China declared on Wednesday its intention to host a summit of international leaders next week, marking ten years of the Belt and Road infrastructure initiative, with an anticipated appearance by Russian President, Vladimir Putin.
President Xi Jinping’s vision for expanding China’s international influence is exemplified by the Belt and Road project, with Beijing recently announcing the signing of contracts totalling over two trillion dollars globally this week.
Critics have persistently claimed that China tempts economically disadvantaged countries into debt entanglements by extending massive, unsustainable loans via the initiative.
The event is anticipated to feature representatives from over 130 countries, where Xi will address the gathering and host a reception for foreign dignitaries.
This forum represents the third in a series since China introduced its far-reaching investment initiative, with earlier editions taking place in 2017 and 2019.
President Putin is set to attend the event, representing his first visit to China since his role in the Ukraine conflict led to international isolation.
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Sergei Lavrov, Russia’s leading diplomat, will be in attendance and is scheduled to hold talks with his Chinese counterpart, Wang Yi, according to an announcement from Moscow.
Describing each other as strategic allies, China and Russia consistently highlight their extensive partnership, featuring economic and military cooperation without limitations.
The connection between them deepened even more after the invasion of Ukraine, with the Kremlin looking to solidify its relationship with Beijing as it faced growing isolation from Western countries.
China’s refusal to condemn the war has resulted in its positioning as a neutral party, while it continues to offer Moscow substantial diplomatic and financial assistance.
Furthermore, the balance of loans for projects related to the Belt and Road Initiative (BRI) from the Export-Import Bank of China (Eximbank), a significant BRI financier, has now reached 2.2 trillion yuan ($307.4 billion).
Eximbank has been a key financier for major transportation and energy ventures under the Belt and Road Initiative (BRI) and has been involved in foreign loan arrangements in diverse regions, including Africa and Central Asia.
However, some of Beijing’s collaborators have started to express growing concerns about the associated costs.
As the only nation from the group of leading developed democracies to have embraced the investment scheme, Italy conveyed last month its consideration of opting out of the arrangement.
‘We welcome countries and partners actively participating in the Belt and Road Initiative (BRI) to come to Beijing to discuss cooperation plans and seek common development,’ foreign ministry spokesperson Mao Ning said last month.
Beijing hailed the BRI on Tuesday as having ‘delivered real gains to participating countries’.
A report by experts at Boston University’s Global Development Policy noted the BRI’s role in providing ‘additional resources for the Global South’ and fostering ‘significant economic growth’.
But it also said that ‘many of the recipients of Chinese finance are subject to significant debt distress, with several countries owing China a significant share of their external debt’.
It also pointed to the ‘increased carbon dioxide emissions and air pollution’ caused by the project’s support for fossil fuel emitting infrastructure.