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Chinese President Xi Jinping opened the Belt and Road Forum in Beijing (yesterday) Wednesday. In a message issued at the occasion, Xi said that China can only do well when the world is doing well.
Chinese President Xi Jinping opened the Belt and Road Forum in Beijing (yesterday) Wednesday. In a message issued at the occasion, Xi said that China can only do well when the world is doing well.
China is celebrating the 10th anniversary of the Belt and Road Initiative (BRI) which has extended Chinese economic and geopolitical influence across the globe. Xi promised to extend access to China’s market for international firms and for new financing exceeding US$100 billion for other developing economies.
He added that two Chinese-backed development banks – the China Development Bank and the Export–Import Bank of China – will each set 350 billion yuan (US$47.9 billion) financing windows. He also mentioned that an additional 80 billion yuan (US$11 billion) will be injected into the Silk Road Fund to support BRI projects.
Xi highlighted that the Silk Road spirit of peace and cooperation, mutual learning and mutual benefit, openness, and win-win was the most important source of strength for the Belt and Road cooperation. The initiative has deepened China’s relations with Africa, Asia, Latin America, and the Middle East through large infrastructure projects such as power plants, roads, railroads, and ports.
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As for China-Africa cooperation, one of the BRI’s most significant features is its emphasis on green infrastructure projects and renewable energy development. More than 130 mostly developing countries are attending the forum. They include at least 20 heads of state and governments. Several African leaders are present at the Forum meeting including Kenya’s President William Ruto and Ethiopia’s President Abiy Ahmed.
