President Xi Looks to Calm BRI Fears

President Xi Looks to Calm BRI Fears

Chinese leader makes pledge for transparency

Chinese President Xi Jinping has committed to transparency and fiscal stability of all Belt and Road Initiative (BRI) projects at the second day of the 2nd Belt and Road Forum for International Cooperation in Beijing, while refuting criticisms that the project is a bid for geopolitical influence.

The BRI is the largest infrastructure investment programme in history and is reported to cost approximately US$1 trillion.

Critics of the scheme view it as a vehicle for China to expand its influence overseas.

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The BRI involves the building and expansion of ports and container terminals around the world, as well as adding rail infrastructure across Asia and Europe.

In his speech, President Xi said: "We will overhaul and abolish unjustified regulations, subsidies and practices that impede fair competition and distort the market.

"We hope that other countries will also create an enabling environment of investment, treat Chinese enterprises, students and scholars as equals, and provide a fair and friendly environment for them to engage in normal international exchanges and cooperation."

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