In this paper, Oehlers states that “The current pandemic-induced economic crisis presents a unique opportunity for the United States and like-minded partners to reverse the gains China has made through its debt-led approach to acquire economic and political leverage. By addressing the debt challenges increasingly faced by some developing countries, the financial leverage China holds over any of these can be weakened significantly. Additionally, a multilateral response to the debt challenge grounded on current international rules-based norms, principles, and institutions, will counter Chinese intentions to create a parallel rival system centered on the Belt-Road Initiative. This approach will consequently also assume a crucial role helping shape the economic and financial architecture of the post-pandemic world to come.”
Security Nexus is a peer-reviewed, online journal published by the Daniel K. Inouye Asia-Pacific Center for Security Studies.