On Wednesday, China made an announcement regarding its intention to host a gathering of foreign leaders next week, marking a decade of its Belt and Road Initiative project. Russian President Vladimir Putin is anticipated to participate in the event.
The Belt and Road Initiative is a significant endeavor in President Xi Jinping’s pursuit to enhance China’s influence on the global stage. China disclosed that it has now sealed contracts worth over two trillion dollars worldwide as part of this initiative.
Over 130 countries are expected to send representatives to this event, which is scheduled for October 17 and 18. President Xi will deliver an opening speech and host a welcoming banquet for the visiting foreign leaders.
This marks the third forum of its kind since the launch of China’s extensive investment initiative. Previous forums were held in 2017 and 2019.
Mega-project has already delivered ‘real gains’ to participating nations,Beijing says
Russian President Putin has confirmed his attendance at the event, marking his first visit to China since the Ukraine conflict began last year. Additionally, senior Russian diplomat Sergei Lavrov is set to participate and engage in discussions with his Chinese counterpart, Wang Yi, according to Moscow’s announcement.
China and Russia have consistently characterized their relationship as a strategic alliance, emphasizing their “no limits” partnership in both economic and military cooperation.
Notably, China has refrained from condemning the Ukraine war and has positioned itself as a neutral party while extending significant diplomatic and financial support to Moscow.
Last month, the Chinese foreign ministry spokesperson, Mao Ning, expressed a warm welcome to countries and partners actively engaged in the Belt and Road Initiative (BRI) to come to Beijing for discussions on cooperation plans and the pursuit of shared development goals.
BRI Debt Distress
On Tuesday, Beijing praised the Belt and Road Initiative (BRI), asserting that it has delivered tangible benefits to the countries participating in the project. It was also revealed that the Export-Import Bank of China (Eximbank), a crucial creditor for BRI projects, has provided loans totaling 2.2 trillion yuan ($307.4 billion).
Eximbank has played a significant role in funding major infrastructure and energy ventures within the BRI, and its involvement extends to foreign loan programs in regions from Africa to Central Asia. However, some of China’s partner nations are becoming increasingly cautious about the associated costs.
Italy, the sole developed democracy among the G7 countries to have joined the BRI, recently indicated it was contemplating withdrawing from the initiative.
According to a report by experts at Boston University’s Global Development Policy, the BRI has contributed “additional resources for the Global South” and fostered “significant economic growth.” Nonetheless, the report also highlighted that “Many of the recipients of Chinese finance are grappling with significant debt distress, as several countries owe China a substantial portion of their external debt.”
