BRI 360: Ambassadors go head-to-head over Belt and Road Initiative

Liu Xin is joined by distinguished diplomats for an Ambassadorial Roundtable edition, part of a special series from the Point called BRI 360.

Guests:

Terry Miller, former U.S. ambassador to the UN; Eoin O'Leary, ambassador of Ireland to China; Giuseppe Fedele, deputy head of mission at Italian Embassy in Beijing; Johannes Regenbrecht, deputy head of mission at German Embassy in Beijing; Su Ge, former Chinese ambassador to Iceland

Follow us on:

[chuasc]

BRI is definitely one of the most important development that will increase connectivity between nations involved with greater collaborations, economic and social development. Great to hear from well informed panel members

[stevenkok]

BRI IS AN OPPORTUNITY TO FLOURISH TOGETHER.

[bh]

This conversation is important to establish mutual understanding between the leading powers of the 20th century, ie the West, and the intend of BRI instigated by China. Ambassador Su Ge made an excellent point about how leading powers of the 20th Century can participate and leverage from BRI. Personally, I think this is what “win-win-win” means by BRI. Indeed, Germany has been doing this, though not officially a member state of BRI. The fear of transparency, corruption, sustainability etc is real and requires further communication/conversation specific to these issues. Finally, thank you to those ambassadors who spoke frankly and honestly. Thank you CGTN for sharing the conversation so promptly.

[paulsdancing]

Md Liu Xin, I want to congratulate myself for having the foresight for choosing you to be my principal source of International News. I am your fan for about a year. I was never disappointed with your version of the news. On this panel today, your English pronunciation is understandable the best. You bring to your shows the best of experts there are. And it is very pleasing that you dress well - business like, but yet you project tenderness femininity.
Good luck a Slavic Canadian.

[philipskyap]

China is reputed for delivering what she planned and intend to do. BRI is another solid prove that China is reliable and alway successful in delivery her planned programme, BRI will be a planet land mark for planet earth that human has undertaken. China and the world should be proud of it. Mr Xi should be nominated to receive the Nobel Peace Price.

[OnGuard.]

In these days of world-changing and, dare I say, world-threatening times, it’s comforting to know somewhere in the world there are countries doing their utmost to achieve something other than death, destruction, self-aggrandizement and domination.

The Belt and Road Initiative, led by the People’s Republic of China, is like a breath of fresh air to a drowning man. For many years the domination of Western finance and industry has brought wealth and good living to that part of the world — often at the expense of others, who have been powerless, held back and unable to join in with the good times. Loans for infrastructure improvements have only been granted with heavy conditions attached, and with the aim of putting the recipient into heavy debt. But when financing Belt and Road projects, China always adheres to an economic benefit-oriented approach, provides loans based on the actual conditions of the recipient country, supports project construction and avoids creating new debt risks or fiscal burdens for the host.

With this project, there is light at the end of the tunnel for underdeveloped countries, and the prospects for peace and prosperity for many, instead of a select few, is on the horizon.

Statistics and facts can be very tiresome to read, but here are just four that give an idea of the massive investment in the project, and the benefits it will bring.

• More than $900 billion in projects are planned or underway.

• Chinese investment in 59 countries covered by the Belt and Road initiative totalled $14.4 billion in 2017.

• Ongoing projects under the initiative, which covers more than 60 countries, include China to Europe direct cargo train links and railways through Laos, Pakistan and Thailand, as well as motorways in Kenya. Also in Kenya, a $3.2 billion railway. The first part extends from Nairobi to the port of Mombasa. Eventually the line will extend to Uganda, Rwanda, South Sudan and Ethiopia, placing Kenya at the center of a railway network that will transform the region

[OnGuard.]

The World Bank Group has began to analyze the economics of the BRI. As a way to stimulate an informed debate, we outline three opportunities associated with the initiative.

OpportunitiesTremendous size and scope.BRI economies account for one-third of global GDP and trade, and close to two-thirds of world population. For some BRI countries,  poverty ratios, the percentage of the population living below the poverty line ($1.90 a day), are still high - 25 percent in Kenya, 23 percent in Uzbekistan and Djibouti, and 21 percent in Laos. If BRI projects are successful, they stand to benefit a large number of poor people and huge swaths of the world’s economies, with large positive spillover effects on global welfare.Large unexploited potential. BRI economies are increasingly integrated with the rest of the world and with each other. BRI countries’ contribution to global exports has nearly doubled in the last two decades. But a handful of BRI economies, most notably China, are responsible for the lion’s share of these exports. Trade of many BRI economies such as Afghanistan, Nepal, Tajikistan, and Laos is below potential due to inadequate infrastructure, weak policy and other gaps. If successful, the BRI could contribute to fill these gaps, boosting international commerce, particularly for countries that have been unable to fully integrate in the world economy.

Improving connectivity. It currently takes about 30 days to ship goods from China to Central Europe, with most goods being transported by sea. Shipping goods by train can cut transit time in half, but costs much more. There is a tradeoff between saving time and saving money: each day’s delay in getting an item from the factory gate to the consumer is estimated to reduce trade by one percent. Improving the capacity and network of railways and other transport infrastructure could lead to more cross-border trade, increased investment, and improved growth in BRI economies. Regional cooperation on infrastructure improvements is needed to solve this challenge. If successful, BRI projects stand to make trade easier in some of the world’s most important economic corridors.

[OnGuard.]

Respected economist Art Laffer, whom I’ve written about before,  has always supported leaders who ignite global trade rather than close off its borders. A full-blown trade war, Laffer said recently, would be a “curse” on the U.S. economy.

Post-World War II, it was the U.S. that led global trade and infrastructure build-out—the Marshall Plan in Europe, the Interstate Highway System domestically. Both projects required massive amounts of commodities and raw materials, and employed hundreds of thousands of people.

Today, of the two leaders mentioned above, it’s Xi who has a clear foreign policy when it comes to trade and infrastructure.

U.S. Fund Flows Into Africa Are Slowing

Case in point: This week, Beijing will host the Forum on China-Africa Cooperation (FOCAC). The summit, which takes place once every three years and is attended by representatives from 52 African countries, touches on areas as diverse as technology, trade, infrastructure, diplomacy, culture and agriculture.

[lcseet]

Small point. Hon stands for The Honorable

[eyeeyeerigavo]

So far global trade NORMS were closed political trade norms and conditions open ONLY for the West. Other parts of the of the globe were designed not to participate fairly but were OPEN to be exploited as suppliers of cheap commodity and materials CHAIN CREATED to reap from poor zones. Chinese BRI is completely different, new concept, complex and seem to be open Yet in many ways to be developed further for refine. BRI could be one of the first global concept of NEW TRADE NORMS open to be participated by all than few Group. Chinese representative has given a good hint here.. of how global Cooperations and suppliers might take part in this initiative but i doubt that the West specially Americans will be keen to take part as such way but rather see it competitive to their old cunny design of TRADE NORMS for their advantage...!.. Infact BRI kills this deceptive old trade norms of the West and that's way I guess they all rattled BADLY now by this new idea.