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China Economy: President Xi on Signature Belt and Road Initiative

April 30, 2019 | Tuesday

Economy

   

The Chinese President Xi Jinping and his signature Belt and Road initiative become more than just the infrastructure projects.

Six years ago, the program started focusing on construction rail and maritime trade ways that connect China with other countries. That includes central Asia, Africa, Europe and more. The critics view the said project as Beijing's branding exercise in spreading its influence globally. That with its known associated debt in the past on projects such as ports and bridges. As of now, President Xi clears that he is aiming further.

During the second Belt and Road forum last weekend in Beijing, it was encased that the Chinese program aims to influence the technology and governance worldwide.

On Friday, Tom Rafferty, principal economist for China's The Economist Intelligence Unit said that there are "shift away" mainly from "hard infrastructure projects." According to Rafferty, President Xi's project is to take a "broader range."

Raffety said that President Xi showed that he views the said program as "China global governance initiative."

During the opening of the forum, President Xi noted that with Belt and Road, his country could gain stronger "cooperation in customs, taxation and audit oversight." That of which to seek cooperation on tech development worldwide.

As the Belt and Road Initiative is difficult to interpret, recent events showed how Beijing uses such a program to broaden its influence worldwide.

Through an email, the director of analysis at Geopolitical Futures, Jacob Shapiro said that he believes that it will be fair to state that Belt and Road introductory is over.

China had built a close relationship in major countries. In central Asia, and it's steady inroads in Europe. Last Month, Italy came as the first G-7 nation to endorse the Belt and Road Initiative upon signing a memorandum of agreement. A few days later, Luxembourg also signed its agreement with Beijing.

Moreover, Switzerland formalized its support on the project. Last weekend there are about 40 national leaders named who'd a joint communique for the forum. That includes Swiss Confederation President Ueli Maurer. It also includes Greece Prime Minister Alexis Tsipras and Russian President Vladimir Putin.

   

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