After a successful decade of the Belt and Road Initiative (BRI), the President of China has announced new plans to support high-quality Belt and Road cooperation.
During a highly anticipated forum, the President announced eight major steps to elevate Belt and Road cooperation to a new level of higher quality and development. These steps include enhancing connectivity, supporting an open global economy, and accelerating the development of the China-Europe Railway Express. Collaboratively, a new logistics corridor will be established with other parties, connecting the Eurasian continent through direct railway and road transportation.
China will also enter into free trade agreements and investment protection treaties with more countries while removing all restrictions on foreign investment access in the manufacturing sector. To further support the initiative, the country will promote both signature projects, and “small yet smart” livelihood programs will receive increased financial backing. Two Chinese policy banks will establish a financing window of 350 billion yuan (48.75 billion U.S. dollars) each, and an additional 80 billion yuan will be injected into the Silk Road Fund.
The President has committed to prioritizing green development, scientific and technological innovation, people-to-people exchanges, integrity-based Belt and Road cooperation, and establishing robust international institutions for Belt and Road collaboration.