Where the Market Rules

Since the Belt and Road Initiative was proposed in 2013, 152 countries and international organizations have signed cooperation agreements with China under its framework. Members of the 13th Chinese People’s Political Consultative Conference National Committee commented on its progress during their annual session in Beijing in March. Edited excerpts of their views follow:

Zhang Qiyue Chinese Ambassador to Greece

When the Belt and Road vision was first articulated, not many countries were familiar with the idea of a modern-day version of the historical Silk Road.

At that time, cash-strapped Greece was eager for investment and looked to privatize its state-owned assets to repay its loans. Chinese shipping company COSCO lent a hand by investing in the Greek Port of Piraeus.

However, when COSCO first came to Greece, it sparked concerns among locals who were reluctant to see their largest and most important port run by a foreign company.

But over time COSCO has won their respect and understanding. Anyone familiar with the situation will tell you it is a reliable friend that has brought enormous changes to the Port of Piraeus.

A country can feel the positive benefits of the Belt and Road Initiative only after becoming involved in it. Through participation in its projects, they will realize that this is an open and transparent platform that encourages candid discussions and voluntary cooperation among all participants. Each country will then form its own judgment on whether the initiative is good

for its own development and how it can benefit by participating in it.

Another significant feature of the initiative is that it follows market rules, where the companies are the main players. It is not a political strategy seeking to advance China’s interests. All activities have to follow international rules and regulations.

Yang Guangbin Dean of the School of International Studies, Renmin University of China

Globalization and anti- globalization have been intertwined for about 300 years. Aggressive developed countries have used globalization as a tool to push their interests in underdeveloped countries, which turned the latter against the former. So when China, a developing country, proposed the initiative, it made not only developed countries but also some developing countries concerned.

To be fair and objective, China should consider those responses. Western countries have a language advantage to spread their opinions. If we have to respond to the so-called “debt trap” fears, then the International Monetary Fund is a typical source of debt trap. During the financial crisis in 1998, it put forward terms that those who borrowed money from it must change

President of the Chinese Association of American Studies

I t has been only five years since the Belt and Road Initiative began to be implemented. A large number of countries have participated in it within such a short time. However, some countries don’t know China well, particularly European Union (EU) countries. Under such circumstances, China should be patient and ensure benefits for local people from each project. They will then understand the initiative is not a geopolitical tool but follows market rules.

Chinese companies need to find projects that are of mutual interest. They also need to pay special attention to local laws and culture. They should learn residents’ customs, language and psychology, factors that they must take into consideration in a bid to bring social benefits for local people.

As for the so-called “debt trap,” it’s a baseless accusation. The Belt and Road Initiative has just started. How can it cause debts? Some countries do have debts but these are possibly historical debts. Besides, projects under the initiative are decided by market rules. No business owner wants to owe money to others. The market will stop the bad projects but the good ones will continue.

China does a lot but says little, while the West says much and leads the trend of public opinion. But behind the scene, it is affected by the zerosum game concept and the law of the jungle, which advocates suppressing latecomers.

Li Jianhong Chairman of China Merchants Group

The Belt and Road Initiative seeks interregional economic and trade cooperation while sharing China’s achievements with other countries. However, in its pilot stage, the interregional coop