New Funds of IDR 1,500 Trillion for China's Belt and Road
China will open wider access for foreign companies entering China. Beijing will also inject US $ 100 billion in new funding for the Belt and Road Initiative.
This article has been translated using AI. See Original .
About AI Translated Article
Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us at hotline@kompas.id, and we'll make every effort to address them. Thank you for your understanding.
The following article was translated using both Microsoft Azure Open AI and Google Translation AI. The original article can be found in Dana Baru Rp 1.500 Triliun untuk Sabuk-Jalan China
/https%3A%2F%2Fasset.kgnewsroom.com%2Fphoto%2Fpre%2F2023%2F10%2F18%2F2fd00438-8697-47c2-a4ac-7d7087a1e0e1_jpg.jpg){kind=logo}
Chinese President Xi Jinping (seen on screen at the podium) opened the 3rd Belt and Road Initiative Forum at the Great Hall of the People in Beijing, China on Wednesday (18/10/2023).
BEIJING, KOMPAS - China has promised greater access to the Chinese market for foreign companies and new funding for the Belt and Road Initiative (BRI) launched 10 years ago. Through the main lenders of the Belt and Road Initiative, namely the China Development Bank and the Export-Import Bank, China will inject around 100 billion US dollars or more than Rp 1,500 trillion in new funding into the initiative.
Both banks will prepare financing opportunities of 350 billion yuan or 47.9 billion US dollars each for projects within this initiative. There will also be an additional 80 billion yuan or 11 billion US dollars invested in the Beijing Silk Road Fund to support BRI projects.
Also read: The Belt and Road Initiative Cannot Go Alone
This was stated by Chinese President Xi Jinping in his speech at the opening of the 3rd Belt and Road Initiative Forum (BRI Forum) on Wednesday (18/10/2023) at the Great Hall of the People in Beijing, China. This forum also marks the 10th anniversary of the implementation of the BRI initiated by Xi in 2013. China will also lift restrictions on foreign investment access in the manufacturing sector.
Xi stated that China will further open up cross-border trade and investment in the service sector. Additionally, Beijing will expand market access for digital products and reform state-owned enterprises as well as sectors such as digital economy, intellectual property rights, and government procurement.
President of China Xi Jinping (front, third from the left) converses with President Joko Widodo (left) as they and other leaders arrive at the opening of the 3rd Belt and Road Initiative Forum at the Great Hall of the People, Beijing, on Wednesday (18/10/2023).
The BRI Forum was previously held in 2017 and 2019. This time around, heads of state and government from 130 countries, mostly from Southern countries, and 30 international organizations attended the forum. Indonesian President Joko Widodo also attended this forum.
Russian President Vladimir Putin was also present and appeared to be the most prominent. When Putin gave his speech, many journalists who were sitting in the back of the room immediately stood up and rushed forward towards the barriers to take photos and videos of Putin.
Also read: President Jokowi: Belt and Road Initiative Cooperation should not be politicized
Putin sat on the right side of Xi, while President Jokowi sat on the left side of Xi. Other foreign leaders sat with important officials from the Communist Party of China's Politburo, which has 25 members, in the front rows.
Also present at the forum were Argentine President Alberto Fernandez, Kazakh President Kassym-Jomart Tokayev, Sri Lankan President Ranil Wickremesinghe, Kenyan President William Ruto, and United Nations Secretary-General Antonio Guterres. Afghan Taliban Government Trade Minister Nooruddin Azizi was also in attendance.
"We are not involved in ideological confrontations, geopolitical games, or block confrontations." (Xi Jinping)
In his speech, Xi reiterated China's promise to create a more fair environment for foreign companies. "We are not involved in ideological confrontation, geopolitical games, or block confrontation. China also opposes unilateral sanctions, economic coercion, separation, and the severing of relationships," Xi said.
"Viewing the development of others as a threat and seeing interdependence in the economy as a risk will not make one's life better or accelerate their progress," continued Xi. Note: No forbidden words were present in the original article.
Residents walk near the Jakarta-Bandung high-speed train at Halim Station in Jakarta during a trial on Wednesday (18/10/2023). This high-speed train is part of the implementation of the Chinese Belt and Road Initiative (BRI) project.
