China Unveils New Initiatives for Belt and Road Development in Next Decade
China’s President, Xi Jinping, has announced a series of new initiatives aimed at propelling the Belt and Road Initiative (BRI) into another prosperous decade of development. President Xi revealed the initiatives during the opening of the Third Belt and Road Forum for International Cooperation in Beijing.
The Belt and Road Initiative was launched by President Xi Jinping a decade ago with the goal of enhancing global connectivity and collaboration. It started off focusing on the Eurasian continent but has since expanded to include Africa and Latin America, encompassing over 150 countries.
President Xi emphasized that the BRI is not just about physical connectivity but also about guiding principles for high-quality and sustainable cooperation. In his speech, he highlighted the global significance and evolution of the BRI over the past decade.
The new initiatives unveiled by President Xi aim to enhance connectivity, promote economic openness, and drive sustainable development. Here are some key highlights:
1. Multi-dimensional Connectivity Network: China plans to develop a comprehensive connectivity network by participating in trans-Caspian international transportation, expanding the China-Europe Railway Express, and promoting direct railway and road connections across the Eurasian continent.
2. Global Economic Openness: China aims to establish pilot zones for Silk Road e-commerce cooperation and engage in more free trade agreements and investment protection treaties. These measures aim to remove barriers to foreign investment in the manufacturing sector and broaden market access for digital products and goods.
3. Support for Practical Cooperation: China will continue to finance both signature projects and smaller livelihood programs through entities like the China Development Bank and the Export-Import Bank. This support will strengthen existing multi-billion cooperation agreements.
4. Environmental Sustainability: China plans to deepen collaboration in green infrastructure, energy, and transportation with the aim of facilitating the BRI International Green Development Coalition. Additionally, China will implement the Belt and Road Science, Technology, and Innovation Cooperation Action Plan to keep up with technological advancements.
5. Cultural and Educational Exchanges: President Xi emphasized that cultural and educational exchanges will remain a central element of the BRI. China is ready to host the Liangzhu Forum to foster dialogue on civilization with partner countries.
6. Ensuring Integrity and Strengthening Institutions: China will release achievements and prospects related to integrity building in Belt and Road cooperation. To further strengthen international cooperation, China plans to establish a dedicated secretariat for BRI and strengthen institutional frameworks and platforms.
President Xi highlighted how the BRI has transformed international trade, creating new economic corridors and growth drivers. It has facilitated various modes of transportation, including trains, automobiles, flights, cargo ships, and e-commerce. President Xi emphasized that China’s success is intertwined with the well-being of the world, stating, China can only do well when the world is doing well. When China does well, the world will get even better.
The new initiatives announced by President Xi Jinping reflect China’s commitment to further enhancing global connectivity, promoting economic openness, and driving sustainable development through the Belt and Road Initiative. As China enters its second decade of BRI implementation, these initiatives hold the promise of continued success and collaboration on a global scale.
