BEIJING: Chinese President Xi Jinping has committed another $107 billion to finance the Belt and Road Initiative (BRI) projects for the next five years.
According to the latest available data, China has invested a total of $932 billion in BRI projects, while $561 billion was invested in construction projects, and $371 billion was allocated to non-financial investments. The $107 billion increase in China’s investments is a clear signal of its commitment and steadfastness in initiating the second phase of the mega project BRI.
Besides taking the BRI to its second phase, President Xi delivered a far-reaching keynote speech at the inauguration ceremony of the Belt and Road Forum that not only covered China’s international engagement but also addressed major problems being faced by the global community.
Xi’s speech highlighted the ten years of the BRI, which focused on enhanced global connectivity and fostering multifaceted cooperation in multiple dimensions. The BRI spanned over five continents with over 150 countries and almost thirty international organizations. Over twenty specialized cooperation platforms have been set up to enhance the outreach of the BRI.
President Xi highlighted that the BRI had progressed from “sketching the outline” to “filling in the details,” and blueprints had been turned into “real projects.” It was also noted that a large number of major projects and ‘small yet smart’ people-centred programs have been started.
In a major transformation, the BRI focus had evolved from physical connectivity to institutional connectivity. Therefore, the guiding principles for high-quality cooperation include planning, building, and benefitting mutually from a clear and open philosophy and a strong commitment towards a people-centered approach, high standards, and sustainable cooperation.
President Xi argued and warned against ideological confrontation, bloc politics, and geopolitical rivalry. He said that we stand against unilateral sanctions, economic coercion, decoupling, and supply chain disruption.
BRI Built Formidable Network of Connectivity
The speech underscored that the BRI has successfully built a formidable network of connectivity, including international transportation routes, economic corridors, and torrential information highways. It also noted that this network helped in facilitating the flow of capital, technology, goods, and human resources across the participating countries.
President Xi said that during the Covid-19 pandemic, the BRI served as a “life-saving road,” where China alone provided over 10 billion masks and 2.3 billion doses of vaccines. It also acknowledged that when China was hit hard by Covid-19, the BRI helped in fighting the pandemic, and the country received noteworthy support from 70 nations.
President Xi asserted that the BRI was pivoted upon the principles of planning together, building together, and benefiting together. He said that the BRI exceeds and intends to minimize the differences between cultures, social systems, civilizations, and stages of development. Hence, it had opened new avenues of collaboration and aimed to foster global cooperation without any discrimination of national identity.
