Oct 24, 2023 thatsymlog There are no comments

In Chinese President Xi Jinping's speech at the opening ceremony of the Belt and Road Forum for International Cooperation, he outlined eight new strategic goals for the BRI - many of them closely linked to Beijing's goals to achieve "high-quality" growth in the coming years.

  • Logistics corridor through Europe and Asia.

Connectivity already exists; however, bottlenecks remain and the issue of Russia arises. It is possible that cooperation could result in connecting parts of the EU's "Global Gateway" program with BRI routes at the European end. The key here is cooperation, not competition.

  • Silk Road e-commerce zone.

Digitalization is necessary to speed up transit and cross-border issues; and improve customs efficiency on all routes. In addition, some Bilateral Investment Treaties, Double Taxation Treaties and Free Trade Agreements are outdated in terms of new technologies and these will be improved. It is also possible to sign additional new contracts.

  • Additional financial obligation.

Over the past decade, China has already contributed more than $1,1 trillion to the BRI initiative, an additional approximately 5% of this amount in the growing scope of BRI investments.

  • Ecological development.

The new BRICS Development Bank (NDB) is focused on green investments, which, combined with new energy technologies and China's need to meet various environmental goals, will now be a key element of how and where China will allocate its continued investments under the BRI.

  • Supporting artificial intelligence research.

Good news for scientific research, Chinese universities and cooperation with other BRI-affiliated countries. Russia will be a key element in this.

  • Strengthening cultural exchange and tourism.

The development of a cross-border tourism alliance has been planned for some time, especially with Central Asia and the Middle East. Despite Western rhetoric, Beijing encourages Muslim tourism and sees wealth creation among its own Muslim population - some 30 million - as key to stemming radicalization. This may result in China becoming an observer member of the Organization of Islamic Cooperation.

  • Improving transparency and cooperation.

 China does suffer from negative press, sometimes unfairly, but also as a result of questionable BRI investments by some Chinese industries. Cement plant exports are one example, although Beijing has tightened the issue as the problem has become clear. A renewed focus on green technologies and better monitoring of China's ODIs to ensure compliance standards are met are likely to be part of these tasks.

  • Establishment of the Belt and Shak institution.

There is no single BRI office from which to learn about projects. With 152 countries currently participating in the BRI Initiative, the establishment of this institution will be complex, but it would provide a welcome exchange of information and investment intelligence and would make it easier for foreign investors to better understand the BRI projects and BRI connectivity in which they may wish to engage.