China's Xi promises more market openness and new investments for Belt and Road projects
Chinese President Xi Jinping is promising greater access to China’s market for international firms and new financing exceeding $100 billion for other developing economies
BEIJING — Chinese President Xi Jinping promised greater access to China’s market for international firms and new financing exceeding $100 billion for other developing economies as he opened a forum Wednesday on his signature Belt and Road infrastructure policy.
The initiative has built power plants, roads, railroads and ports around the world and deepened China’s relations with Africa, Asia, Latin America and the Mideast. But the massive loans that funded the projects have burdened poorer countries with heavy debts, in some cases leading to China taking control of those assets.
At the forum's opening ceremony at the cavernous Great Hall of the People, Xi promised two Chinese-backed development banks – the China Development Bank and the Export–Import Bank of China – will each set 350 billion yuan ($47.9 billion) financing windows, while an additional 80 billion yuan ($11 billion) will be injected into the Silk Road Fund to support BRI projects.
“We will comprehensively remove restrictions on foreign investment access in the manufacturing sector,” Xi said, adding that China would further open up “cross-border trade and investment in services and expand market access for digital products,” as well as carry out reforms of state-owned enterprises and in sectors such as the digital economy, intellectual property rights and government procurement.
Representatives from more than 130 mostly developing countries are attending the forum, including at least 20 heads of state and government. Russian President Vladimir Putin is attending, in a sign of China’s
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