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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

China’s Xi warns against decoupling and lauds Belt and Road at forum

Xi_Jinping Photo Credit: Alamy Xi_Jinping Photo Credit: Alamy
Xi_Jinping Photo Credit: Alamy Xi_Jinping Photo Credit: Alamy

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As he welcomed attendees to the Belt and Road Initiative (BRI) meeting in Beijing on Wednesday, Chinese President Xi Jinping criticized Western attempts to lessen reliance on the Chinese economy and cautioned against decoupling from China.

In addition, Xi praised his ambitious 10-year-old plan to develop international energy and infrastructure networks that would link Asia with Africa and Europe via land and water, claiming that “blueprints turned into real projects.”

Many heads of state, most notably Xi’s “dear friend” Russian President Vladimir Putin, attended the meeting with representatives from more than 130 nations, many of whom were from the Global South.

More than 1,000 delegates were in attendance, and Xi addressed them in an opulent conference room in the Great Hall of the People West of Tiananmen Square. “We stand against unilateral sanctions, economic coercion, decoupling, and supply chain disruption,” he said.

As Xi gave his opening comments, Putin and other world leaders sat alongside top Politburo members from China in the front row.

According to Xi, “our lives will not be better and our development will not be faster if we view the development of others as a threat and economic interdependence as a risk.” Xi argued against Western attempts to lessen reliance on the Chinese economy.

As Beijing’s threats against Taiwan increase the geopolitical dangers in Asia, Western economies have made reducing their reliance on supply chains with China a primary goal. The need to lessen their reliance on China has become even more urgent due to the epidemic years of trade disruptions.

Senior EU officials were absent, even though the BRI was initially intended to link China and Western Europe. Viktor Orban, the populist president of Hungary, was the only head of state from the group in attendance. Haji Nooruddin Azizi, the minister of trade for the Afghan Taliban government, was among the noteworthy attendees.

“China is currently more interested in the development of Afghanistan. Thus, our relationship with China is stronger. Azizi told reporters at the event that we are here because the Chinese are more interested in economic issues.

NORTHWEST SKEPTICISM

According to commentators, Western skepticism of Xi’s ambitious ambitions is due to concerns about how they will increase China’s worldwide power. China has occasionally taken offense at criticism of the BRI, claiming that it is motivated by anti-Chinese bias and a desire to slow down the country’s progress while ignoring what it claims are sincere good intentions.

Following Xi’s speech, Putin praised the BRI and solicited international investment for the Northern Sea route, which he claimed could expand trade between the East and the West. As Putin ascended the platform, some European diplomats left the room.

By shifting away from expensive initiatives like dams and toward high-tech initiatives like digital banking and e-commerce platforms, Xi is making the Belt and Road more compact and environmentally friendly.

According to experts, the goal is to support a larger movement for a multipolar world order that gives the Global South greater agency rather than one that Washington and its allies dominate.

As Xi tries to utilize the BRI to promote Chinese ideals about governance and create agreement around Chinese standards and its economic model, observers say it has also grown increasingly focused on topics like climate change and artificial intelligence.

By promising to “deepen cooperation in green infrastructure, energy, and transportation” and “put forward global initiative for artificial intelligence governance,” Xi reaffirmed these tendencies on Wednesday.

The BRI was “creating impact for some of the participating countries,” according to a European business representative who asked to remain unnamed out of respect, and “I think there is some truth to some of the speeches about improving livelihood and connectivity.”


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