ibusinesslines.com
ibusinesslines.com May 24, 2017


China's initiative promises new route to open trade

20 May 2017, 03:25 | Erica Roy

Officials arrive at One Belt – One Road Summit venue in Beijing

China to hold second 'Silk Road' summit in two years time

"There's much that we can do in a collaborative sense between Australia, China and other third countries that are part of the Belt and Road corridor, and I believe that it represents a significant commercial opportunity for Australia given our very strong relationship with China and also surrounding countries".

Japan's government "is keeping a close watch on" Belt and Road to see whether the initiative turns into something that "can contribute to the region's sustainable development", Chief Cabinet Secretary Yoshihide Suga told a news conference Monday.

The following are some quotes from high-profile world officials on the significance of the initiative proposed by Chinese President Xi Jinping in 2013 with an aim to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road routes. "We will always welcome the participation from the Indian side", she added.

Jörg Wuttke, outgoing president of the EU Chamber of Commerce in China, said last week that many foreign firms still face major regulatory barriers and limits to market access in China. "CPEC passes through a piece of land that we call Pakistan-occupied Kashmir, which is a territory that belongs to India and is illegally occupied by Pakistan".

The Belt and Road initiative is China's most ambitious foreign policy project, a multibillion-dollar infrastructure venture that is aimed to make China a leader in the new ear of trade and development.

Yu Jianhua, vice minister of commerce, met with the heads of worldwide organizations, including the United Nations Development Program (UNDP), United Nations Children's Fund (UNICEF) and United Nations Population Fund (UNFPA), on Monday and signed agreements with them on behalf of the Chinese government.


"The Belt and Road programme should entrench this role further but until now it has been mostly a catchy phrase to go along with talk about China's global economic strategy".

India has persistently raised its concerns over the China-Pakistan Economic Corridor. "China did not fully consider local people's feelings about the projects". "That's why they tried really hard to get us on board".

Serbia expects to deepen cooperation with China in a host of areas, including the economy and trade, mining, infrastructure, finance, aviation and tourism.

"The Belt and Road development does not shut out, nor is it directed against, any party".

However, critics argue the project is structured to benefit China more than anyone else, and risks burdening developing countries with debt and expensive white elephant projects. "Britain has for centuries been one of the strongest advocates on an open global trading system", he said.



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