Beijing lures big guns to boost BRI

A conference in Beijing next month will include world leaders such as Russia’s President Vladimir Putin.

Chinese President Xi Jinping, left, and Premier Li Keqian in Beijing on Friday. Picture: Getty Images

China’s President Xi Jinping is looking to boost support for his Belt and Road Initiative with a major conference in Beijing next month that will include world leaders such as Russia’s President­ Vladimir Putin and Malaysia’s President Mahathir Mohamad.

China’s Foreign Minister, Wang Yi, said this year’s Belt and Road conference would see an increased representation from world political leaders compared with the first conference in 2017, as well as a meeting of business leaders.

At a press conference in Beijing on Friday, Mr Wang said the forum would “capture the world’s attention” with delegates from more than 100 countries and a keynote opening address by Mr Xi. “There will be more foreign heads of state and government attending the forum than the one last year,” he said.

“The Belt and Road Initiative is shaping a shared future.”

His comments come as China’s ambitious program, which aims to support infrastructure projects south and west of China allegedly along the old Silk Road trading routes to Asia, Europe and Africa, has come under increasing fire for producing projects that become “debt traps” for developing countries struggling to pay for expensive uneconomic infrastructure.

China has rejected criticisms that it is an exercise in Chinese economic colonialism, saying it is aimed at helping developing countries benefit by better infrastructure and improved transport and trade connections.

The countries along the route account for 40 per cent of the world’s domestic product.

Mr Wang said 123 countries and 29 international organisa­tions had signed BRI agreements with China. Australia has not signed up for the BRI although the state government of Victoria signed a BRI memorandum of understanding with China late last year.

Italy is set to become the first G7 country to sign up for the BRI when Mr Xi visits Europe later this month — a move that has provoked criticism from the US.

Mr Wang dismissed complaints that the BRI forced developing countries to become reliant on China. He said it was “absolutely not a debt trap” nor a “geopolitical tool, but an opportunity for many countries to develop­ together”.

“The initiative has speeded up development, improved people’s livelihoods and created mutually beneficial prospects for many countries,” he said.

Mr Wang said the BRI conference would consider ways to pay more attention to improving the lives of ordinary people in BRI countries.

The first Belt and Road forum was held in May 2017 with the leaders of 29 countries, including Russia, Pakistan and Greece, taking part. That forum was attende­d by former trade minister Steve Ciobo.

This year’s forum may well come when the government is in caretaker mode ahead of the federal­ election that is expected in May, but the conference is expecte­d to see some members of the Australia-China business community attend­, and could also see some representatives from the state of Victoria.