President Xi speech at 3rd BRI forum: vision of prosperous world

The world is facing numerous and multifaceted economic, social and environmental challenges. Poverty is still on the rise. It is estimated 600-682 million live below the poverty line. The number will increase if we readjust the definition and include other categories of poverty. Food insecurity is also haunting humanity.

World Bank stated about 783 million are facing the challenge of hunger. Independent sources, however, claim 828 million people fall in this category. Climate change is further complicating the situation.

Slow economic growth is emerging as the biggest problem. The Russia-Ukraine crisis has impacted economic growth badly. It is anticipated the Middle East crisis will worsen the situation. On top of everything, investment gap is increasing alarmingly, giving rise to “my country first” slogan, and developed countries have started to decouple, which is really a bad news.

Simultaneously, environmental degradation and climate change haunt humans and the planet badly. It has introduced multiple challenges for the world. Climate change-related disasters are becoming the new normal, and developing and least developed countries are unable to combat the challenge. It is beyond their bearing capacity and they seem helpless in climate change. The flood of 2022 in Pakistan inflicted an economic cost of $30 billion. In a nutshell, climate change has become an existential threat to humanity and the planet.

The countries, especially developing and least-developed, are struggling to find solutions. They are looking for opportunities and sources to help them combat these challenges.

They are searching for investments that can help them give impetus to growth and follow the principles of green development.

Against this backdrop, the speech of President Xi Jinping at the 3rd forum of BRI has attracted the world’s attention. Developing and least-developed countries consider it a ray of hope. They are dubbing the speech as a vision to tackle the present and future challenges through BRI.

President Xi started by emphasising the importance of connectivity and cooperation. He rejected the idea of a decoupling or block-building mentality. He said decoupling is against the interests of the world, emphasising the world needs to work together to overcome contemporary challenges. He reiterated the world is a highly connected community, and we must strive to create a community with a shared future for a peaceful world.

President Xi Jinping presented an 8-point agenda for BRI to march towards a prosperous and peaceful world.

First, under BRI, China will speed up the process to build quality connectivity infrastructure. It will focus on building a high-quality China-Europe Railway Express and participate in the trans-Caspian international transportation corridor. It will also be hosting the China-Europe Railway Express Cooperation Forum. It will help further deepen the discussion and come up with better plans.

Simultaneously, China will invest in building a high-quality logistic corridor in Asia. For that purpose, China will work on integrating shipping and trade routes. Moreover, it will work to build a three-dimensional transportation system through the New International Land-Sea Trade Corridor and the Air Silk Road.

Second, President Xi reiterated Chinese commitment to an open world and open economy. He shared China would establish numerous Silk Road E-commerce pilot zones to modernise market access. China will also deepen reforms to open up the manufacturing sector.

Third, President Xi announced the China Development Bank and the Export-Import Bank of China will bring forward a $48.75 billion funding opportunity for small yet smart livelihood programmes. It is a new dimension of BRI, as before, most of the funding was allocated to big projects. It is hoped this programme will help create a better business environment for small communities at the gross-root level. It was mentioned China will work on 1,000 small-scale livelihood assistance projects. It will also increase funding for vocational training through the Luban programme. Moreover, China will inject 80 billion Yuan into the Silk Road Fund.

Fourth, he emphasised the importance of green development and Chinese commitment to this project. It will promote investment in green infrastructure, clean energy and climate-smart investments. China will contribute to building the capacity of partner countries and enhance interaction.

For that purpose, 100,000 personnel from the partner countries will be trained till 2030. Moreover, China will continue to host the BRI Green Innovation Conference to pool wisdom and ideas to steer the agenda in the right direction. China will strengthen the role of BRI International Green Development Collation.

It is pertinent to highlight here the BRI International Green Development Collation is already playing a leading role in mainstreaming the agenda of green development among the partner countries. BRI International Green Development Collation also organised a high-level event at the 3rd BRI Forum.

Fifth, President Xi shared with the audience China is committed to high-quality cooperation in the fields of science, technology and innovation. In pursuance of this objective, China will build around 100 joint laboratories with partner countries in the next five years. He assured his country is fully committed to the Belt and Road Science, Technology, and Innovation Cooperation Action Plan. China also launched the Global Initiative for Artificial Intelligence (AI) Governance for devising pro-people and people-centric use of AI. Experts believe cooperation in science, technology and innovation will help partner countries enter the Fourth Industrial Revolution with confidence and dignity.

Sixth, he emphasised crucial role of people-to-people connections in enhancing cooperation. He shared China has already set up Silk Road International League of Theaters, Silk Road International Arts Festival, International Alliance of Museums of the Silk Road, Silk Road International Alliance of Art Museums, and Silk Road International Library Alliance. He said China will set up International Tourism Alliance of Silk Road Cities. It will not only enhance people-to-people connectivity, but will also create multiple economic and livelihood opportunities. China will continue the Silk Road Programme of scholarships.

Seventh, President Xi shed light on the importance of integrity-based cooperation. He proposed China will work with partner countries to release Achievements and Prospects of Belt and Road Integrity Building and formulate the High-Level Principles on Belt and Road Integrity Building.

In addition, China will establish Integrity and Compliance Evaluation System for Companies Involved in Belt and Road Cooperation. Experts lauded these initiatives and were of the opinion the initiatives will help the society. These initiatives will also help create fair markets and tackle the issues of poverty and inequality.

Eight, China will strive to institutionalise the work of BRI. For that purpose, multilateral institutions will be established in the fields of energy, taxation, finance, green development, disaster reduction, anti-corruption, think tanks and media. President Xi also shared that a permanent BRI forum secretariat will also be set up.

We deduce four conclusions from the above discussion and the analysis of eight points: These points have all the ingredients required to combat present and future challenges; BRI will be led by the principle of win-win cooperation; China promotes extensive consultation, discussion and country-specific solutions; the future development of BRI will revolve around the vision of green and high-quality development.

China will make all efforts to mainstream green and high-quality development. To achieve the goal, the BRI International Green Development Collation will play a pivotal role.