President Xi Jinping on Saturday hailed deals worth more than $64 billion signed during China’s Belt and Road Initiative (BRI) this week as he sought to reassure sceptics the project will deliver sustainable growth for all involved.
Xi said market principles will apply in all Belt and Road cooperation projects and that his signature initiative to recreate the old Silk Road joining China with Asia and Europe will deliver green and high-quality development.
“More and more friends and partners will join in Belt and Road cooperation,” Xi said in his closing remarks. “The cooperation will enjoy higher quality and brighter prospects.”
Data from Refinitiv shows the total value of projects in the scheme stands at $3.67 trillion, spanning countries in Asia, Europe, Africa, Oceania and South America.
Some partner nations have complained about the high cost of projects of BRI, which was launched in 2013, while some western governments view it as a means to spread Chinese influence abroad, saddling poor countries with unsustainable debt.