Sunday 20 October 2019

China seeks to appease critics over its Belt and Road project

(stock picture)
(stock picture)

John Ruwitch

World leaders meeting in Beijing this week for a summit on China's Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communiqué seen by Reuters.

The Belt and Road is a key policy of President Xi Jinping to connect China with Europe and the new communiqué reiterates promises reached at the last summit in 2017 but adds a new line on debt, seen as a bid to placate critics in the west.

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"We support collaboration among national and international financial institutions to provide diversified and sustainable financial supports for projects," the communiqué reads.

"We encourage local currency financing, mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability," it added, referring to the UN General Assembly.



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