Full speed ahead for president’s ‘One Belt, One Road’ initiative
Print Edition
CHINA is to accelerate the construction of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, and strengthen cooperation with the countries involved, Chinese President Xi Jinping has announced.
“We should prepare timetables and road maps for the coming years for the ‘One Belt, One Road’ project,” Xi said when presiding over the eighth meeting of the Central Leading Group on Financial and Economic Affairs.
“We will focus on some significant projects and let the construction of ‘One Belt, One Road’ commence as soon as possible,” Xi said, adding that cooperation between China and the countries involved would be mutually beneficial.
Xi said China will help partner countries with infrastructure, including transport, electricity and telecommunications.
China will launch projects that improve the countries involved and boost cultural and people-to-people exchanges, the president said.
“‘One Belt, One Road’ is a huge and inclusive platform, which aims to combine the rapidly expanding Chinese economy with the benefits of all parties involved,” Xi said.
China will also provide more foreign aid and encourage private capital to participate in its construction.
A total of 21 Asian countries willing to join the Asian Infrastructure Investment Bank (AIIB) as founding members signed a memorandum of understanding in Beijing on October 24. The authorized capital of the bank, with headquarters in Beijing, is US$100 billion.
The AIIB was established to finance infrastructure construction along the belt and road, Xi said.
At the meeting he announced that China will set up a Silk Road Fund with the aim of directly supporting the construction of “One Belt, One Road”.
“The AIIB and the Silk Road Fund are complementary rather than substitutive to global and regional development banks,” Xi said.
He added that both the bank and the fund would work transparently and in accordance with international conventions.
The Silk Road Economic Belt and the 21st Century Maritime Silk Road were initiated by Xi in 2013.
“One Belt, One Road” connects economies in Asia Pacific and Europe. China and the countries along the belt and road will share the benefits of the project such as bolstering the economy, improving people’s livelihoods and tackling crises, Xi said.
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