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Is China building a string of pearls?

Is China building out a series of naval bases in friendly states on its perimeter, the so-called "string of pearls?" Billy Tea thinks not:

First and foremost, China does have some involvement in the identified ports. But with the exception of Sri Lanka's Hambantota and perhaps Myanmar's Sittwe, they are used not only by China and there are currently no signs whatsoever of any developments for future military purposes.

Second, while there is no denying that China has an interest in building relations with strategically located countries, it is important to understand the great power context these countries face. To openly side with China over other regional powers, including India and the United States, would be extremely risky diplomacy for these smaller countries.

Indeed, in today's globalized world, choosing one great power's side over another's unnecessarily limits countries' economic and political options. That's especially true for less-developed countries like Myanmar, Pakistan, Bangladesh, and Sri Lanka - all of which are reliant on foreign trade, aid and investment and for development purposes need all they can get. In the current geopolitical context, countries stand to gain the most by subtly playing great power off one another, rather than committing to one in particular.

Third, government officials in the respective "pearl" countries have openly repudiated reports they have given China any preferential treatment and that Beijing is quietly building and/or planning to build military bases in their sovereign territories.

Ultimately, the first and second rationales seems more persuasive than the third. Countries lie all the time about strategic matters, and it wouldn't surprise anyone if China's neighbors were engaged in some misdirection about their own commitments.