08:05 GMT06 August 2020
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    MOSCOW (Sputnik) - American hegemony is coming to an end amid grassroots resistance in Western and developing countries to the US attempts to force its values on them, Eric Li, the founder and managing partner of Chengwei Capital, one of China's earliest private venture capital firms, said in an interview.

    "Since the end of Cold War, we've seen the process of globalisation being hijacked by the ideology of globalism, which meant that the United States and its Western allies led a drive to universalise their values and political system, and their economic system, and in some ways almost forced it upon many other countries. And I think that process is coming to an end", he said.

    READ MORE: APEC Summit Focuses on US-China Trade Row, Globalisation Issues

    American globalism, Li argued, has been questioned both in the United States and in Europe, where people revolted against this trend after seeing how it benefited the rich and privileged while causing the middle class to collapse. Meanwhile, countries in Eastern Europe and Russia came out worse off after internalising these values.

    "So the people want their national sovereignties back. Globalism is being questioned both externally and internally, and I think that era is coming to an end. If you characterise it as an 'American Empire', I guess that 'empire' is coming to an end", Li said.

    China has been unique in that it embraced globalisation without accepting globalism or having globalist ideology enforced upon it, Li continued. Forty years since the start of market reforms, China remains one of the few — if not the only — emerging economies that has succeeded in this.

    Russia and China Promoting Pluralism

    According to Li, China and Russia should work together to create a safe environment for pluralism where different countries would have plenty of space to pursue their own paths.

    "I think both Russia and China and many other countries, including many people in the US and Europe, have that outlook and objective in common. So they should work together to promote a world safe for pluralism. Different ideas, different systems of governance could be given the space and live and let live, and they can compete on their own merits", he said.

    China has been advocating this belief continuously throughout the decades after it initiated market reforms and opened up to globalization four decades ago, Li added.

    According to the prominent investor, China was more fortunate than Russia in this process since it was able to resist Western attempts to enforce its political and economic systems on others, meaning that the latter has "a lot more hard-learned lessons" to share with Beijing.

    Belt and Road Project

    The investor also told Sputnik that Beijing launched its Belt and Road Initiative (BRI), pursuing its business goals, stressing that political dominance was never in the picture.

    "China has no interest in political dominance anywhere and they’re not in the business of doing that. They want to gain economic benefits for their own country and their own people, obviously", he said.

    READ MORE: India Boycotting China's Belt and Road Project Due to 'Sovereignty Concerns'

    Li argued that the project appeared to come from a basic concept that if you want to get rich you should build a road. Having accumulated a lot of capital, Beijing now wants to develop the countries connected to it economically using that model.

    "The more prosperous they are, the more developments they can have, the more likely China will be able to sustain its own prosperity. So that’s the idea that is behind Belt and Road Initiative — to use China’s capital and know-how to further build our infrastructure, to promote interconnectedness economically", he went on.

    Li added that trying to dominate the world was what westerners had been doing for hundreds of years, which makes them think others have the same goal. China, he argued, never even sought to dominate its neighbours politically, let alone far-off countries.

    China's BRI, first announced in 2013, aims to build trillions of dollars’ worth of railroads and other infrastructure to improve connectivity and re-energize trade across Eurasia in the image of the ancient Silk Road. In April 2019, Beijing hosted the second Belt and Road Forum for International Cooperation, which brought together leaders of 37 countries, including Russian President Vladimir Putin.

    The United States, meanwhile, has been critical of what it sees as China preying on investment, despite the enthusiasm of some of its allies.

    Views and opinions, expressed in the article are those of Eric Li and do not necessarily reflect those of Sputnik.

    The views and opinions expressed in the article do not necessarily reflect those of Sputnik.


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    US hegemony, hegemonism, globalism, globalisation, Belt and Road Initiative, Russia, China
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