Belt & Road Forum achieves 270 deliverables –President Xi

By , on May 15, 2017

”We have put together a list detailing more than 270 major deliverables of the forum,” Chinese President Xi Jinping said in his late afternoon press briefing Monday. (Photo: Philippine News Agency)
”We have put together a list detailing more than 270 major deliverables of the forum,” Chinese President Xi Jinping said in his late afternoon press briefing Monday. (Photo: Philippine News Agency)

BEIJING–A total of 76 agreements comprising more than 270 major deliverable results in five key areas of cooperation have been achieved during the successful Belt and Road Forum for International Cooperation held on May 14-15 here.

”We have put together a list detailing more than 270 major deliverables of the forum,” Chinese President Xi Jinping said in his late afternoon press briefing Monday.

President Xi said the more than 270 concrete results have been reached under the team Belt and Road efforts, boosting the confidence of all parties in enhanced cooperation.

”The discussion we have had at the forum reaffirmed our belief that it serves our common interest to strengthen the Belt and Road cooperation and jointly address the challenges facing the world economy,” Xi said.

President Xi said the deliverable results have been reached by the national governments, local authorities, enterprises and private sectors before and during the Belt and Road Forum.

During the first Belt and Road Forum, Xi said China signed multiple new agreements with relevant parties in five key areas namely, policy, infrastructure, trade, financial and people-to-people connectivity.

”So far, 68 countries and international organizations have signed Belt and Road agreements with China,” the leader of the world’s second largest economy told the media.

Some of the major agreements signed are economic and trade cooperation between China and governments of 30 countries including the Philippines, and cooperation documents with the United Nations and other international organizations.

The Export-Import Bank of China has signed Strategic Cooperation Framework Agreement regarding lines of credit with the Philippines’ Metropolitan Bank and Trust Company.

On the other hand, China Development Bank will conduct financing and bond underwriting cooperation with various foreign banks, including Metrobank of the Philippines.

President Xi announced that China has made a number of new decisions aimed at promoting policy synergy, accelerating the building of economic corridors, strengthening of major projects and increasing financial support.

”These include contributing additional RMB 100 billion (USD 14.7 billion) to the Silk Road Fund and encouraging financial institutions to conduct overseas RMB Fund with an estimated amount of RMB 300 billion (USD44.1 billion),” he said.

The Ministry of Finance of China will establish Multilateral Development Finance Cooperation Center and signed memoranda of understanding with multilateral development banks including Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, New Development Bank and World Bank Group.

Xi said China Development Bank and Export-Import Bank of China will offer RMB 250 billion (USD 36.7 billion) and RMB 130 billion (USD 19.1 billion) of special credit lines, respectively, for cooperation projects under the Belt and Road framework.

The General Administration of Customs of China had signed a cooperation document with International Road Transport Union to promote construction of international logistic corridors.

The International Monetary Fund and People’s Bank of China will jointly set up “the IMF-China Capacity Building Center’ to provide training while Export-Import Bank of China and the United Nations Industrial Development Organizations agreed to enhance cooperation on sustainable industrial development.

In his opening ceremony speech, Xi said Chinese companies have set up 56 economic cooperation zones in over 20 countries, generating some USD1.1 billion of tax revenue and 180,000 jobs.

In area of people-to-people connectivity, Chinese government will provide not less than RMB60 billion (USD 8.8 billion) worth of assistance and RMB2 billion (USD294 million) emergency food aid to the developing countries along the Belt & Road routes.

In line with China’s scholarship grants to 10,000 foreign students every year, the China Development Bank will set up the Belt and Road Scholarship.

China Central Television has also set up the “Belt and Road News Alliance” with mainstream media of relevant countries including the Philippines.

To enhance cooperation among the non-government organizations (NGOs), China NGO Network for International Exchanges and over 150 civil organizations jointly set up the Silk Road NGO Cooperation Network.

President Xi announced the holding of the first China International Import Expo in 2018, an event that was “warmly welcomed by the participants.”

Upon the motion of some countries, the Belt and Road Forum for International Cooperation will now be held regularly with China as host again of the Forum in 2019.

”Some countries proposed that we institutionalize the Belt and Road Forum. It is hoped that the forum will continue to serve as a platform for fostering policy synergy,” President Xi said.

A total of 30 heads of states and government leaders, including Philippines’ President Rodrigo Duterte and Russian President Vladimir Putin participated in the Belt and Road Forum held at the China National Convention Center and Yanqi International Convention Center.

Aside from 30 government leaders, UN Secretary-General Antono Guterres, World Bank president Jim Yong Kim and International Monetary Fund managing director Christine Lagarde attended the roundtable discussion.

Around 1,500 leaders and representatives of the government and international organizations from 130 countries have discussed and shared stories of success for the first three years of the Belt and Road Initiative.

President Xi proposed the Belt and Road Initiative in 2013 to promote strategy of interconnectedness among countries along Belt and Road covering Asia, Europea and Africa.