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During the third forum of the Belt and Road Initiative, Xi Jinping emphasized the value of cooperation and the need to open up the economy and trade. There are eight directions of development that will be worked on for the future of the New Silk Road

Chinese President Xi Jinping wants to give new impetus to the Belt and Road Initiative (BRI), or the New Silk Road. At the third forum on the initiative in Beijing, Xi Jinping on Wednesday announced eight important measures China will take to “support high-quality Belt and Road cooperation.”

“Over the past 10 years, international cooperation within the framework of the Belt and Road Initiative has developed rapidly and brought tangible results,” Xi Jinping said, according to the Chinese news agency Xinhua. “Africa and Latin America, as well as more than 150 countries and more than 30 international organizations have signed documents on cooperation within the Belt and Road framework. Three sessions of the forum were held as part of the Belt and Road Initiative, and more than 20 specialized platforms for multilateral cooperation were created.”

The Chinese leader focused on “high-quality sustainable projects, which have been the guiding principle of the program,” announcing greater economic opening and condemning the clash between the blocs. There is also an assessment of US policy: China challenges unilateral sanctions and those who view other countries’ economic development as a threat, as well as division into blocs.

Now the goal is to take the Belt and Road to a new level, increase trade opportunities, and modernize “all countries” through peaceful development and mutually beneficial cooperation.

Here are the eight steps for the final quantum leap of the initiative outlined by Xi Jinping:

1 – China will build a multi-dimensional communication network through the development of China-Europe high-speed railway, participate in the Trans-Caspian International Transport Corridor, and hold the China-Europe Railway Express Cooperation Forum on rapid communication with Europe. China, in cooperation with other countries, will build a new logistics corridor across the Eurasian continent. “We will vigorously integrate ports, shipping, and trade services under the Maritime Silk Road and accelerate the construction of a new international land-sea trade corridor and the Air Silk Road,” Xi Jinping said.

2 – China will support an open world economy by increasing total trade in goods and services to $32 billion and $5 billion, respectively, from 2024 to 2028. “Pilot zones” will be created for cooperation in the field of electronic commerce, and free trade agreements and investment protection agreements will be concluded with many countries. All restrictions on foreign investment in the manufacturing industry will be lifted in the country.

We will strive for further promoting openness in services trade and cross-border investment, expand market access for goods, including digital goods, and deepen reforms in the public sector, digital economy, intellectual property, and public procurement. The Global Digital Trade Expo will be held every year in China.

3 – China will carry out “practical cooperation”: the country will promote even small projects with greater financial support; China Development Bank and Export-Import Bank of China will set a financing window of 350 billion yuan ($48.75 billion) and another 80 billion yuan will be invested in the Silk Road Fund.

China will implement 1,000 small-scale livelihood assistance projects and strengthen cooperation in vocational education through Luban Seminars and other initiatives. Xi Jinping emphasized that the “CEO Conference” held during the forum resulted in transactions worth $97.2 billion.

4 – China will continue to promote green development. The country will further deepen cooperation in areas such as green infrastructure, green energy, and green transport, as well as enhance support for the BRI International Green Development Coalition. Dialogue and exchange mechanisms for the photovoltaic industry will be created, as well as a network of experts on green and low-carbon development.

5 – China will continue to promote scientific and technological innovation and implement the Technology and Innovation Cooperation Action Plan under the Belt and Road project, as well as hold the first Belt and Road Science and Technology Exchange Conference. Over the next five years, it will increase the number of joint laboratories built with other Belt and Road participants to 100 and support young scientists from other countries to work on short-term programs in China. The country will also introduce a global initiative on artificial intelligence (AI) governance.

6 – China will support people-to-people exchanges, such as through the Liangzhu Forum, to expand civilizational dialogue with BRI partner countries. In addition to establishing the International Silk Road Theater League, the International Silk Road Arts Festival, the International Alliance of Museums, the International Alliance of Art Museums, and the International Library Alliance, China has also created the International Silk Road Cities Tourism Alliance.

7 – China will promote Belt and Road cooperation based on the principle of due diligence: results and prospects will be determined with partner countries, and a system will be built to evaluate the integrity and compliance of participating companies.

8 – China will strengthen the establishment of international cooperation institutions within the Belt and Road framework, working with partner countries to strengthen multilateral cooperation platforms covering energy, taxation, finance, green development, natural disaster reduction, anti-corruption, think tanks, media, and culture.

Giornalisti e Redattori di Pluralia

Editorial board