China's President Xi Jinping promised on Friday to promote high financial standards for his country's Belt and Road initiative to expand global trade, adding that the massive infrastructure development plan should result in "high-quality" growth for everyone.
Beijing wants "open, green and clean co-operation" with "zero tolerance for corruption", Mr Xi said at the opening of a three-day Belt and Road forum that is being attended by leaders of 37 countries. The UAE delegation is led by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
-
United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid shakes hands with Chinese President Xi Jinping. Getty Images -
United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid speaks with Chinese Premier Li Keqiang, unseen, during their meeting at the Diaoyutai State Guesthouse, Beijing. AP -
BEIJING, CHINA - APRIL 25: United Arab Emirates Vice President and Prime Minister Sheik Mohammed bin Rashid al Maktoum talks to Chinese President Xi Jinping (not pictured) during a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by Andrea Verdelli/Pool/Getty Images) -
BEIJING, CHINA - APRIL 25: United Arab Emirates Vice President and Prime Minister Sheik Mohammed bin Rashid al Maktoum (center) walks towards Chinese President Xi Jinping (not pictured) before a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by Andrea Verdelli/Pool/Getty Images) -
United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid attends a meeting with China's Premier Li Keqiang at the Diaoyutai State Guesthouse, Beijing. AFP -
Russia's President Vladimir Putin arrives at Beijing airport ahead of the Belt and Road Forum in Beijing. AP -
Two security guards secure an area as China's Foreign Minister Wang Yi (not seen) meets for talks with his French counterpart Jean-Yves Le Drian (not seen) at Diaoyutai State Guesthouse in Beijing, China. Reuters -
Honour guards prepare for the welcome ceremony of Mongolian President Khaltmaagiin Battulga, (not pictured) at the Great Hall of People in Beijing, China. Getty Images -
Mongolian President Khaltmaagiin Battulga and Chinese President Xi Jinping attend the welcome ceremony at the Great Hall of People in Beijing, China. Getty Images -
The second Belt and Road Forum (BRF) at the Diaoyutai State Guesthouse in Beijing. AFP -
Malaysia Prime Minister Mahathir Mohamad shakes hands with President of the People's Republic of China Xi Jinping at the Diaoyutai State Guesthouse in Beijing. AFP -
China's Foreign Minister Wang Yi meets for talks with his French counterpart Jean-Yves Le Drian at Diaoyutai State Guesthouse in Beijing, China. Reuters -
China's Foreign Minister Wang Yi shakes hands with his French counterpart Jean-Yves Le Drian at Diaoyutai State Guesthouse in Beijing, China. Reuters -
Mongolian President Khaltmaagiin Battulga and Chinese President Xi Jinping attend the welcome ceremony at the Great Hall of People in Beijing, China. Getty Images -
Philippine President Rodrigo Duterte speaks during a meeting with Chinese Premier Li Keqiang, not pictured, at the Diaoyutai State Guesthouse on April 25, 2019 in Beijing, China. Getty Images -
Cambodia's Prime Minister Hun Sen arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images -
Laos President Bounnhang Vorachith arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images -
Tajikistan's President Emomali Rahmon arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images -
epa07527786 Chinese President Xi Jinping (R) shakes hands with Egypt President Abdel Fattah El-Sisi (L) before a bilateral meeting during the Second Belt and Road Forum at the Great Hall of the People n Beijing, China, 25 April 2019. Leaders from 37 countries have been converging in Beijing for the Belt and Road Forum on 25 April. EPA/ANDREA VERDELLI / POOL -
Chinese President Xi Jinping shakes hands with Hungarian Prime Minister Viktor Orban before the bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People, in Beijing, China April 25, 2019. Andrea Verdelli/Pool via REUTERS *** Local Caption *** BEIJING, CHINA - APRIL 25: Egypt President Abdel Fattah El-Sisi talks to Chinese President Xi Jinping (not pictured) during a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by -
Chinese Premier Xi Jinping, right, shakes hands with Belarus President Alexander Lukashenko before the bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on Thursday, April 25, 2019 in Beijing, China. (Andrea Verdelli/Pool Photo via AP)
Developing countries welcome the Belt and Road initiative to expand trade by building roads, ports and other facilities across an arc of countries from Asia through Africa and the Middle East to Europe. Most of the projects are built by Chinese state-owned companies and are paid for with loans from government banks at commercial interest rates, fuelling accusations that most of the benefits flowed to China and that costs were too high, pushing some countries into a debt trap.
