Chinese President Xi Jinping on Wednesday said future Belt and Road Initiative projects will be “small and beautiful” as well as market-oriented, signaling a shift in the decade-old initiative often criticized for contributing to debt distress in developing countries.
In a keynote address to foreign leaders and businesspeople in Beijing, Xi proposed to enhance connectivity by integrating ports as well as maritime and land routes between Asia and Europe.
China’s external trade is expected to exceed $32 trillion between 2024 and 2028 as the country aims to set up an e-commerce cooperation pilot zone and add more free trade deals with BRI participating countries. China clocked $6.3 trillion in total trade last year.
“The Belt and Road cooperation has moved from sketch to the meticulous painting stage, transforming plans into reality with a large number of landmark projects, as well as small and beautiful projects that benefit the people” living nearby, Xi said, as China celebrates 10 years of the program named after ancient trade routes.
Ahead of Wednesday’s forum, Xi hosted a BRI banquet dinner on Tuesday where he vowed: “We must embark with drive and enthusiasm on the new journey toward another golden decade.”
