silk
Chinese President Xi Jinping speaks at the opening ceremony for the second Belt and Road Forum in Beijing, China April 26, 2019. REUTERS/Florence Lo
April 26, 2019
By Brenda Goh and Yilei Sun
BEIJING (Reuters) – China’s Belt and Road initiative must be green and sustainable, President Xi Jinping said at the opening of a summit on his grand plan on Friday, adding that the massive infrastructure and trade plan should result in “high quality” growth for everyone.
Xi’s plan to rebuild the old Silk Road to connect China with Asia, Europe and beyond with huge spending on infrastructure, has become mired in controversy as some partner nations have bemoaned the high cost of projects.
China has repeatedly said it is not seeking to trap anyone with debt and only has good intentions, and has been looking to use this week’s summit in Beijing to recalibrate the policy and address those concerns.
Xi said in a keynote speech to the summit that environmental protection must underpin the scheme “to protect the common home we live in”.
“We must adhere to the concept of openness, greenness, and cleanliness,” he said.
“Operate in the sun and fight corruption together with zero tolerance,” Xi added.
“Building high-quality, sustainable, risk-resistant, reasonably priced, and inclusive infrastructure will help countries to fully utilize their resource endowments.”
Western governments have tended to view it as a means to spread Chinese influence abroad, saddling poor countries with unsustainable debt.
While most of the Belt and Road projects are continuing as planned, some have been caught up by changes in government in countries such as Malaysia and the Maldives.
Those that have been shelved for financial reasons include a power plant in Pakistan and an airport in Sierra Leone, and Beijing has in recent months had to rebuff critics by saying that not one country has been burdened with so-called “debt traps”.
Since 2017, the finance ministries of 28 countries have called on governments, financial institutions and companies from Belt and Road countries to work together to build a long-term, stable and sustainable financing system to manage risks, China’s finance ministry said in a report released on Thursday.
Debt sustainability has to be taken into account when mobilizing funds, the finance ministry said in the report, which outlined a framework for use in analyzing debt sustainability of low-income Belt and Road nations and managing debt risks.
The framework is based on the IMF/World Bank Debt Sustainability Framework for Low Income Countries while penciling in local conditions and development of partner nations, according to the report.
CHINESE PROMISES
The Belt and Road initiative will also open up development opportunities for China just as China itself is further opening up its markets to the world, Xi said.
“In accordance with the need for further opening up, (we’ll) improve laws and regulations, regulate government behavior at all levels in administrative licensing, market supervision and other areas, and clean up and abolish unreasonable regulations, subsidies and practices that impede fair competition and distort the market,” he said.
Xi promised to significantly shorten the negative list for foreign investments, and allow foreign companies to take a majority stake or set up wholly-owned companies in more sectors.
Tariffs will be lower and non-tariff barriers will be eliminated, Xi added.
China also aims to import more services and goods, and is willing to import competitive agricultural products and services to achieve trade balance.
“China will strengthen macroeconomic policy coordination with major economies in the world and strive to create positive spillover effects to promote a strong, sustainable, balanced and inclusive growth for the world economy,” said Xi.
VISITING LEADERS
Visiting leaders include Russia’s Vladimir Putin, as well as Prime Minister Imran Khan of Pakistan, a close China ally and among the biggest recipients of Belt and Road investment, and Prime Minister Giuseppe Conte of Italy, which recently became the first G7 country to sign on to the initiative.
The United States, which has not joined the Belt and Road, is expected to send only lower-level officials, and nobody from Washington, citing concerns over opaque financing practices, poor governance, and disregard for internationally accepted norms.
“The United States is not sending high level officials from Washington to the Belt and Road Forum,” a spokesman for the U.S. Embassy in Beijing said.
“We continue to have serious concerns that China’s infrastructure diplomacy activities ignore or weaken international standards and best practices related to development, labor protections, and environmental protection.”
(Reporting by Brenda Goh and Yilei Sun; Additional reporting by Tony Munroe, Stella Qiu, Ryan Woo, Cate Cadell and Tom Daly; Writing by Ben Blanchard; Editing by Simon Cameron-Moore)
Source: OANN
The Belt and Road Initiative is fully in harmony with Hungarian interests, Prime Minister Viktor Orban said on Thursday in Beijing, at talks with Chinese Prime Minister Li Keqiang.
