First summit may be over, but Beijing’s plan to chart a new Silk Road is just getting under way
China on Monday wrapped up its first “Belt and Road Initiative” forum with the attendance of 29 state leaders and more than 1,000 foreign government representatives. Here are five things to watch for next with the belt and road plan. 1. In his address wrapping up the two-day forum, Chinese President Xi Jinping said on Monday that China would host a second Belt and Road Forum for International Cooperation in 2019. China will also sent up a consultation committee and liaison office in preparation for the next summit. The two-day event looks set to become a regular occasion for showcasing China’s diplomatic might and its progress in its ambitious globalisation plan. 2. As part of Beijing’s efforts to boost global trade, China will hold an international import trade expo next year, to facilitate the entry of foreign products into the Chinese market. Beijing also promised to import US$2 trillion worth of products from belt and road countries in the next five years. 3. Xi has promised a major funding boost for his new Silk Road, with an additional 100 billion yuan (US$14.5 billion) going into the Silk Road Fund. The China Development Bank and the Export-Import Bank of China will set up special lending schemes worth 250 billion yuan and 130 billion yuan respectively, to support belt and road projects. In addition, China will provide 60 billion yuan in the next three years for poverty alleviation in developing countries along the new Silk Road. 4. A total of 68 nations and international organisations had signed cooperation agreements with China for the belt and road, Xi said in his closing address. He added that more than 270 cooperation projects or agreements had been signed during the summit. Xi did not reveal details about these agreements during his speech. 5. After the two-day summit, China still needs to address lingering scepticism in different countries. The US and Japan have expressed doubts about the belt and road scheme, but they sent representatives to the summit. India boycotted the forum over a dispute about the China-Pakistan Economic Corridor passing through Kashmir. Another setback was the decision by several European countries, including France, Germany and Britain, not to sign a trade statement at the summit. They said the initiative was not clear on public procurement or social and environmental standards.
