On 18 October 2023, Chinese President Xi Jinping opened the forum commemorating the tenth anniversary of the Belt and Road Initiative, promising foreign companies greater access to China’s vast market and over $100 billion in new financing to other emerging economies.[1]
This initiative, spearheaded by Xi Jinping, has built infrastructure such as power plants, roads, railways and ports around the world and deepened China’s ties with Africa, Asia, Latin America and the Middle East.
At the forum’s grand opening ceremony, Xi Jinping promised that the China Development Bank and the Import and Export Bank of China would each provide 350 billion yuan ($47.9 billion) in financing. An additional 80 billion yuan ($11 billion) will be invested in Beijing’s Silk Road Fund to support Belt and Road Initiative projects. [2]In addition, Xi Jinping stated that they will reform state ownership, digital economy, intellectual property rights and public procurement:[3]
“We will comprehensively lift restrictions on foreign investment access in the manufacturing sector. We will expand investment access in cross-border trade and services and increase market access for digital products.”
The Belt and Road Initiative, spearheaded by Xi Jinping, includes global infrastructure projects and the goal of deepening economic ties. In his speech at the forum, the Chinese President promised to increase international financing for his country’s infrastructure projects and to facilitate access to the Chinese market for foreign companies. These commitments can be characterised as an important support, especially for the acceleration of the Chinese economy.
Referring to China’s efforts to reduce its dependence on manufacturing and supply chains at a time of increasing pressure from the United States (US) and its allies, Xi Jinping reiterated his country’s commitment to create a fairer environment for foreign firms: [4]
“We do not engage in ideological confrontation, we do not participate in geo-political games and clique political conflicts. We are against unilateral sanctions and economic pressure.”
The forum emphasised China’s commitment to creating a fairer environment for foreign investors and expanding cross-border trade. In addition, the pledge to increase market access for digital products and reform areas such as intellectual property rights is also an important development.
The Forum was attended by more than 130 representatives, mostly from developing countries. Among them were at least 20 heads of state and government Russian President Vladimir Putin also attended the forum and demonstrated his economic and diplomatic support for China despite the isolation caused by the war in Ukraine. [5]
Speaking immediately after Xi Jinping, Putin described the Belt and Road Initiative as “a really important, global, future-oriented initiative that aims to create a fairer, multipolar world relations.[6] “This is a truly global plan,” Putin said, adding that China’s initiative is very much in line with Russia’s plans to create a greater Eurasian space.[7]
Participants included the Secretary-General of the United Nations (UN), António Guterres, as well as heads of state from Indonesia, Argentina, Kazakhstan, Sri Lanka, Kenya and other countries. Most Western European countries and US allies had lower levels of participation in the forum [8] Stating that the Belt and Road Initiative can bring development to neglected regions, Guterres stated that this initiative can accelerate the process of moving away from dependence on fossil fuels.[9]
Through the Belt and Road Initiative, China has become a major financier of development projects on par with the World Bank. According to the Beijing Government, this initiative has realised more than 3,000 projects worth almost 1 trillion dollars. [10]
In conclusion, Xi Jinping pledged to contribute to the further internationalisation of this initiative, promising to provide foreign investors with greater access, financing support and trade opportunities. The forum revealed how different countries and leaders view this initiative and how it can shape the future of China’s global infrastructure projects. This forum is expected to have a significant impact on international relations and the global economy.
[1] “China’s Xi Promises Open Markets and Billions in New Investments for ‘Belt and Road’ Projects”, Associated Press News,https://apnews.com/article/belt-road-initiative-forum-xi-putin-2ffe38c38cdf91556fe4c48c01f0acaf, (Erişim Tarihi: 20.10.2023).
[2] “China’s Xi Promises Open Markets and Billions in New Investments for ‘Belt and Road’ Projects”, Asharq Al-Awsat, https://english.aawsat.com/business/4612366-china%E2%80%99s-xi-promises-open-markets-and-billions-new-investments-%E2%80%98belt-and-road%E2%80%99, (Erişim Tarihi: 20.10.2023).
[3] “China Announces Billions in Investments in Developing Countries and Pledges Market Opening”, Euronews, https://www.euronews.com/2023/10/18/china-announces-billions-in-investments-in-developing-countries-and-pledges-market-opening, (Erişim Tarihi: 20.10.2023).
[4] “Xi Promises More Market Openness, Investments for Belt and Road Projects”, Business Standard, https://www.business-standard.com/world-news/xi-promises-more-market-openness-investments-for-belt-and-road-projects-123101800304_1.htmli, (Erişim Tarihi: 20.10.2023).
[5] “China’s Xi Promises Open Markets and Billions in New Investments for ‘Belt and Road’ Projects”, Associated Press News,https://apnews.com/article/belt-road-initiative-forum-xi-putin-2ffe38c38cdf91556fe4c48c01f0acaf, (Erişim Tarihi: 20.10.2023).
[6] Aynı yer.
[7] Aynı yer.
[8] Aynı yer.
[9] Same place
[10] Aynı yer.
