China's Belt and Road initiative must be green and sustainable, President X...
BEIJING - China’s Belt and Road initiative must be green and sustainable, President Xi Jinping said at the opening of a summit on his grand plan on Friday, adding that the massive infrastructure and trade plan should result in “high quality” growth for everyone.
China has repeatedly said it is not seeking to trap anyone with debt and only has good intentions, and has been looking to use this week’s summit in Beijing to recalibrate the policy and address those concerns. Western governments have tended to view it as a means to spread Chinese influence abroad, saddling poor countries with unsustainable debt.
Since 2017, the finance ministries of 28 countries have called on governments, financial institutions and companies from Belt and Road countries to work together to build a long-term, stable and sustainable financing system to manage risks, China’s finance ministry said in a report released on Thursday.
“In accordance with the need for further opening up, improve laws and regulations, regulate government behavior at all levels in administrative licensing, market supervision and other areas, and clean up and abolish unreasonable regulations, subsidies and practices that impede fair competition and distort the market,” he said.
The United States, which has not joined the Belt and Road, is expected to send only lower-level officials, and nobody from Washington, citing concerns over opaque financing practices, poor governance, and disregard for internationally accepted norms.
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