(From Washington Post)
A Chinese official has a novel plan for Woody Island, a tiny, tropical and very much contested speck in the South China Sea.
His pitch is to use the place as a hub for company registration. Chinese companies like Alibaba and Baidu are doing business in the Cayman Islands, he said in a news release, so why not bring that money home?
But what seems like a modest proposal ahead of China’s annual legislative meetings is actually much bolder — and more interesting — than it seems.
Though Han’s vision of Bermuda-on-the-Pacific may never come to pass, the thinking behind it is important.
In a statement published by his think tank, Han laid out the benefits of having an offshore haven in the middle of a rapidly militarizing stretch of sea. “Promoting offshore services there will be a boon to both local economic development and the safeguarding of national interests,” he said. Read more