Belt and Road cooperation on 'right side of history', says Xi Jinping

China has become a main trading partner of more than 140 countries and territories, says Chinese president

Chinese President Xi Jinping on Wednesday said that the past decade of Belt and Road cooperation is "on the right side of history".

The Chinese leader made these comments during the opening ceremony of the third Belt and Road Forum for International Cooperation event being held in Beijing. 

"What has been achieved in the past 10 years demonstrates that Belt and Road cooperation is on the right side of history. It represents the advancing of our times, and it is the right path forward," said Jinping. 

Jinping added that the Belt and Road Initiative (BRI) represents humanity's joint pursuit of development for all and it has opened up a new path for exchanges among countries and established a new framework for international cooperation.

"China has become a main trading partner of more than 140 countries and territories and a primary source of investment for more countries. Both Chinese investment overseas and foreign investment in China has boosted friendship, cooperation, confidence and hope."

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The Chinese leader emphasised that BRI has shown that "win-win cooperation is the sure way to success in launching major initiatives that benefit all".

President Xi also said that the achievements of BRI partners over the last decade have been remarkable and said that "we have learnt that humanity is a community with a shared future".

He laid focus on working together and said China will work with all parties involved to deepen BRI partnerships of cooperation and usher this cooperation into a new stage of high-quality development. 

He added that said we will make relentless efforts to achieve modernisation for all countries.

President Xi further vowed for more financing support for BRI-related projects on the basis of market and business cooperation.

He said the China Development Bank and the Export-Import Bank of China will each set up a 350 billion yuan financing window, and an additional 80 billion yuan will be injected into the Silk Road Fund.   

"We have learned that the Silk Road spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit is the most important source of strength for Belt and Road cooperation."

"Such cooperation seeks to deliver a good life not only to people of just one country, but to people in other countries as well. It promotes connectivity, mutual benefit, common development, cooperation and win-win outcomes. Ideological confrontation, geopolitical rivalry and bloc politics are not a choice for us. What we stand against are unilateral sanctions, economic coercion and decoupling and supply chain disruption," added the Chinese president. 

Earlier, President Xi Jinping said that the 3rd Belt and Road Forum held in Beijing is a “magnificent chapter in promoting a connected world and charting a path for all to prosper individually and collectively.”

Stressing the initiative's focus on development, win-win outcomes, and inspiration, he said: "We must embark with drive and enthusiasm on the new journey toward another golden decade.”

Earlier, Xi Jinping hosted world leaders, including his Russian counterpart Vladimir Putin, for the third Belt and Road Forum.

Xi also met leaders of Uzbekistan, Serbia, Indonesia, Papua New Guinea, Hungary, Ethiopia, Serbia, Chile, and Kazakhstan.

Russian President Vladimir Putin, Indonesian President Joko Widodo, Egyptian Prime Minister Mostafa Madbouly, Pakistani Prime Minister Anwaarul Haq Kakar, and leaders from Sri Lanka, the Republic of Congo, and Nigeria are attending the forum.

A group picture posted on X by China's Foreign Ministry spokeswoman Hua Chunying showed some 25 foreign leaders, including Putin, standing alongside Xi and his wife Peng Liyuan.

Beijing is hosting the two-day forum, which is expected to see the participation of over 4,000 representatives from around the world.

The event will host six seminars and three high-level forums on connectivity, green development, and digital economy. An entrepreneurs' conference is also scheduled on the forum's sidelines.

The Belt and Road Initiative, billed as recreating the ancient Silk Road to boost global trade infrastructure, was proposed by Xi in 2013 to connect China with the markets of Central Asia, the Middle East, Europe, and Africa.

With more than 200 cooperation agreements spread across 150 countries and 30 international organizations, the cumulative value of imports and exports between China and the partner countries has reached $19.1 trillion, with an average annual growth rate of 6.4% from 2013 until 2022.