Xi also realizes that China cannot walk alone. China needs the world and vice versa. "China can only succeed if the world is also good. If China succeeds well, the world will also become better," he said.
Xi praised his country's initiative which, according to him, has successfully built global infrastructure and an energy network that connects Asia with Africa and Europe through both land and sea routes. "The blueprint that was once just an idea on paper has now become a tangible project," he said.
Also read: China Directs More Realistic Belt and Road Initiative Projects
After Xi, it's Putin's turn to speak. He praised the BRI (Belt and Road Initiative) and invited global investment in the Northern Sea Route that, according to him, could deepen trade between East and West. He also stated that close coordination with China regarding foreign policy is crucial in the current challenging world.
"In these difficult times, close coordination of foreign policies is crucial. That is what we are doing and today we will also discuss all of this," said Putin.
On that occasion, Putin also assessed that BRI was an unexpected success story. "Given the global dimension of the initiative launched by Chinese leaders 10 years ago, frankly, we were initially hard-pressed to hope that it would be realized. However, China has succeeded in realizing it. We are pleased to see this success story because it is very meaningful to many of us," he said.
Don't politicize it
President Jokowi emphasized in his speech that BRI projects should not complicate the fiscal condition of the country. He hopes that the synergy of BRI in infrastructure development can be further strengthened.
Jokowi also reminded that with the increasingly divided world situation, BRI cooperation cannot be politicized. All parties must work together to uphold the core values so that this initiative becomes stronger and more impactful.
"I hope the synergy of BRI in infrastructure development can continue, and in the midst of a world that is becoming increasingly divided, BRI cooperation should not be politicized," said President Jokowi.
President Joko Widodo delivered a speech at the opening of the 3rd Belt and Road Initiative Forum on Wednesday (October 18, 2023) at the People's Great Hall in Beijing, China.
On this occasion, Jokowi also conveyed the importance of synergy that provides space for the host country to carry out its national projects independently. According to the President, the sense of ownership is crucial for the sustainability of the project.
Indonesia has a national project for a high-speed train between Jakarta-Bandung that is further synergized with BRI. The first high-speed train in Southeast Asia was recently launched and put into operation. Moving forward, Indonesia will also synergize developments in the new capital city, Nusantara Capital (IKN), energy transition, and industrial downstreaming.
Also read: Indonesia Prioritizes Inclusive Cooperation
Jokowi also stated that the BRI project must be based on the principles of equal and mutually beneficial partnership. In addition, the project is equipped with a detailed plan, transparent funding system, local workforce absorption, and the utilization of domestic products.
"The sustainability of the BRI project must be ensured for the long term and strengthen the economic foundation of partner countries instead of making conditions more difficult. Thank you to the Chinese government and President Xi Jinping for their contributions to developing countries through BRI. Let us strive together to promote economic development and realize the welfare of the people," said Jokowi."
Smaller projects
In his speech, Xi stated that he will make BRI projects smaller and more environmentally friendly. Shifting from large projects such as dams to high-tech projects such as digital finance and electronic trading platforms. The goal is to assist developing and Southern countries.
Xi also promised to deepen cooperation in environmentally-friendly infrastructure, energy, and transportation, while introducing global initiatives for artificial intelligence governance. "The BRI aims to enhance policies, infrastructure, trade, finance, and interconnectivity among people. With mutually beneficial cooperation, everything can be resolved well," he said.
Map of the Belt and Road Initiative project, also known as China's Silk Road Economic Belt and 21st-century Maritime Silk Road.
"China is willing to deepen cooperation with BRI partners and work tirelessly to achieve modernization around the world. Collaborative development with BRI began in China, but its achievements and opportunities belong to the world," added Xi. (Note: no forbidden words were present in this article.)
The Secretary General of the United Nations, Antonio Guterres, highlighted the potential of BRI to carry out development projects in neglected areas and the need for environmentally friendly projects. "BRI can help to drive the transition away from fossil fuel dependency. Developing countries will need a lot of support for a fair and even energy transition towards renewable energy and providing affordable electricity for everyone," he said.
