Wednesday, May 29, 2024

China Announces Action Plan for Belt and Road Initiative

Chinese President Xi Jinping announced a comprehensive eight-point action plan at the Third Belt and Road Forum for International Cooperation, signifying a significant stride towards the high-quality development of the Belt and Road Initiative (BRI). These eight key takeaways outline China’s commitment to strengthening the BRI:

  1. Connectivity Network: China will accelerate the development of high-quality China-Europe express services and contribute to the construction of the Trans-Caspian International Transport Route (TITR). This initiative aims to establish a new logistics channel connecting Asia and Europe via rail and highway transportation while promoting the integrated development of port and shipping trades under the “Silk Road Maritime” initiative.
  2. Open World Economy: China plans to establish pioneering zones for “Silk Road E-commerce” cooperation and sign more free trade and investment agreements. The creation of an annual “Global Digital Trade Expo” is also on the agenda.
  3. Pragmatic Cooperation: This point emphasizes supporting both significant and smaller-scale livelihood projects. Financial institutions like the China Development Bank and the Export-Import Bank of China will allocate substantial funding for BRI projects, focusing on practical cooperation and ensuring project and personnel safety.
  4. Green Development: China aims to deepen cooperation in green infrastructure, energy, and transportation. Support for the BRI International Green Development Coalition and the holding of the BRI Green Innovation Conference underscores the commitment to green and sustainable development.
  5. S&T Innovation: China will continue implementing the BRI Science, Technology, and Innovation Cooperation Action Plan, with a focus on establishing joint laboratories and facilitating collaboration among young scientists from various countries.
  6. People-to-People Exchanges: Plans include hosting forums, fostering civilization dialogs with BRI countries, and implementing the “Silk Road” Chinese Government Scholarship program, promoting exchanges and mutual learning among civilizations.
  7. Clean Silk Road: China will publish reports on the integrity construction of the BRI and develop a corporate integrity and compliance evaluation system in collaboration with international organizations.
  8. International Cooperation Mechanism: This point highlights the strengthening of multilateral cooperation platforms in various fields, including energy, taxation, finance, green development, disaster reduction, anti-corruption, media, and culture.

China’s commitment to these eight points aims to ensure the sustainable and high-quality development of the Belt and Road Initiative, fostering international cooperation, infrastructure connectivity, and mutual development among participating countries.

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