But in trade, the US’ relationship with the Philippines had weakened, for example, the US had become less important as a destination for Philippine exports.
“And China now invests a lot more than the United States does in the Philippines – a situation that is the reverse of 2018 when the United States was a much bigger investor than China,” the report said. “If US economic relationships continue to decline at the same rate over the next five years, Beijing’s overall influence will exceed Washington’s.”
Where the US had managed to stay ahead of the power race was in defence and cultural reach, the report said.
Washington’s cultural influence lay in its media reach, for example, American news agencies, newspapers and broadcasters retained a strong presence in the region, the report said.
China’s media influence remained far below that of the US but it had greater people-to-people exchanges with Southeast Asia through diaspora and tourism connections, the report added.
This article was first published on SCMP.