Ahead of the talks, Orban said it was a great “honor” to be invited to the second forum of the economic initiative, to be held on Friday and Saturday in Beijing.
Belt and Road is a “serious safeguard of worldwide free trade and the freedom of world economy”, Orban said. As “Hungarians need an open world economy,” Hungary is ready to cooperate further within the initiative, and will reject “all outside ideological pressure” to the contrary because the Hungarian government will “always act according to national interests”, Orban said.
Chinese companies have greatly contributed to modernizing the Hungarian economy, Orban said. Chinese investments have now reached some 4.5 billion dollars in Hungary, he noted, and proposed that the inflow of capital investments be upheld in the future.
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In his greeting to the Hungarian delegation, Li Keqiang praised Sino-Hungarian cooperation and expressed hope that it should be extended further in sectors such as digitization. Cooperation between the countries has already brought results and offers great opportunities for large companies as well as SMEs of both countries, he said. Free trade and economic development will strengthen world peace, too, Li said.
After the talks, Hungarian Foreign Minister Peter Szijjarto and Innovation and Technology Minister Laszlo Palkovics signed bilateral agreements with Chinese officials. Among them were agreements to set up a Hungarian-Chinese cooperation center, cooperation in sports, creating a “digital Silk Road”, setting up a working group to facilitate bilateral trade and the export of Hungarian poultry to China.
Orban met Chinese President Xi Jinping later on Thursday, the prime minister’s press chief told MTI. They marked the 70th anniversary of diplomatic ties between Hungary and China, the successes in economic cooperation and European affairs.
On Friday and Saturday, Orban will attend the Belt and Road forum, where 37 heads of state and world leaders are expected.
Alex Jones breaks down the true origins of ‘Earth Day’ and lays out how the Globalists are planning on fueling phony outrage about environmental conservation to usher in their technocratic control system over every nation of the world.
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Britain’s Chancellor of the Exchequer Philip Hammond attends a meeting with Chinese Vice Premier Hu Chunhua (not pictured) at Diaoyutai State Guesthouse in Beijing, China, April 25, 2019. REUTERS/Jason Lee/Pool
April 25, 2019
By William James
LONDON (Reuters) – Britain and China will hold the next round of their Economic and Financial Dialogue (EFD) in mid-June in London, finance minister Philip Hammond said on Thursday, after months of reports that talks had been delayed by diplomatic tension.
The EFD has been used in the past to announce closer cooperation on trade and banking initiatives, and to sign commercial contracts.
However, relations between London and Beijing have been strained in recent years, most notably after a British warship sailed close to islands claimed by China last August.
The EFD talks were agreed during Hammond’s visit to Beijing to speak at a summit on China’s Belt and Road Initiative, championed by President Xi Jinping, which envisions rebuilding the old Silk Road to connect China to Asia and beyond with extensive infrastructure investment.
“By deepening our cooperation on financial services, trade, and investment with international partners, we can ensure Britain’s global future,” Hammond said in a statement.
In that light, Britain will view the agreement of potentially lucrative talks as a success and a step closer to rebuilding the close ties seen earlier in the decade when then-finance minister George Osborne successfully courted Chinese investment.
Hammond said the talks would continue the “golden era” of cooperation – a phrase used repeatedly since Xi’s state visit to London in 2015 which has become a byword for Britain’s pitch to tap the investment power of the Chinese state.
Earlier on Thursday, Chinese Vice Premier Hu Chunhua expressed regret to Hammond that the South China Sea issue had harmed ties, and that he hoped Britain could “respect China’s core interests and important concerns”.
A Treasury statement said Hammond was due to tell the Belt and Road forum that Britain is a “natural partner for quality global infrastructure initiatives due to the world class talent and expertise the UK has to offer.”
The Chinese initiative has become mired in controversy, with some partner nations bemoaning the high cost of projects, though China has repeatedly said it is not seeking to trap anyone with debt.
