Chinese President Xi Jinping tries to stem rising chorus of doubts over Belt and Road Initiative
- Speech to Belt and Road Forum strikes more measured tone compared with two years previously and seeks to address range of criticisms over project
- Chinese leader’s pledges include moves to improve transparency, avoid the risk of a debt trap and open up the country’s economy
President Xi Jinping sought to allay mounting scepticism and fears over his global infrastructure and trade plans on Friday, promising to prevent debt risk, promote sustainable growth and make the Belt and Road Initiative more transparent and inclusive.
In a speech to almost 40 world leaders in Beijing, the Chinese leader also made a series of commitments designed to address concerns over the country’s domestic reforms.
Xi’s promises to abolish China’s much-criticised anticompetitive state subsidies, improve intellectual property protection and avoid devaluing the yuan are among the key US demands in the ongoing trade talks with Beijing, and were made just hours after President Donald Trump said he would soon welcome Xi to the White House.
Compared to his remarks at the first Belt and Road Forum two years ago, Xi’s speech appeared to be more measured and avoided talking up his signature foreign policy strategy or lavish spending pledges.
At a time when Beijing’s geopolitical ambitions face increasing international scrutiny – concerns that prompted the US and other major Western countries to shun the three-day forum – Xi tried to reassure the world that the revival of the ancient Silk Road was neither a “predatory, debt trap” nor a geopolitical tool aimed at challenging the existing US-led trade and governance systems.
Xi also tried to play down concerns that the belt and road plan was too China-centric stressing that it would benefit “all of its participants” along its fast-expanding land, sea and rail routes across Asia, Europe and Africa.
