China is set to host the third Belt and Road Forum in Beijing from Oct 17 to 18, the Chinese Foreign Ministry said on October 11.
China’s Vision for Profitable Development
China is touting its 10-year old Belt and Road Initiative as an indispensable model for profitable development, releasing a government report that praises the program while furbishing over criticism that it has burdened poor countries with too much debt.
The program championed by Chinese leader Xi Jinping has financed construction of ports, power plants, railroads and other projects from all over the world.
10th Anniversary Celebration – Anticipation of Diverse Participation
The conference marks the 10th anniversary of the Belt and Road Initiative( BRI) supported by President Xi Jinping, with representatives from numerous developing countries, specially from Latin America and Africa, anticipated to attend.
Russia’s President Vladimir Putin is also listed to meet Mr. Xi addresses Beijing and attends the forum.
BRI’s Global Impact
The BRI is a global structure development strategy China launched a decade ago to connect Asia with Africa and Europe through land and maritime routes.
image source – asia green
Critics Concern
Now, critics see the plan billed as recreating the ancient Silk Road to boost global trade structure as a tool for China to spread its geopolitical and profitable influence.
Extensive Cooperation
China’s Foreign Ministry said the country had inked Belt and Road cooperation documents with further than 150 countries and over 30 international associations.
Exploring Loan Terms and Economic Perspectives
Some Western critics have advised about the BRI’s capital allocation model with loan interest rates of over to 7% to 10%. Countries that can not pay off the loans are also put at threat of yielding control of structure similar as anchorages to China.
Now, the idea of a “ debt trap ” has been dismissed by some economists and political scientists. Ammar Malik, a elderly exploration scientist at AidData, a exploration lab at William & Mary, a University in Virginia, credited the Chinese for meeting structure gaps which BRI philanthropist countries freely linked.
Some loans from China are constantly extended, with interest rates comprising 5%. In discrepancy, the interest rate of an association similar as the International Monetary Fund is around 2%, AidData’s exploration set up.
Italy’s Perspective
Italy, the only Group of Seven nation in Belt and Road, has intimately criticised joining the action with its Foreign Minister lately saying trade between Italy and China hadn’t improved since Rome joined four years ago .
