In the heart of Beijing, Chinese President Xi Jinping commenced the Belt and Road forum on Wednesday, emphasizing that China’s prosperity is intertwined with global well-being.
This year marks a decade since the inception of the Belt and Road Initiative (BRI), a monumental project that has expanded China’s economic and geopolitical footprint worldwide.
During his keynote address, President Xi pledged to broaden the gateway to China’s market for international entities. He also announced an allocation of over $100 billion in new financing for emerging economies.
Highlighting the financial commitment, Xi detailed that both the China Development Bank and the Export–Import Bank of China are earmarked to offer financing windows of 350 billion yuan (equivalent to $47.9 billion). Additionally, a sum of 80 billion yuan (approx. $11 billion) will be channelled into the Silk Road Fund, earmarked for the support of BRI ventures.
“Perceiving another’s growth as a menace, or interpreting economic interconnectedness as a peril, won’t enhance one’s own well-being or expedite one’s progress,” Xi remarked. “We’ve discerned that the ethos of the silk road — encompassing peace, collaboration, shared learning, mutual advantage, and a spirit of openness and collective gain — remains the bedrock of the Belt and Road collaboration.”
The BRI has been instrumental in fortifying China’s ties with regions such as Africa, Asia, Latin America, and the Middle East. This has been achieved through the initiation of grand-scale infrastructure endeavours, including the construction of power stations, highways, railways, and ports.
A notable aspect of the China-Africa collaboration under the BRI umbrella is its pronounced focus on environmentally-conscious infrastructure and the promotion of renewable energy sources.
The forum witnessed participation from representatives spanning over 130 nations, predominantly from the developing world. Among the attendees were no less than 20 national leaders and heads of government, with a significant number hailing from the African continent.
