Editorial | Xi Jinping sets Belt and Road Initiative on a firmer path for global good
- In his keynote address to world leaders, China’s president addressed major concerns about the ambitious project and pledged greater transparency
Moves to allay concerns through measures including ensuring the Chinese currency remains stable, the adopting of internationally recognised standards of debt sustainability, pledging to uphold intellectual property protection and greater transparency, were understandably welcomed.
They are proof that the idea, although Beijing’s, is about growth, inclusiveness, sharing and multilateralism.
Hundreds of billions of dollars have been committed by Beijing to scores of projects that have boosted transportation links, increased trade and created almost 300,000 jobs.
But a scheme so ambitious and on such a scale requires review and revision. The United States, locked in a trade war with China, has been especially critical, claiming the initiative is about pushing geopolitical aims and making nations subservient through ensnaring them in debt.