Belt and Road is a global and golden opportunity

▶ Critics of the Belt and Road Initiative should be reassured by the weekend’s Beijing forum

The second Belt and Road Forum, which has come to a close in Beijing, brought world leaders together around a uniquely ambitious, transnational initiative. The brainchild of China’s president Xi Jinping is a vast and intricate series of infrastructure and development projects, connecting nations in Asia, Europe, Oceania and Africa along an overland economic belt and a maritime “silk road”.

Since the plan was announced in 2013, it has grown into a truly global megaproject, leading to the presence of more than 150 countries and international organisations. This sheer scale of the event was a testament to the initiative’s power. Attendees included Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, Egyptian president Abdel Fattah El Sisi, Russian president Vladimir Putin and Pakistan’s prime minister Imran Khan.

Mr Xi clearly stated that although the Belt and Road Initiative began in China, it now “belongs to the world”. In keeping with its core values, the UAE is at the forefront of this drive for international co-operation. Sheikh Mohammed announced that deals worth Dh12.49bn had been struck between the UAE and China. Chief among them, China will invest in a Dh8.8bn storage and shipping station in Jebel Ali to export Chinese goods around the world. This venture will cement the UAE’s position as a regional hub within the Belt and Road Initiative and, in Sheikh Mohammed’s words, connect “societies, economies and people”.

Mr Xi’s project has not been immune to criticism. Concerns have been expressed that the Belt and Road Initiative is geared to work to the benefit of China, and that it will trap poorer countries, such as Sri Lanka and Pakistan, with unmanageable levels of debt. However, on Thursday the Chinese government issued debt sustainability guidelines, in order to tackle that exact problem. The new framework will allow China to assess a country’s debt risks according to markers used by the International Monetary Fund, ensuring that Belt and Road projects are profitable for all.

This is a crucial issue for Mr Xi, who sees the Belt and Road Initiative as an important vehicle for global co-operation in an era of increasing political and economic polarisation. “We need to build an open world economy and reject protectionism,” he told the group of 37 world leaders, convened at the Yanqi Lake retreat, near Beijing. At a time of increasing division, it is impossible to disagree with that sentiment.