New Delhi: Amid criticism that China’s mega projects turned out to be debt traps for smaller nations, President Xi Jinping on Tuesday saluted the countries that signed up for its flagship project Belt and Road Initiative (BRI).
Addressing his welcome banquet for guests attending the third Belt and Road Forum for International Cooperation, he said that the loans provided by Beijing for the infrastructure projects are neither a “windfall” nor “alms-giving and charity,” but are achievements earned by governments, enterprises, and the people of participating countries with their diligence, wisdom, and courage.
“The achievements of Belt and Road cooperation are neither a windfall nor made with others’ alms-giving and charity, but are earned by governments, enterprises and the people of participating countries with their diligence, wisdom and courage,” Xi said, PTI reported citing the state-run Xinhua news agency.
The BRI, aimed at building huge infrastructure projects in several countries, has completed 10 years following its launch in 2013.
Stating that the historical trend of peace, development, and win-win cooperation is unstoppable, Xi said “let’s salute all the participants and builders involved in the Belt and Road cooperation.”
According to official accounts, the project has generated USD 240 billion in Chinese investments abroad.
However, the BRI loans also evoked criticism that they turned out to be debt traps for various countries in Asia and Africa that received the mega loans to build unsustainable mega projects.
China has so far held two international forums for its mega global infrastructure initiative in 2017 and 2019.
Like in the previous two BRI Forums, India boycotted the meeting highlighting its criticism that BRI, especially its “flagship” the USD 60 billion China-Pakistan Economic Corridor, (CPEC) is being laid through Pakistan-Occupied Kashmir, (POK) in violation of its sovereignty.
In his welcome banquet, Xi also said that over the past 10 years since the BRI was launched, China and BRI partners have worked together to uphold the Silk Road spirit, contribute to global connectivity, build platforms for international economic cooperation, and add momentum to world economic growth.
The BRI cooperation will create a brighter future for humanity with the concerted efforts of all participating countries, he added.