Anti-China bias of some Western politicians laid bare by Belt and Road

THE FINANCIAL TIMES has reported that quite a few Western banks and financial agencies show increasing enthusiasm for the Belt and Road Initiative, seeking to secure projects related to the initiative. Xinhua News Agency comments:

The huge input and large scale of the initiative’s infrastructure projects mean the prospects of profits are predictable in the long run. Astute Western banks and institutional investors will not let the opportunities slip through their fingers easily.

As one of the initiative’s five connectivity objectives — connectivity of policy, infrastructure, trade, finance and people — the connectivity of finance welcomes the participation of Western financial institutions and the commercialization of the initiative’s projects, as they will add vitality to the construction of the Silk Road Economic Belt and 21st Century Maritime Silk Road and help realize win-win outcomes.

Some of the Western banks and financial institutions are familiar with the legal and cultural environments of the countries along the Belt and Road routes. Their involvement in the projects is conducive to risk control and management. With more experienced participants in the projects, the initiative will become more sustainable.

Apart from providing funds, management and services, Western banks and financial institutions can also engage more in financial technology, payment and settlement, and financial product innovation.

With more participants from the West, the initiative will further promote investment and trade, promoting global development in the direction of greater openness, inclusiveness and win-win results.

The acceptance of the initiative by Western banks and financial institutions lays bare the bias toward China of some Western politicians and media. They will not understand the inclusiveness and win-win objectives of the initiative until they discard their zero-sum game mindset.

It is time for them to break free of their China phobia and take an active part in the initiative, to share the dividends and opportunities with all participating countries.