Mr Xi did not directly address such complaints but, in a nod to the concerns over loans, said: "We also need to ensure the commercial and fiscal sustainability of all projects so that they will achieve the intended goals as planned."
Unlike the first Belt and Road forum in 2017, where Mr Xi said Chinese banks would lend 380 billion yuan (Dh207bn) to support the plan, he did not give a figure for new financing support.
Mr Xi's initiative, launched in 2013, is fuelling political tension with the United States, Russia, Japan and India. They worry Beijing is trying to expand its strategic influence at their expense by building a trade and political network centred on China.
Despite that, the number of governments that have signed agreements to support Belt and Road has risen to 115 from 64 in 2013, China says. In March, Italy became the first member of the Group of Seven major economies to sign up.
Mr Xi's government is trying to revive the initiative's momentum after the number of new projects plunged last year. That came after Chinese officials said state-owned banks would step up scrutiny of borrowers.
China's president tried to allay complaints about lack of economic benefits and Beijing's growing power, saying the Belt and Road is "not an exclusive club" and promotes "common development and prosperity".
Mr Xi also appeared to be trying to dispel worries about possible corruption, environmental damage and other problems by promising Belt and Road will embrace international standards for project development, purchasing and operations.
He noted China issued guidelines on Thursday for assessing debt risks to borrowers. The Ministry of Finance said the "debt sustainability guidelines" were based on the standards of the International Monetary Fund and other international institutions.
Among other leaders attending the summit at a Beijing conference centre were President Vladimir Putin of Russia, Prime Minister Imran Khan of Pakistan, and Italian Prime Minister Giuseppe Conte of Italy, Prime Minister Abiy Ahmed of Ethiopia and Aung San Suu Kyi of Myanmar.
Sheikh Mohammed met Mr Xi on Thursday and reaffirmed the UAE’s commitment to helping build the “next phase for the global economy”.
The UAE has been an active player in the Belt and Road project, using its infrastructure to create a centre for trade to the region and as a gateway to Africa and the wider Middle East.
Sheikh Mohammed also met Chinese Premier Li Keqiang to discuss investment opportunities from the initiative and development projects in culture, tourism, education and the economy.
Minister of State for Foreign Affairs Dr Anwar Gargash said the UAE's participation in the Belt and Road forum showed its "firm conviction that our economic and development success is based on communication, co-operation and the exchange of experiences".
"We carry a model of successful Arab experience and seek to develop and modernise it," Dr Gargash said in a tweet on Friday.
China wants to expand the scope of its initiative by encouraging co-operation on health, water resources, agriculture and technology, Mr Xi said on Friday. He promised scholarships for students from Belt and Road countries.
Chinese lenders have provided $440 billion (Dh1.6 trillion) in financing, the country's central bank governor, Yi Gang, said on Thursday. He gave no details of how much has been repaid or how much might be at risk of possible default.
In addition, some 500 billion yuan (Dh275 billion) has been raised in Chinese bond markets, according to Mr Yi.
The Chinese debt guidelines are intended to "prevent and solve debt problems," Finance Minister Liu Kun said Thursday. Countries would be classified as low, medium or high risk borrowers based on economic output per person, economic growth and other factors.
Other governments including the United States and Japan also finance construction in a region the Asia Development Bank says needs $26 trillion of investment through 2030 to keep economic growth strong.
