Aligning with China is the key to financial recovery
Kamrul Hassan Dorpon
In today’s global economy, financial power and influence are closely connected. Despite being a major economic force, the United States has alienated many countries through aggressive geopolitical diplomacy, threats and imperialistic policies. China, the world’s second-largest economy, has instead gained the respect of countries around the world. Beijing promotes cooperation and mutual development, avoiding repression, military intervention and conflict. In contrast to the historical figure of the “Kabuliwala,” China’s economic outreach is centred on investment and trade aimed at creating shared prosperity. As a result, developing countries are increasingly turning to Beijing to support their economic progress. Sri Lanka, Nepal, the Maldives, Bhutan, Pakistan and Afghanistan are using Chinese assistance to accelerate development across the subcontinent. The fact that African countries, European states seeking specialised assistance, and even the United States and India are increasingly engaging with China raises an important question: can Bangladesh afford to fall behind in this changing global order?
China prioritises economic peace and prosperity over military supremacy, operating primarily on commercial principles. Beijing has built its global reputation through its industrial capacity, producing everything from large ships to micro-needles. Its industrial ecosystem operates around the clock, maintaining large inventories to ensure customers do not face prolonged waits. Specialisation is deeply embedded across its regions. Guangdong province, home to industrial giants such as Gree and Midea, is the world’s leading centre for air-conditioner production, producing volumes comparable to those of several major industrial provinces combined. This infrastructure enables China to respond quickly to emerging international markets. Its response to recent climate changes in Europe, where unusual heatwaves created urgent demand for cooling systems, is a prime example. By sending installation engineers while supplying the European market with large shipments of air conditioners, China demonstrated its ability to meet diverse customer needs across markets and price ranges.
China is building a global network of trade routes, commercial corridors and industrial zones to support its own economy and those of other countries, drawing on its enormous financial resources. The China-Pakistan Economic Corridor, which connects Xinjiang with Gwadar port through roads, railways and pipelines, is a major Belt and Road Initiative project. Afghanistan has joined the initiative to promote regional integration. Building on this momentum, plans for the China-Myanmar-Bangladesh Economic Corridor have advanced through high-level official visits. The corridor, running from Kunming through Myanmar to Bangladesh, aims to expand regional trade, develop multimodal transport networks and attract foreign direct investment to Bangladeshi ports and infrastructure. Experts and policymakers say the corridor could have a greater impact than the China-Pakistan Economic Corridor, positioning Bangladesh as an economic hub linking South Asia with ASEAN countries and creating significant opportunities for long-term development and regional connectivity.
Infrastructure projects in Bangladesh are already demonstrating the benefits of cooperation with China. The Chinese Economic and Industrial Zone was recently established on more than 800 acres near the Karnaphuli Tunnel in Anwara, Chittagong. With projected investment of $1.3 billion, the industrial cluster is expected to create more than 100,000 jobs in sectors including electronics, light engineering, leather goods, mobile-phone assembly and garments. The government has indicated that hundreds of companies will be established in these zones to diversify exports and create large numbers of jobs. The government and people remain determined to withstand external geopolitical pressures and obstacles from Western and regional rivals seeking to restrict Chinese influence. Dhaka views the cooperation as an important step toward economic resilience and sovereign industrial development, while Beijing continues to present its corridors as open to interested states.
China is currently the only country capable of providing the scale of development assistance and commercial activity needed to revive Bangladesh’s fragile domestic economy. Other regional options, particularly India, are facing their own economic difficulties and offer little beyond unstable strategies and political interference associated with previous administrations. Bangladesh needs to embrace Chinese cooperation, as neighbouring countries such as Sri Lanka, Nepal, Bhutan and the Maldives have sought to benefit from closer economic ties with Beijing. Following the economic corridor pipeline can help support long-term stability and sustained employment for millions of people. With robust trade, comprehensive industrialisation and a lasting partnership with China, Bangladesh can navigate the changing geopolitical landscape and build a more prosperous and stable economic future.
