China President Xi says BRI loans ‘neither windfall nor alms-giving’; salutes recipient countries for diligence and courage – Times of India

BEIJING: In an apparent rebuttal to criticism that its mega projects turned out to be debt traps for smaller nations, Chinese President Xi Jinping on Tuesday saluted the countries signed up for its flagship project Belt and Road Initiative (BRI) and said that the loans provided by Beijing for the infrastructure projects are neither a “windfall” nor “alms-giving and charity.”
In his welcome banquet for guests attending the third Belt and Road Forum for International Cooperation, Xi said that the achievements of the Belt and Road cooperation are earned by governments, enterprises and the people of participating countries with their diligence, wisdom and courage, the state-run Xinhua news agency reported.
“The achievements of Belt and Road cooperation are neither a windfall nor made with others’ alms-giving and charity, but are earned by governments, enterprises and the people of participating countries with their diligence, wisdom and courage,” Xi said.
Stating that the historical trend of peace, development and win-win cooperation is unstoppable, Xi said “let’s salute all the participants and builders involved in the Belt and Road cooperation.”
The BRI, regarded widely as Xi’s pet project aimed at building huge infrastructure projects in several countries, has completed 10 years following its launch in 2013.
According to official accounts, it has generated USD 240 billion in Chinese investments abroad.
The BRI loans also evoked criticism that they turned out to be debt traps for various countries in Asia and Africa which received the mega loans to build unsustainable mega projects.
The two-day Forum is being held by China amid criticism that the loans amounting to billions of dollars for unsustainable projects turned out to be debt traps for smaller countries driving them into a deep economic crisis.
China held two international forums for its mega global infrastructure initiative in 2017 and 2019.
Like in the previous two BRI Forums, India boycotted the meeting highlighting its criticism that BRI, especially its “flagship” the USD 60 billion China-Pakistan Economic Corridor, (CPEC) is being laid through Pakistan-Occupied Kashmir, (POK) in violation of its sovereignty.
Besides protesting to China over CPEC, India is also vocal about its criticism that the BRI projects should be based on universally recognised international norms, good governance, and the rule of law and follow principles of openness, transparency and financial sustainability.
Russian President Vladimir Putin and a number of leaders from the global south are attending the BRI Forum which was expected to lay out its future road map for the next decade.
From the Indian sub-continent, Sri Lankan President Ranil Wickramasinghe and Pakistan’s acting Prime Minister, Anwar-ul-Haq Kakar attended the Forum.
Both countries are the largest recipients of BRI loans and China has taken over Sri Lanka’s Hambantota port on a 99-year lease as a debt swap.
Chinese Vice Foreign Minister Ma Zhaoxu said that representatives of over 140 countries and 30-plus international organisations, including state leaders, heads of international organisations, ministerial officials and representatives of the business sector, academia and nongovernmental organisations are taking part in the meeting.
In his welcome banquet, Xi also said that over the past 10 years since the BRI was launched, China and BRI partners have worked together to uphold the Silk Road spirit, contribute to global connectivity, build platforms for international economic cooperation, and add momentum to world economic growth.
The BRI cooperation will create a brighter future for humanity with the concerted efforts of all participating countries, he said.