Xi Jinping sets Belt and Road Initiative on a firmer path for global good

The “Belt and Road Initiative” is well-designed and expanding, making the second forum on the ambitious infrastructure and development project about fine-tuning and enhancing. President Xi Jinping, in his keynote address on Friday to dozens of world leaders, focused on cooperation and how the benefits are for all involved.

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.

Compared to the first forum in 2017, Xi did not unveil new initiatives. He does not have to; the project is already advanced, 126 countries and 29 international organisations having signed cooperation agreements since he announced it in 2013.

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.

Controversies have erupted over projects in Sri Lanka and the Maldives, but a renegotiated deal with Malaysia on a rail line shows Beijing is only too willing to address concerns. Xi did not acknowledge the accusations, but stressed the importance of China having an open and transparent approach.

That will involve a rules-based system, ensuring the belt and road scheme is not an exclusive club and making clear providing funding and investment and building infrastructure is open to all.

With that in mind, Xi said China would adopt policies including opening more sectors to foreign business and investment, enhancing intellectual property rights protection, increasing imports, and delivering on promises.

This is in line with China’s pledge to open wider to the world, but also allows others to be a stakeholder in its growth. Coincidentally, it was stated shortly after US President Donald Trump announced he would meet Xi “soon” at the White House.

Trump refuses to join the belt and road scheme and has been pressuring allies to follow suit, although Italy recently became the first major Western economy to sign on. But others should follow the Italian lead.

There is no better approach to growth and development or way to counter rising protectionism through promoting multilateralism, globalisation and openness.