President Xi Jinping defends BRI

By Andy Brown26 April 2019

Belt and road

The economic corridors being opened up by the One Belt One Road project

Chinese President Xi Jinping has looked to alleviate growing concerns about China’s Belt and Road Initiative (BRI).

Speaking at a BRI summit in Beijing, China, which was attended by over 30 world leaders, he is reported to have said, “The Belt and Road is not an exclusive club.”

The BRI has been criticised for placing countries into unsustainable levels of debt. For example, Sri Lanka had to hand over the deep sea port of Hambantota for 99 years to China’s Merchant Port Holdings in exchange for US$1.1 billion in debt relief.

Talking about the concern over debt levels Xi added, “We also need to ensure the commercial and fiscal sustainability of all projects so that they will achieve the intended goals as planned.”

Since BRI launched in 2013, China has invested around US$90 billion in projects while banks have provided upwards of US$300 billion in loans, according to Chinese officials.

Latest News
100 largest crane companies in North America
American Cranes & Transport’s 18th annual ACT100 index of North America’s top crane-owning companies.
Palfinger unveils new North American headquarters
Palfinger is continuing to expand its North American fooprint with the grand opening of its new, state-of-the-art headquarters in Schaumburg, IL.
U.S. DOL introduces construction safety, health committee
Fifteen people appointed to new U.S. Department of Labor Advisory Committee on Construction Safety and Health