Why is the Caribbean choosing China?
Increased bilateral trade and access to China's vast and growing economy have been the ostensible reasons for the Caribbean's ready acceptance of the nearly $50 billion China has made available to the region for infrastructural development.
China has invested over $8 billion in mainly six Caribbean countries between 2005 and 2020 focused on the tourism, transportation, extractive metals, agriculture, and energy sectors.
Outlet for Chinese labour
Last month, the Jamaican government announced the groundbreaking for a children's hospital in Montego Bay, the first hospital to be built in the country in decades. Tian Qi, China's ambassador to Jamaica, described the project as a testament to his country's relationship with Jamaica.
The e-CNY, also known as the digital yuan and officially called the Digital Currency Electronic Payment (DC/EP), is a digitized version of China's legal currency, the renminbi (RMB). It is issued by China's central bank, the People's Bank of China (PBOC).
Professor Avinash Persuad, Mottley's economic advisor, recently clarified that less than 3 percent of Barbados' $13.5 billion debt is owed to Chinese creditors. In other words, the story of Barbados' decision to cut ties with the British monarchy is properly viewed as part of the Barbados-U.K. relationship.
Chief Executive Officer of Grantley Adams International Airport (GAIA) Inc., Hadley Bourne, is refuting claims that the airport has been leased to the People's Republic of China for 30 years.
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Monarchy of Jamaica.
| Queen of Jamaica | |
|---|---|
| Style | Her Majesty |
| Heir apparent | Charles, Prince of Wales |
| First monarch | Elizabeth II |
| Formation | 6 August 1962 |
...
Colony of Jamaica.
| Crown Colony of Jamaica and Dependencies | |
|---|---|
| Common languages | English, Jamaican Patois, Spanish |
It is the single biggest investment by the Chinese in the Caribbean. In return for expertise and investment, the Jamaican government has handed over 1,200 acres of land around the road to the Chinese, who plan to build three luxury hotels with 2,400 rooms.
More international contracts could be priced in yuan, which would mean China would not have to worry so much about the dollar's value. All central banks would have to hold yuan as part of their foreign exchange reserves, which would place the yuan in higher demand and lower interest rates for bonds denominated in yuan.
Will digital currency replace paper money?
A US CBDC wouldn't replace cash or paper currency. "The Federal Reserve is committed to ensuring the continued safety and availability of cash and is considering a CBDC as a means to expand safe payment options, not to reduce or replace them," the Federal Reserve said.
The digital currency that China is introducing, even without gold backing, will be much simpler than the monetary system we are using today. It's anticipated to be adopted almost immediately by the Chinese, and certainly by so many countries in the east.
Barbados is not in Communist hands because it renounced the Queen and took some Beijing money. Let's not forget that the West remains the primary source of investment to Barbados, while the new republic is still part of the Commonwealth.
The Chinese government remains one of the main stakeholders in the Barbados-based Caribbean Development Bank (CDB), which lends to the various territories throughout the Caribbean region. In 2004 Chinese interests expanded into Barbados' construction industry. Two notable firms include China Construction Barbados Co.
Barbados incurred such a staggering debt due in part to its violent history of chattel slavery, the decline of the island's sugar industry, and the migration of citizens who wanted more opportunities than were available on the island.
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Chinese Caribbeans.
| Regions with significant populations | |
|---|---|
| Suriname | 7,885 |
| Trinidad and Tobago | 3,984 |
| Puerto Rico | 3,000 |
| Guyana | 2,722 |
Barbados's poverty rate is lower than the average of 23% for the Eastern Caribbean, but the indigent rate is higher than the average of 2%. In 2016, 32% of young people in Barbados were living in poverty, which is higher than the poverty rate for adults age 25+ years (21%).
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Monarchy of Barbados.
| Queen of Barbados | |
|---|---|
| Style | Her Majesty |
| Formation | 30 November 1966 |
| Abolition | 30 November 2021 |
| Residence | Government House |
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Colony of Jamaica.
| Crown Colony of Jamaica and Dependencies | |
|---|---|
| Common languages | English, Jamaican Patois, Spanish |
| Abbreviation | PA |
|---|---|
| Headquarters | 15-17 Duke Street, Kingston, Jamaica |
| Region served | Jamaica |
| Parent organization | Ministry of Transport and Mining |
| Website | www.portjam.com |
What is China Latin?
(Republic of China): Rēs Pūblica Sīnārum (New Latin) (People's Republic of China): Rēs Pūblica Populāris Sīnārum (New Latin)
Central America, the Caribbean and Greenland are considered part of North America. The double continent is situated entirely in the Western Hemisphere bounded by the Pacific Ocean in the west, the Atlantic Ocean in the east, the Arctic Ocean in the north, and the Southern Ocean in the south.