Hammond will emphasis in his remarks that projects must meet international standards on governance, debt sustainability and environmental impact, the Treasury said.
(Reporting by William James, additional reporting by Andy Bruce, Editing by Kylie MacLellan and Elizabeth Piper)
Source: OANN
A cargo train loaded with coal dust, moves past the port area near City Station in Karachi, Pakistan September 24, 2018. Picture taken September 24, 2018. REUTERS/Akhtar Soomro
April 24, 2019
SHANGHAI (Reuters) – People living in countries along China’s new “Silk Road” favor investment in renewable energy over the construction of coal-fired power plants, according to a poll released on Wednesday ahead of a major summit in Beijing.
Environmental group E3G, which commissioned the poll, said the results showed there was little support for investment in coal, despite China’s role as a major funder of new plants.
“China should now work with governments, business and investors at the upcoming forum to make sure these demands are met,” said Nick Mabey, chief executive of E3G.
The survey was released ahead of China’s second international forum on its 2013 Belt and Road initiative, which is designed to build infrastructure and encourage trade and economic cooperation along the old Silk Road route connecting China to Europe and elsewhere.
According to a draft communique seen by Reuters, world leaders attending the summit will call for sustainable financing that promotes green growth.
But concerns have been raised that China is using the program to export substandard polluting technologies, even as it boosts the share of renewable power at home in a bid to cut smog and climate-warming greenhouse gases.
The YouGov poll of more than 6,000 people covered Indonesia, Pakistan, Philippines, South Africa, Turkey and Vietnam, which are among the top 10 locations for the construction of new coal-fired power plants, with many backed by Chinese developers.
Over 85 percent of those surveyed said they favored investment by foreign governments, banks and companies in renewable projects, while less than a third said they favored investments in coal.
More than 90 percent said solar power should be a priority. Coal-fired power was less popular than nuclear in four of the six countries.
In a separate announcement on Wednesday, a coalition of Chinese environmental groups urged Beijing to draw up green guiding principles for investment in Belt and Road countries.
“The host country’s climate objectives and the long-term impact of investment activities on the local environment must be taken into consideration,” said Yang Fuqiang, a senior climate advisor with the Natural Resources Defense Council.
(Reporting by David Stanway; editing by Richard Pullin)
Source: OANN
FILE PHOTO: Malaysia’s Foreign Minister Saifuddin Abdullah attends an ASEAN-U.S. Ministerial Meeting in Singapore August 3, 2018. REUTERS/Edgar Su
April 23, 2019
KUALA LUMPUR (Reuters) – Malaysia is hopeful of getting more “fair” investment from China, its foreign minister said on Tuesday, after both countries agreed to resume two multi-billion dollar projects just before a Belt and Road conference in Beijing this week.
Malaysian Prime Minister Mahathir Mohamad, who came to power after a stunning election victory last May, had vowed to renegotiate or cancel what he calls unfair Chinese projects authorized by his predecessor.
Earlier this month, both countries agreed to resume construction of the East Coast Rail Line (ECRL) at a discount. Last week, Mahathir announced the resumption of a multi-billion dollar property development linked to China.
“We want to improve our ties with China. That is a fact. But it doesn’t mean we will do whatever it takes,” Malaysian Foreign Minister Saifuddin Abdullah told Reuters in an interview.
“Agreements and arrangements have to be fair for both sides,” he said.
The minister said ties between the countries had improved since the resumption of the two projects – both part of China’s ambitious Belt and Road Initiative (BRI), a key policy of President Xi Jinping that envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.
Mahathir will travel to Beijing on Wednesday to attend a forum on the Belt and Road initiative.
Mahathir and the Malaysian delegation are also expected to hold a bilateral meeting on the sidelines with Xi, premier Li Keqiang and Li Zhanshu, the chairman of the standing committee of the national people’s congress, according to the Malaysian foreign ministry.
Saifuddin, who will be part of Malaysia’s delegation, said Malaysia is open to Chinese investments from “any sector”, but particularly in high-tech manufacturing.
