Beijing: China It seems to change its rebrands Multi-billion-dollar belt and Road Initiative (BRI), strengthen for competition with US President Joe Biden’s Build Better World (B3W) Initiative, which provides an emphasis on transparency and democratic values.
When B3W was launched by Biden during the G-7 summit in June, with the aim of creating “infrastructure partnerships driven by values, and transparent” to help financial projects in developing countries, China played it, said that BRI was open to cooperation international.
China welcomes various countries to participate in BRI and remain open to conducive international cooperation to increase connectivity and be aware of the general development, Han Wenxiu, a senior official with the powerful Communist Party in China for financial affairs here on Friday, highlighting the consideration of the plenary meeting The party, who has cleaned the deck for the record of Chinese President XI Jinping from the third five-year term.
Asked how China looked at B3W as a rival to BRI, said Han at this time, there was a big gap in infrastructure investment in the world, especially in developing countries, and BRI would not be a solo action for China but the real choir of all countries involved.
Han said the trading volume between China and BRI partners exceeded $ 9.2 trillion by 2020, while direct investment by Chinese companies in countries involving belts and road initiatives almost touched $ 140 billion.
The initiative of the President XI, BRI was launched in 2013 to fund infrastructure projects in the world, taking advantage of large Chinese $ 3.21 trillion forex reserves to further affect Beijing’s global influence.
Since then, the Economic Corridor of the $ 60 billion (CPEC) that connects Xinjiang China to the Gwadar Pakistan port has emerged as a superior project where India has submitted protests as placed by Kashmir occupied by Pakistan.
However, the lack of transparency of the BRI and the Debt Installation of China by small countries has caused global concerns.
The 99-year-old rent from the Port of Hambantota in Sri Lanka to China has raised the red flag about the downside of BRI and Beijing’s encouragement for large infrastructure projects that cost billions of dollars in small countries.
Analysts have warned Beijing about the US who managed to push the B3W plan to fight BRI.
Commenting on B3W, Shi Yinhong, a US relationship specialist at the University of Renmin Beijing, said the US plan was “not good news for China”.
“All goals stated from B3W, described as infrastructure partnerships driven by values, transparent and sustainability, clearly target China,” Shi told the South China Morning Post Hong Kong.
Highlighting BRI’s new strategy, Han said, “We must ensure that BRI adapts to new conditions and new vitality”.
“First, we will emphasize the green belt and road development” which gives an important meaning to green infrastructure, green energy and green finance, said Senior CPC official.
The new train project conducted under BRI ensured the parts of the animal, he said.
President XI announced in his recent speech to the United Nations that China would not build new coal-fueled power projects abroad.
“This is the main decision in response to climate change,” Han said.
He said China would emphasize greater in the construction of Sustainable BRI cooperation.
“We have published a debt sustainability framework and follow the principle of debt sustainability, placing policy systems for prevention and risk control of debt and improving investment quality,” he said.
Also “we will emphasize greater emphasis on the inclusive development of BRI cooperation”, he explained.
“We will support BRI countries in growing a digital economy, closing digital distribution, strengthening cooperation in innovation and sharing the experience of the new round of the scientific and technology revolution in industrial transformation,” Han added.