China's motive for reviving Pax Mongolica is clear. Its growth model, based largely on exporting cheap manufactured goods to developed countries, is running out of steam. Secular stagnation threatens the West, accompanied by rising protectionism sentiment. And, although Chinese leaders know that they must rebalance the economy from investment and exports to consumption, doing so risks causing serious domestic political problems for the ruling Communist party. Reorienting investments and exports toward Eurasia offers an alternative. Read more