He said Malaysia is also optimistic that China will increase its imports of Malaysian palm oil, on top of an increase of 500,000 tonnes premier Li had pledged during Mahathir’s last visit in August. Palm oil is a key Malaysian export.
“We are hopeful that with the BRI conference and the positive closure of the two projects, we would be receiving more investments from China,” Saifuddin said.
(Reporting by Joseph Sipalan; Editing by Frances Kerry)
Source: OANN
A man walks past a flower installation set up for the upcoming Belt and Road Forum in front of the Chinese Foreign Ministry in Beijing, China April 18, 2019. Picture taken April 18, 2019. Jia Tianyong/CNS via REUTERS
April 21, 2019
By John Ruwitch
SHANGHAI (Reuters) – World leaders meeting in Beijing this week for a summit on China’s Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters.
The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.
But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through nontransparent projects.
The United States has been particularly critical of Italy’s decision to sign up to the plan last month, the first for a G7 nation.
In an apparent nod to these concerns, the communique reiterates promises reached at the last summit in 2017 for sustainable financing – but adds a line on debt, which was not included the last time.
“We support collaboration among national and international financial institutions to provide diversified and sustainable financial supports for projects,” the draft communique reads.
“We encourage local currency financing, mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability,” it added, referring to the United Nations General Assembly.
The word “green” appears in the draft seven times. It was not mentioned once in the summit communique from two years ago.
“We underline the importance of promoting green development,” the draft reads. “We encourage the development of green finance including the issuance of green bonds as well as development of green technology.”
The Chinese government’s top diplomat, Wang Yi, said on Friday that the Belt and Road project is not a “geopolitical tool” or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative.
A total of 37 foreign leaders are due to attend the April 25-27 summit, though the United States is only sending lower-level representatives, reflecting its unease over the scheme.
The number of foreign leaders at the April 25-27 summit is up from 29 last time, mainly from China’s closest allies like Pakistan and Russia but also Italy, Switzerland and Austria.
China has repeatedly said Belt and Road is for the benefit of the whole world, and that it is committed to upholding globally accepted norms in ensuring projects are transparent and win-win for all parties.
“We emphasize the importance of the rule of law and equal opportunities for all,” the draft reads.
(Reporting by John Ruwitch; Writing by Ben Blanchard; Editing by Edwina Gibbs)
Source: OANN
A man walks past a flower installation set up for the upcoming Belt and Road Forum in front of the Chinese Foreign Ministry in Beijing, China April 18, 2019. Picture taken April 18, 2019. Jia Tianyong/CNS via REUTERS
April 19, 2019
By Ben Blanchard
BEIJING (Reuters) – China’s Belt and Road project is not a “geopolitical tool” or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative, the government’s top diplomat said on Friday.
Beijing will host a Belt and Road summit next week which 37 foreign leaders will attend, including some of China’s closest allies, though the United States which has been critical of the project is only sending low level representatives.
The Belt and Road Initiative, as it is formally called, is a key initiative of President Xi Jinping, and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.
But it has proved controversial in many Western capitals, particularly Washington, which views it as merely a means to spread Chinese influence abroad and saddle countries with unsustainable debt through nontransparent projects.
The United States has been particularly critical of Italy’s decision to sign up to the plan last month, during Xi’s visit to Rome, the first for a G7 nation.
Chinese State Councillor Wang Yi, the government’s top diplomat, told reporters that the Belt and Road scheme had brought real benefits to participating countries.
“This partnership relationship is not a geopolitical tool, but a platform for cooperation,” he said.
“You can’t put hats like ‘debt crises’ onto the head of the Belt and Road, and this is not something any participating country would recognize,” Wang added.
“Of course, there is a development process for the Belt and Road. You can’t get there in one step, and it’s unavoidable it will cause some worries during its development. So we welcome all sides to come up with constructive suggestions,” he said.
CLOSE ALLIES COMING
The number of foreign leaders at the April 25-27 summit is up from 29 last time, mainly from China’s closest allies like Pakistan and Russia but also Italy, Switzerland and Austria.
The United States will not send high-level officials, a U.S. State Department spokesman said earlier this month, citing concerns about financing practices for the initiative.
