In a resplendent announcement, Beijing reveals its impending hosting of the third Belt and Road forum, a highly anticipated event slated for the upcoming week. This commemorative assembly marks the illustrious 10-year anniversary of Beijing’s monumental infrastructure initiative. An impressive roster of delegates from over 130 nations is primed to partake in this momentous occasion, with the prestigious presence of notable foreign leaders, including the venerable Vladimir Putin.
The distinguished Chinese President Xi Jinping is slated to grace the forum’s opening ceremony with his presence and deliver an eagerly awaited keynote address. He will further extend his hospitality by hosting a lavish welcome banquet, dedicated to foreign leaders and esteemed heads of international organizations attending this prestigious gathering.
Of particular note is the momentous announcement of Russian President Putin’s attendance, marking his first visit to China since international isolation ensued due to the Ukraine conflict. The China-Russia strategic alliance, underscored by their unequivocal “no limits” partnership, solidifies their economic and military cooperation, bringing them even closer together following the Ukrainian conflict. In the face of Western estrangement, the Kremlin seeks to deepen its ties with Beijing, with China providing diplomatic and financial support to Russia.
China, maintaining a neutral stance on the Ukraine war, endeavors to position itself as a diplomatic arbiter while simultaneously offering essential support to Moscow. The Russian Foreign Ministry has disclosed that their top diplomat, Sergei Lavrov, will also grace the Belt and Road forum with his presence and engage in substantive discussions with his Chinese counterpart, Wang Yi.
Foreign Ministry spokesperson, Mao Ning, stated last month, “We welcome countries and partners actively participating in the Belt and Road Initiative to come to Beijing to discuss cooperation plans and seek common development.”
This forthcoming forum will underscore the theme of “high-quality joint construction” of the Belt and Road initiative, emphasizing the shared pursuit of development and prosperity. A recent white paper from Beijing celebrated the BRI’s significant impact, noting that it has engendered over two trillion dollars in contracts worldwide, rivaling the economic output of some of the world’s largest nations. The paper highlights the tangible benefits that the BRI has provided to participating countries.
Furthermore, it is reported that the outstanding balance of loans for BRI projects from Eximbank, a pivotal BRI creditor, has now reached an impressive 2.2 trillion yuan ($307.4 billion). It’s worth noting that while the BRI has garnered praise, it has also faced criticism for potentially luring lower-income nations into debt traps by extending substantial and, at times, unsustainable loans. Recent trepidation from some of China’s partners regarding the costs associated with participation has sparked reconsideration, as exemplified by Italy, the sole developed democracy within the initiative, contemplating its participation in this monumental venture.
As the stage is set for this forthcoming forum, the world’s gaze is firmly fixed upon Beijing, where the leaders of nations and key stakeholders will convene to shape the future of global infrastructure and economic cooperation.
