China Unveils Ambitious Eight-Step Plan for Belt and Road Cooperation in Landmark Speech
Beijing, China – In a landmark speech at the third Belt and Road Forum (BRF) for International Cooperation, Chinese President Xi Jinping announced a comprehensive eight-step plan to strengthen and support high-quality Belt and Road cooperation. The plan, revealed in front of a distinguished audience of representatives from over 140 countries and 30 international organizations, has been met with enthusiasm and optimism about the future of this global initiative.
China’s Belt and Road Initiative (BRI), a monumental infrastructure and economic development project launched over a decade ago, has seen significant progress and achievements over the past ten years. As the world looks ahead to the future of this ambitious endeavor, President Xi’s keynote address highlighted a path toward another “golden decade” of success.
The opening ceremony of the BRF attracted an impressive array of guests, including heads of state, government leaders, and senior officials from around the world, reflecting the global significance of the BRI. Experts noted that the forum showcased the increasing influence of China and the BRI, setting the stage for it to evolve into the most significant multilateral platform for global development and governance in the coming decade.
In his address, President Xi emphasized eight major steps that will shape the future of Belt and Road cooperation:
- Building a Multidimensional Belt and Road Network: President Xi committed to accelerating the development of the China-Europe Railway Express, participating in the trans-Caspian international transportation corridor, and hosting the China-Europe Railway Express Cooperation Forum. He underlined the importance of creating a new logistics corridor across the Eurasian continent through direct railway and road connections.
- Supporting an Open World Economy: China’s goal is to exceed $32 trillion in total trade in goods and $5 trillion in trade in services between 2024 and 2028. This commitment to an open world economy underscores China’s dedication to promoting global trade and economic growth.
- Practical Cooperation for the BRI: China will continue to support both major signature projects and smaller, but equally impactful, livelihood programs. The focus is on promoting financial support for BRI projects through market-driven and business-oriented approaches.
- Enhanced Financing for BRI Projects: The China Development Bank and the Export-Import Bank of China will each establish a financing window of 350 billion yuan ($48.75 billion), and an additional 80 billion yuan will be injected into the Silk Road Fund. This significant investment is poised to fund multiple large-scale projects.
- Diversifying Funding Sources: China is taking steps to diversify the sources of funds by attracting private capital from both within and outside the country. This approach aims to further internationalize the yuan while reducing and avoiding potential risks associated with funding.
- Adapting to Regional Characteristics: Projects will be designed to reflect the unique characteristics of various regions across different continents. This tailored approach will ensure that high-quality development benefits a broad spectrum of countries and their citizens.
- Small-Scale Livelihood Assistance Projects: China will carry out 1,000 small-scale livelihood assistance projects and foster vocational education cooperation through initiatives like Luban Workshops. These programs aim to improve the well-being of communities impacted by BRI projects.
- Ensuring Safety and Reliability: President Xi underscored the importance of safety for both BRI projects and personnel. The commitment to ensuring the security of the initiative was further emphasized during the CEO Conference, where agreements worth $97.2 billion were reached.
These eight major steps signal a clear commitment to the continued growth and success of the Belt and Road Initiative. The funding commitments are substantial, with the two financing windows, each totaling 350 billion yuan and an additional 80 billion yuan, potentially amounting to an impressive 780 billion yuan ($106 billion). This financial support is expected to fund numerous projects, further the internationalization of the yuan, and attract private capital from around the globe.
Wang Yiwei, Director of the Institute of International Affairs at the Renmin University of China, commented on the significance of this financial plan, suggesting that it will not only attract international funding but also drive reform within Chinese state-owned companies.
Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, highlighted the transparency and international nature of these financing channels, addressing concerns about so-called “debt traps.” Xu also pointed out that these channels could open new investment opportunities for countries, including those in the Middle East.
As China continues to strengthen its Belt and Road Initiative, the future appears bright. Foreign guests at the forum expressed their confidence in China’s determination and actions to set the stage for another “golden decade” of global cooperation. Hon Viliame R. Gavoka, Fiji’s Deputy Prime Minister and Minister for Tourism and Civil Aviation, praised China’s achievements over the past decade and expressed optimism that the eight major steps will similarly be accomplished.
The Belt and Road Initiative is poised to remain a cornerstone of global development and cooperation, with these eight steps paving the way for a promising future in international collaboration, infrastructure development, and economic growth.