Wang said there would be Americans at the summit, made up of diplomats, state-level officials, executives and academics, though he did not give details.
“We welcome any country that is interested to take part. When the United States participates, or whether it participates, is up to them to decide,” he added.
While the United States and China are currently working to end a bitter trade war, they have numerous other areas of disagreement, including human rights and U.S. support for self-ruled Taiwan.
China on Monday condemned as “slanderous” criticism U.S. Secretary of State Mike Pompeo made of Beijing’s policies in South America last week.
“The United States has no plans to send high-level officials from Washington to the Belt and Road Forum,” a U.S. Embassy in Beijing spokesman said.
“We call upon all countries to ensure that their economic diplomacy initiatives adhere to internationally-accepted norms and standards, promote sustainable, inclusive development, and advance good governance and strong economic institutions.”
At the first Belt and Road summit two years ago, the United States submitted a diplomatic note to China complaining about North Korea’s participation, though since then Washington and Pyongyang have sought to re-set ties, including with two summits between their leaders.
Wang said North Korea would also take part in this year’s summit, but gave no further details.
“I think this is normal as it’s an economic cooperation initiative. All countries have the freedom to attend, but I think they don’t have the right to prevent any other country from participating. This is an open, inclusive platform.”
More than 150 countries are sending delegations, and there will be some 5,000 guests, Wang said.
(Reporting by Ben Blanchard; Additional reporting by Michael Martina; Editing by Michael Perry)
Source: OANN
FILE PHOTO: Chancellor of the Exchequer Philip Hammond attends the IMF and World Bank’s 2019 Annual Spring Meetings, in Washington, April 13, 2019. REUTERS/James Lawler Duggan
April 16, 2019
LONDON (Reuters) – British finance minister Philip Hammond plans to attend China’s 2019 Belt and Road forum later this month, the Treasury said, subject to a clear parliamentary schedule.
Hammond met the Chinese Minister of Finance, Liu Kim on Friday at an IMF meeting. The two will also discuss British-China bilateral economic and financial cooperation when Hammond is in Beijing.
The first summit for Belt and Road — which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending — was in 2017.
(Reporting by William Schomberg; writing by Kate Holton; editing by Andy Bruce)
Source: OANN
FILE PHOTO: A map illustrating China’s silk road economic belt and the 21st century maritime silk road, or the so-called “One Belt, One Road” megaproject, is displayed at the Asian Financial Forum in Hong Kong, China January 18, 2016. REUTERS/Bobby Yip/File Photo
April 16, 2019
ZURICH (Reuters) – Switzerland will sign an accord backing China’s Belt and Road Initiative when President Ueli Maurer visits China this month, cementing ties with a major trading partner as other Western countries view the gargantuan project with scepticism.
President Xi Jinping’s new Silk Road initiative has been controversial particularly in Washington, which views it as a way to spread Chinese influence abroad and saddle countries with unsustainable debt, a charge Beijing rejects.
Locked in a trade war with China, the United States has been particularly critical of Italy’s decision to sign up to the plan, the first for a G7 nation. Others in the West are less keen to jump aboard, although many have kept an open mind.
Neutral Switzerland sees the BRI accord to be signed during Maurer’s trip as a way to support economic development, especially in central Asia.
“The aim of the memorandum is for both parties to intensify cooperation on trade, investment and project financing in third markets along the routes of the Belt and Road Initiative”, the finance ministry said on Tuesday without giving more details.
Maurer, who is also finance minister, will attend the second Belt and Road summit next week which is expected to draw around 40 foreign leaders.
The first summit for Belt and Road — which envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending — was in 2017.
Xi has also invited Maurer for a state visit on April 28 and 29, his ministry said. Swiss business and financial leaders will accompany Maurer on his eight-day China trip.
Switzerland, one of the first Western states to recognize the People’s Republic, was the first country in continental Europe to reach a free trade agreement with China, its largest trade partner after the European Union and United States.
Xi made a state visit to Switzerland in 2017.
(Reporting by Michael Shields, editing by Ed Osmond)
Source: OANN
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