Enterprises should be the key participants in the world's greatest infrastructure development project, spearheaded by China, according to President Xi Jinping. In a speech on Saturday in Beijing at the Belt and Road Forum for International Cooperation, he said 283 agreements were signed and that they are worth $64 billion.
The endeavor is aimed at building and expanding roads, constructing pipelines and bridges and establishing ports around the globe, inspired by the ancient Silk Road and the most populous nation's past trade network and routes. Critics say the expansion of China's influence led many countries into unsustainable debt.
Xi said the Belt and Road would keep countering protectionism, an apparent reference to policies of the United States under President Donald Trump. China wants high quality and inclusion in the process together with greener and affordable investment, he added. The head of state told participants at the event that his country is determined to "adhere to market principles" in implementation. Turning to the indebtedness issue, he said the countries involved would "work on the diversification of channels for financing" and cited the contribution by "foreign financial institutions."