With President Xi’s ambitious vision and China’s commitment to global cooperation, the Belt and Road Initiative is set to play an even more pivotal role in shaping the world’s economic landscape in the years to come.
China Outlines Comprehensive Eight-Step Plan to Propel Belt and Road Initiative
In a pivotal moment for the Belt and Road Initiative (BRI), Chinese President Xi Jinping has unveiled an ambitious eight-step plan that seeks to strengthen and elevate the initiative, ensuring its relevance and impact in the coming years. With the world’s attention turned to this strategic vision, the BRI is poised to make significant contributions to global development and cooperation.
The first three major steps of the BRI have historically focused on infrastructure development and financing, but this new plan expands the initiative’s horizons into various sectors that promise to redefine international collaboration.
Boosting Africa’s Potential
While the Belt and Road Initiative has been a global effort, Africa plays a pivotal role in its success. Dennis Munene Mwaniki, Executive Director of the Africa Policy Institute, has expressed his hopes for a more diversified BRI that includes the “green silk road,” “health silk road,” and “digital silk road.” These dimensions of the initiative are expected to strengthen Africa’s health systems, enhance access to global markets, and foster greater connectivity with initiatives like the African Continental Free Trade Area and the Regional Comprehensive Economic Partnership.
President Xi’s comprehensive eight-step plan expands the BRI’s scope to address these critical areas and aligns it with contemporary global challenges and opportunities.
Concrete Moves to Boost High-Quality BRI Cooperation
The eight-step plan outlined by President Xi encompasses various domains of the Belt and Road Initiative, highlighting the adaptability and relevance of this massive undertaking. The additional steps introduced are as follows:
- Promoting Green Development: China will intensify its efforts to foster green development by deepening cooperation in areas such as green infrastructure, green energy, and green transportation. Support for the BRI International Green Development Coalition will also be stepped up.
- Advancing Scientific and Technological Innovation: The Belt and Road Science, Technology, and Innovation Cooperation Action Plan will be continued, and the first Belt and Road Conference on Science and Technology Exchange will be convened.
- Global Initiative for Artificial Intelligence (AI) Governance: In recognition of AI’s growing significance, China will present the Global Initiative for AI Governance. This initiative aims to encourage international collaboration and dialogue, promoting the sound, orderly, and secure development of AI worldwide.
- Supporting People-to-People Exchanges: The BRI will emphasize fostering people-to-people exchanges, enhancing cultural understanding and collaboration among participating countries.
- Promoting Integrity-Based Cooperation: In response to concerns about transparency and integrity, China will release the Achievements and Prospects of Belt and Road Integrity Building and establish the Integrity and Compliance Evaluation System for Companies Involved in Belt and Road Cooperation.
China’s dedication to fostering integrity-based cooperation aims to address criticisms and doubts surrounding the BRI, including concerns of “debt trap diplomacy” and transparency. By promoting integrity, the initiative will not only enhance economic development in the Global South but also improve governance and morality among officials in participating countries.
This eight-step plan signals a renewed commitment to the Belt and Road Initiative. President Xi’s vision for the initiative reflects a holistic and adaptable approach that encompasses the multifaceted challenges and opportunities that lie ahead. By strengthening institution building, the BRI is set to continue expanding and shaping the landscape of international cooperation and development.
Challenges and Responses
While the Belt and Road Initiative progresses, it is not without its challenges. Geopolitical challenges, driven by containment and hostility from the United States and its allies, new technological revolutions, climate change concerns, and the specter of terrorism and turmoil, pose significant hurdles. To navigate these challenges, China is enhancing its risk management and control mechanisms.
Furthermore, the initiative will be tailored to specific regions based on their characteristics, focusing on accomplishing medium-sized projects with direct impacts on people’s livelihoods and prioritizing risk management for more extensive, long-term endeavors.
The confidence of foreign leaders and guests in the BRI’s future is evident. Gyorgy Matolcsy, Governor of the National Bank of Hungary, lauded the initiative’s fairness and the benefits it offers to participating countries, highlighting its multilateral and inclusive nature. Former Serbian President Boris Tadic noted that China has emerged as a beacon of hope and international cooperation, contributing significantly to the harmonious development of international relations.
As the Belt and Road Initiative embarks on this comprehensive eight-step plan, it remains poised to reshape the global landscape, foster international collaboration, and propel economic development on an unprecedented scale. The vision laid out by President Xi is not only an investment in infrastructure but a blueprint for a more connected, integrated, and prosperous world.
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