| 19 October 2023
| Christie Anto
Beijing, China - Chinese President Xi Jinping delivered a resolute message to Western nations as he opened the Belt and Road Initiative (BRI) forum in Beijing on Wednesday. In his address, Xi warned against "decoupling" from China's economy, emphasizing that China's growth should be viewed as an asset rather than a threat. This call comes at a time of declining foreign investment in China and growing skepticism in the West regarding the BRI.
The BRI, launched a decade ago with the ambitious goal of creating infrastructure and energy networks connecting Asia, Africa, and Europe, is a centerpiece of Xi's vision for China's global role. With leaders and representatives from over 130 countries in attendance, the forum celebrates the initiative's 10-year anniversary, which Xi has labeled the "project of the century."
Xi's address at the forum touched on several key points, addressing concerns from Western nations and signaling China's commitment to global economic collaboration.
Rejecting Decoupling and Economic Coercion
In his speech, President Xi explicitly stated China's stance against "unilateral sanctions, economic coercion, decoupling, and supply chain disruption." This declaration was seen as a response to perceived Western efforts to limit China's growth and influence in the global economy.
"Viewing others' development as a threat or taking economic interdependence as a risk will not make one's own life better or speed up one's development," Xi stated. He went on to emphasize the interdependence of China with the rest of the world, noting that "China can only do well when the world is doing well… When China does well, the world will get even better."
Easing Investment Restrictions and Promoting Trade Ties
To attract more foreign investment, China pledged to remove restrictions on foreign investment access in the manufacturing sector while opening up cross-border trade and investment in services. Xi also expressed a commitment to expanding market access for digital products. Additionally, he promised reforms for state-owned companies, focusing on the digital economy, intellectual property rights, and government procurement.
These measures are intended to improve China's attractiveness to foreign investors, addressing the concerns of declining foreign investment the country has experienced recently.
Continued Investment in Developing Countries
China's financial commitment to developing countries remains a cornerstone of the BRI. President Xi assured the forum that China would continue to pour billions of dollars into these economies. This investment aligns with the BRI's goal of fostering economic development and cooperation across the participating nations.
International Attendance and Western Scepticism
Leaders and representatives from around the world, including Russian President Vladimir Putin and Indonesian President Joko Widodo, attended the forum, underlining the global significance of the BRI. However, the absence of many European leaders highlighted Western skepticism towards China's initiative. Hungary's Prime Minister Viktor Orban was the sole European Union head of state in attendance. Many Western nations have concerns about the BRI's implications for global influence and are working to diversify their supply chains to reduce their reliance on China.
Embracing the Right Path Forward
President Xi concluded his address by outlining the BRI's future direction, focusing on issues such as artificial intelligence and climate change. He emphasized intensified cooperation in "green infrastructure, energy, and transportation." Xi expressed his belief that the BRI represents the "advancing of our times" and is "the right path forward."
As the BRI forum continues, the global community watches closely to see if China's message of collaboration and inclusivity will ease concerns in the West and strengthen international cooperation, or if skepticism will persist, casting a shadow over this ambitious initiative.
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