The Chinese Dragon Is Rising Over Europe

When I envisioned China supporting a pro-Chinese party to save the ailing Greek economy from its worst post War crisis and eventually intrude into Europe in an upcoming novel, The Dragon Acropolis Plan, I was concerned that the plot might sound implausible to readers. But judging from recent developments, in which China has been considered as a possible savior of Greece, the plot may not be implausible after all. Supporting my story is an upcoming summit on June 29 in Brussels, where China is expected to pledge a multi-billion dollar investment in Europe's new infrastructure fund, according to a draft communique seen by Reuters. The Brussel’s summit comes less than three months after China’s AIIB initiative. Through the initiative, China has managed to lure many European countries into joining the bank as founding members -- drawing angry protests from the US, as some of these countries are America’s closest allies. Some even believe that America’s policies towards other world regions may have pushed America’s European allies into China’s sphere of influence. “Those European countries must be straining at the leash to get free of Washington’s grip,” wrote a reader in response to a previous piece on this issue. “Pressing those countries into supporting sanctions against Russia when it definitely wasn’t in their interest to do so is just one example of how Washington gets the EU to look like a whole bunch of poodles.” While American policies might have something to do with China’s closer ties with Europe, checkbook diplomacy has been the catalyst. China is already a big investor in the Greek infrastructure, with state-owned COSCO having spent close to five billion euros to establish a presence at the country’s largest port, Piraeus. In addition, the two countries have enjoyed close shipping ties, with Greek tycoons building ships in Chinese shipyards, and Chinese companies leasing them to carry resources into China, and goods out of China. Most notably, Greece's merchant fleet has served as China’s Mediterranean navy when needed (e.g., taking Chinese expatriates out of Libya). As seen in the table below, China’s checkbook diplomacy isn’t limited to Europe. It extends to every continent, quietly challenging America’s global dominance -- one bank, one port, one country at a time. A Sample Of China’s Checkbook Diplomacy