'Win-win'

Beijing likes to hail the deals it makes with foreigners as 'win-win', justifying everything from free trade agreements with key trading partners to oil exploration in the smallest of developing nations. But the term ignores complexities, not least the position of other stakeholders. Win-win implies two parties, each made happier -- and wealthier -- though cooperation. In fact, there are typically many interested parties.

In theory, in a government-to-government transaction, Beijing might expect its counterparty to have taken domestic interests into account and to have addressed domestic interests and resolved local differences. Non-interference in the internal affairs of other countries is an article of faith of Chinese diplomacy, inclining Beijing not to pressure other governments on sensitive issues, including the treatment of their own people. But as China ‘looks outward ’, it may find it is held to account for what happens as a result of engagement. It has already started rubbing up against parties less well disposed to the deals their governments have struck with Chinese companies and officials. Last year, Africa was a case in point.

Make enemies of such stakeholders, and eventually someone pays a price. Beijing needs to be wary of the losers lurking behind its win-win deals.