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President Xi Stresses the Belt and Road Initiative as a New Form of Global Governance

President Xi Stresses the Belt and Road Initiative as a New Form of Global Governance

Aug. 27, 2018 -Speaking at a symposium on the Belt and Road Initiative as we approach next month, the fifth anniversary of its inception, President Xi Jinping underlined its importance as the basis of a new type of global governance.

“In the past five years, the ‘One Belt and One Road’ has greatly improved the level of China’s trade and investment liberalization and facilitation, and promoted China’s open space from the coast, along the river to the inland, along the border, forming a new open pattern of land and sea linkage, east and west mutual aid,” Xi said. “The trade volume of goods with the countries related to the Belt and Road has accumulated more than $5 trillion, and the direct foreign investment has exceeded $60 billion, creating more than 200,000 jobs for the local economies. China’s foreign investment has become an important factor driving the growth of global foreign direct investment.”

Xi pointed out that the world today is undergoing a period of great development, great change, and adjustment.

“We must have a strategic vision and establish a global outlook. We must have both a sense of risk and a sense of history, and we must have a sense of historical opportunity to work hard in this century-old change. … Building a community of human destiny with the ‘One Belt and One Road’ as a platform for practice, is proposed from the perspective of China’s reform and opening up, and long-term development. It is also in line with the Chinese philosophy that the Chinese nation has always upheld, in line with the Chinese people’s concept of harmony under heaven and occupies the commanding heights of international morality. Building the Belt and Road is not only a means of economic cooperation, but also an important way to improve the global development model and global governance and promote the healthy development of economic globalization,” Xi said.

Xi explained how the BRI has won support throughout the world for the benefits it has brought, and that the key now was to proceed to expanding and deepening its influence. Xi said that
in the past few years, the “One Belt, One Road” project has produced the general layout of the project, and that a “‘large freehand brushwork’ has been sketched out.” Moving forward, he said, it is a matter of “filling in the ‘more delicate lines’ and achieving an exquisite ‘Chinese brushwork painting.'”

“We must work hard to open up the market, build more trade promotion platforms, guide powerful enterprises to carry out investment cooperation with the countries along the Belt and Road, develop new trades and new modes of cross-border e-commerce, and pay attention to trade balance. We must work hard on financial security, speed up the formation of financial support and build a `One Belt, One Road’ policy system, promote the internationalization of the RMB in an orderly manner, guide social funds to jointly invest in national infrastructure and resource development projects along the route, and provide foreign exchange funds for enterprises going global.

“It is necessary to promote the vigorous exchanges in the fields of education, science and technology, culture, sports, tourism, health, archaeology, etc., and carry out effective ‘people’s livelihood assistance’ around the ‘One Belt, One Road.’ It is necessary to standardize corporate investment and business operations, conduct legal and compliant operations, pay attention to protecting the environment, fulfilling social responsibilities, and become a model ambassador for the joint construction of the `Belt and Road’. It is necessary to attach great importance to the prevention of overseas risks, improve the security risk prevention system, and comprehensively improve overseas security and risk response capabilities.”