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One Belt One Road: Xi Jinping once again emphasizes the integration of international rules

Release time:2020-02-12 Reading volume:355 Source:

At the roundtable meeting of leaders of the “One Belt and One Road” countries on Saturday, Xi Jinping told the leaders of 37 countries to encourage more countries and enterprises to participate in the “One Belt and One Road” and jointly build an open world economy. At the same time, the President of China also emphasized once again that the “One Belt and One Road” should be connected with the internationally recognized rules.


DW.COM


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Italy is the first G7 member country to sign the “One Belt and One Road” agreement with China, which has caused huge controversy. This week, the country’s Prime Minister Conte will fly to Beijing to participate in the “One Belt and One Road “Summit. Vado Ligure, a small city in the north of the country, has already introduced Chinese capital three years ago to expand its port infrastructure on a large scale. (24.04.2019)

China takes the initiative to put forward the "One Belt and One Road" to be in line with international standards

Xi Jinping emphasized at the “One Belt One Road” summit that the “One Belt One Road” will be committed to conform to international rules and standards. Earlier, China's central bank governor Yi Gang also said that it is necessary to guard against debt risks caused by the “One Belt One Road” initiative. The German Economy Minister who attended the meeting revealed that Europe is seeking to join the "One Belt One Road" in a holistic manner. (26.04.2019)
 

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(Deutsche Welle Chinese website) Xi Jinping said in the opening speech of the leaders’ roundtable that when working with all parties to "build the' One Belt One Road ' with high quality", the principle of extensive consultation, joint contribution and shared benefits should be implemented, "in line with the concept of openness, greenness and cleanliness, the pursuit of high standards, benefits for people’s livelihood, and sustainable goals", promote economic growth, social development, and environmental protection in a coordinated manner, "all countries can benefit from it and achieve common development."
 

This is also the second time at this summit that Xi Jinping made it clear that he would take the initiative to connect with international rules and standards. At the summit on Friday, Xi Jinping pointed out in a speech, "We must work hard to introduce rules and standards supported by all parties, and promote enterprises in project construction, operation, procurement, bidding and other links in accordance with generally accepted international rules and standards, and at the same time the laws and regulations of various countries must be respected." The governor of the People's Bank of China, Yi Gang, also took the initiative to acknowledge the debt risks of the "One Belt One Road" at the summit, expressing the need to effectively manage risks and ensure the sustainability of debt.
 

In an interview with Deutsche Welle, Michael Winzer, the representative of the German Adenauer Foundation in China, pointed out that the statements made by Xi Jinping, Yi Gang and others at the summit show that China has now realized that the "One Belt One Road" initiative has indeed been achieved. It has aroused international criticism in some areas. "Beijing now understands that it must make some concessions and involve more relevant countries. Only in this way can this project be sustainable." However, Winzer also emphasized whether these statements by Chinese leaders are transformation into actual action remains to be observed in the next few years.
 

At the round table meeting on Saturday, Xi Jinping also stated that China will work with all parties to "strengthen cooperation mechanisms and focus on building interconnected partnerships. We must jointly promote the construction of an open world economy and oppose protectionism. China will also encourage more countries and enterprises are deeply involved to make the pie of common interests bigger.  Xi Jinping emphasized that promoting the joint construction of the "One Belt One Road" international cooperation is creating more well-being for the people of all countries and making greater contributions to building a community with a shared future for mankind.
 

In a draft joint statement of the summit disclosed by Agence France-Press, there are also words such as "oppose protectionism and unilateralism" and "encourage more developing countries and international investors to participate."


 
Heads of state or government of 37 countries attended the summit
 
Kenya gets another Chinese-funded construction project

Just this Friday (April 26), the Kenyan Presidential Palace announced that the country has received US$6.66 million from Chinese funds for the construction of a data center and a highway in the capital Nairobi. These funding sources include low-interest preferential loans, as well as private companies such as Huawei that are cooperating. The press release of the Presidential Palace stated that Huawei will spend 175 billion shilling (approximately US$1.73 million) in charge of data center construction projects. The expressway is used to connect the Nairobi Airport to the suburbs and is constructed by China Road and Bridge Engineering Co., Ltd. The President of Kenya is currently participating in the summit in Beijing.
 

At present, China's loan assistance to developing countries mainly takes two forms. One is to aid preferential loans, which are issued in the form of RMB, and the funds do not leave China, but are directly transferred between the accounts of importers and exporters. This means that the recipient country can only use this loan to purchase products and services in China and then transfer them to the local area. Another form of assistance called "preferential buyer's credit", although there is no limit to RMB, it usually stipulates that Chinese equipment or services must be purchased, and the government of the recipient country must provide sovereign credit guarantees. Some analysts pointed out that about 60% of these foreign aid loans issued by the Export-Import Bank of China and other state-owned financial institutions eventually returned to Chinese domestic enterprises.

 

During the summit, Malaysian Prime Minister Mahathir also witnessed the signing of bilateral cooperation documents such as the restoration of the East Coast Railway project and the restoration of the "Malaysia City" project with Chinese Premier Li Keqiang in Beijing. Earlier, after Mahathir became prime minister, he once announced the cancellation of these projects, making the "One Belt One Road Initiative" internationally questionable. During this visit to China, the companies of the two countries also signed an agreement to jointly build a Malaysian artificial intelligence industrial park.

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