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Chinese President Xi Jinping delivers a New Year speech on the eve of the year 2019 in Beijing, capital of China. (Xinhua/Ju Peng)
Strategy Page: China: Balance of Terror
The trade war with the Americans has prompted China to accelerate its plan to eliminate dependence on American technology. This includes abandoning the U.S. dominated SWIFT bank transfer system, computer operating systems and the Internet. China is also hustling to replace all the American computer hardware (mainly key components) and software. This won’t happen quickly and may cost the economy more than expected.
China has already created its own version of SWIFT, called CIPS (Cross-Border Interbank Payment System) and is planning to link with the Russian counterpart, SPFS (System for Transfer of Financial Message.). Currently SWIFT has about 10,000 member organizations (banks and other financial institutions). Created in 1974 as a restricted and secure messaging (email) system, it is used mainly to arrange money transfers between members. Chinese and Russian competitors have fewer than 500 members. India is considering joining the China/Russia combined network. China is creating or expanding technologies in all these areas and seeking to become the dominant source of those technologies in the world market. Despite announcements of agreements, the trade war continues.
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WNU Editor: For China watchers this is a must read.
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