequebook diplomacy."Ī recent article in the Deccan Chronicle suggested that "China is using 'cheque book diplomacy' to make friends and also acquire real estate in strategically-located foreign lands" as part of the B&R strategy. Belt and Road Forum for Int'l CooperationīEIJING, May 12 (Xinhua) - As the popularity of the Belt and Road (B&R) grows, so do the attendant misconceptions and occasional outright lies.
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