On the inaugural day of the third Belt and Road Forum for International Cooperation (BRF), an impressive gathering of over 1,200 delegates from more than 80 countries and regions embarked on what many have described as a profound quest for “opportunity hunting.” Their aim was to establish new business networks under the Belt and Road Initiative (BRI), the world’s largest platform for international cooperation. The goal was to inject a sense of certainty into their businesses in a world fraught with uncertainty and collectively contribute to global economic recovery.
Notably, this year’s BRF witnessed more than 300 representatives from both China and abroad enthusiastically signing agreements at the Belt and Road CEO Conference. The deals encompassed various sectors such as artificial intelligence, biomedicine, modern agriculture, and financial services. These agreements marked a new high in both the number of deals and the value of contracts.
This substantial achievement, in the eyes of industry insiders, can be likened to foreign entrepreneurs “voting with their feet.” It signifies their immense confidence in the remarkable accomplishments of the BRI over the past decade. Furthermore, it reflects their optimistic outlook regarding the new phase of BRI development, which promises an even broader scope of cooperation. Most importantly, this robust participation underscores their unwavering faith in China’s reputation as a responsible global power, one that is committed to forging a path toward shared prosperity, ensuring that “no one is left behind.”
The Belt and Road Forum serves as a pivotal platform for China to reaffirm its unwavering commitment to openness, as well as the numerous policies aimed at stabilizing economic growth and attracting foreign investment. In the backdrop of the new chapter of global growth ushered in by Chinese initiatives and proposals over the past decade, foreign executives anticipate that China will play a more “decisive” role in bridging development gaps, while continuing to set the tone for fostering a more interconnected global economy, particularly in a world facing geopolitical challenges and regional tensions.
Chinese Vice Premier He Lifeng, in his opening speech at the CEO Conference, emphasized the significance of this gathering of over 1,000 representatives from diverse business circles. Occurring on the occasion of the 10th anniversary of the collaborative construction of the BRI, the CEO Conference stands as a milestone moment for promoting global development and prosperity.
He Lifeng reflected on the transformation brought about by the BRI across the world, underscoring its profound impact on global industrial and supply chain patterns, the optimal allocation of resource factors, and its role as a development belt that benefits nations, referred to as “a road to happiness” that brings joy to people worldwide.
During the CEO Conference, China initiated the Beijing Declaration for global entrepreneurs. This declaration calls for steadfast commitment to openness and cooperation, deeper collaboration in connectivity, green development, cooperation in the digital economy, and adherence to lawful operations and social responsibility. It extends an open invitation to business communities from around the world to join this initiative, create more opportunities for mutual prosperity, and work together to expand the “road to happiness” that benefits all of humanity.
Mario Rendulic, President of the Chinese Southeast European Business Association, expressed his enthusiasm for the forum, emphasizing that it provides opportunities to forge new connections, explore potential collaborations, and expand professional networks. Rendulic, who had previously participated in the BRF, alluded to upcoming agreements between his company, the Croatia-based project contractor Tehnika d.d., and Chinese firms.
Rupert Varnai, CEO of Cathay Partners, observed that each infrastructure project undertaken under the BRI involves legal work, taxation, coordination across various disciplines, intellectual property, and much more. For him, the success of the BRI translates into increased advisory work and greater cooperation, which he eagerly anticipates. Varnai hails from Hungary, the first European country to sign a BRI agreement with China.
What’s striking is not just the enthusiasm of foreign representatives from BRI participant countries but also the presence of companies from nations that have not formally joined the BRI. These companies have been drawn by the impressive track record of cooperation in the past decade.
Mansoor Nadeem Lari, CEO of the India-based Silk Route Trade and Industry Development Corp, an organization facilitating trade, highlighted the enormous opportunities for Indian companies to collaborate with Chinese businesses. These opportunities, although India has not yet joined the China-proposed initiative, encompass high-tech manufacturing, trade in services, and tourism, leveraging India’s expertise in knowledge and innovation.
Rani Jarkas, chairman of Swiss financial group Cedrus Group, stated that his company’s business activities are closely aligned with the major policy goals of the BRI. He sees the summit as an avenue to generate more cooperation opportunities for Chinese and foreign enterprises, ultimately benefiting more people.
The numerous deals inked at the CEO Conference have sent a clear signal of foreign companies’ unwavering confidence in the prospects of BRI cooperation. It also underscores that the BRI is responsive to global demands and aligns with the international desire for shared development.
The BRF is taking place in a world where geopolitical power struggles are undermining global stability. While initiatives proposed by Western countries have often proved empty, the BRI, which rejects a zero-sum mindset and delivers tangible benefits, carries immense significance. According to Zhou Rong, a senior researcher at the Chongyang Institute for Financial Studies at Renmin University of China, the BRI signifies a “broader, more inclusive road” for global cooperation after a decade of development.
In recent years, the digital economy, intelligent manufacturing, and the green economy have experienced rapid growth, reflecting new trends in global economic and technological development. The potential for cooperation between China and partner countries in these fields is boundless and promising, as emphasized by Vice Premier He Lifeng.
Among the record deals signed at the conference, “green and digital” emerged as key themes, symbolizing the future direction of the BRI. In addition to deals between private companies, inter-governmental agreements between China and Hungary and China and Chile were also signed.
Foreign entrepreneurs, considering the BRF as a vital platform for gauging China’s policy stance on various issues, have been deeply impressed by China’s vibrant economic drivers. These drivers include a strong domestic market, technological advancements, manufacturing capabilities, and a prominent position in international trade.
Rendulic expressed confidence in China’s resilient economic recovery this year, attributing it to the diverse measures implemented by Chinese authorities to stimulate domestic demand, promote innovation, and support economic growth. He believed that the pessimistic predictions surrounding China’s economic trajectory were unfounded and that the Chinese economy would be on an upward trajectory, citing China’s historical ability to overcome adversity.
Jarkas echoed this sentiment, emphasizing that the combination of the Chinese government’s effective policies and the hardworking nature and ingenuity of the Chinese people would ensure the realization of the country’s social and economic objectives.
Vice Premier He Lifeng, in his opening address, acknowledged that the current pace of international trade growth falls short of expectations. He reiterated China’s commitment to expanding market opening with other countries, fostering more trade cooperation platforms, and enhancing customs clearance, inspection, and quarantine procedures, logistics, transportation, cross-border settlement, and other policies and measures to promote balanced and mutually beneficial trade.
The BRF, followed by the China International Import Expo and the China International Supply Chain Expo, clearly signals China’s commitment to high-level openness. Foreign companies have already reaped substantial benefits from China’s opening-up, with Cedrus planning to invest 1 billion yuan in healthcare and innovative technologies development in China to tap
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