BRI's stakeholders should develop own initiative, don't just bank on China


BEIJING: The architect behind the Belt and Road initiative (BRI) will continue play its role actively; however, benefiting stakeholders should also make the effort to develop the initiative in their own countries.

Communist Party of China (CPC), International Department, Foreign Affairs Coordination Bureau deputy director-general Shi Guohui said the initiative was proposed by China president Xi Jin Ping in 2013, but the overall project was for the whole world.

The initiative, to facilitate economic globalisation and a shared growth through consultation and collaboration, covers countries across the Eurasia continent, mainly the European economic circle as well as developing countries with great potential for development.

"The initiative will focus particularly on infrastructure in most developing countries as Chinese believe building 'roads' is the way to become rich.

"China as a second world economy plays an important role and has made huge investments.

"But BRI is not philanthropy and each country has to contribute (to develop themselves)," he said during a media visit at CPC International department here.

China has launched several forms of financial cooperation with countries and international organisations contributing to the initiative.

Among the financial projects include the republic's multilateral development organisation Asian Infrastructure Investment Bank (AIIB) and Silk Road Fund.

To date, AIIB has provided US$1.7 billion of loans to nine projects while Silk Road Fund has invested US$4 billion in countries involved in the initiative.

Malaysia alone has chalked up RM31.26 billion worth of trade-based agreements in various major projects under the initiative.

The nation has been regarded as an important trade partner for China and both countries have maintained a good relationship for years.

Earlier, Shi said the governing party will be organising its 19th national congress on October 18 which would see participation of 2,300 delegates.

The media visit is part of two-week programme organised by Tsinghua University and People's Daily, which saw 25 media personnel from 15 countries to foster greater understanding on BRI.

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