China's relations with Africa, Asia, Latin America, and the Middle East have improved as a result of the effort, which has also developed power plants, roads, railroads, and ports all over the world. However, the large loans that were used to finance the projects have left poorer nations with enormous debts, which in certain cases have led to China seizing control of those assets.
Chinese President Xi Jinping pledges increased market accessibility and fresh funding for Belt and Road initiatives. As he began a meeting on his well-known Belt and Road infrastructure initiative on Wednesday, Chinese President Xi Jinping offered wider access to China's market for foreign businesses and fresh financing exceeding USD 100 billion for other emerging economies.
A further 80 billion yuan (USD 11 billion) will be injected into the Silk Road Fund to support BRI projects, according to Xi, who made the promise at the forum's opening ceremony in the opulent Great Hall of the People. The two Chinese-backed development banks, the China Development Bank and the Export-Import Bank of China will each set 350 billion yuan (USD 47.9 billion) financing windows.
According to Xi, we will completely remove barriers preventing foreign investment in the manufacturing sector. He also stated that China would further open up cross-border trade and investment in services and increase market access for digital goods, as well as implement reforms in state-owned enterprises and in fields like the digital economy, intellectual property rights, and public procurement.
The forum is being attended by delegations from more than 130, primarily developing nations, including at least 20 heads of state and government. In a demonstration of China's economic and diplomatic backing for Moscow amid the isolation imposed by its war in Ukraine, Russian President Vladimir Putin is present.
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