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Chinese commentaries stress the opportunity that the investments and aid they offer presents to developing countries to avoid the hazards of reliance on Western dominated financial institutions: austerity programs that call for severe cuts in state-subsidized social welfare, deregulation of state-owned facilities, trade liberalization, and an open door for multinational corporation investment.
For the most part, China is a system maintainer, not a system reformer or system transformer.
China is thus following a path similar to that set by the United States after World War II, when it gave unstinting support to undemocratic governments in the Middle East on the promise of long-term access to low-priced oil-though without the huge arms transfers that accompanied, and remain a key component of, US political support.
