Is China's money for the "Belt and Road" construction projects? Are Asian Infrastructure Investment Bank (AIIB) and the World Bank competitive? Is China the final say in the AIIB's projects? ...On October 12, local time, at the "Belt and Road" theme seminar held at the World Bank headquarters in Washington, USA, various views on the "Belt and Road" initiative met frankly during the exchange.

As one of the 2017 International Monetary Fund and the World Bank's Autumn Annual Meeting, the seminar jointly organized by the Ministry of Finance and the World Bank has attracted great attention. About 400 representatives from governments, international organizations, financial institutions and non-governmental organizations attended the seminar, and hundreds of seats on the scene were seized by the guests early. Participants said that the Belt and Road Initiative has become the most popular international public product.

Make economic development healthier and more inclusive

In 2013, President Xi Jinping proposed the initiative to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road in Kazakhstan and Indonesia respectively, and these two countries have also become early beneficiaries of the "Belt and Road" initiative.

Kazakhstan is located in the heart of the Eurasian continent, and many land transportation trunk lines from China to Europe pass through the country. The entire "Western Europe-Western China" international road transport corridor with a total length of more than 8,000 kilometers will be opened at the end of this year. Its length in Kazakhstan will exceed 2,000 kilometers. By then, it will become an important cargo transportation trunk line in Central Asia, greatly shortening the transportation time between Chinese goods and Europe.

As a guest at the meeting, Kazakhstan Vice Premier Dusaev said at the seminar that since President Xi Jinping proposed the initiative to build the Silk Road Economic Belt in Kazakhstan, Kazakhstan has gained many development opportunities. As the world's largest landlocked country, Kazakhstan needs to strengthen connectivity with neighboring countries. While promoting infrastructure construction, the "Belt and Road" initiative will also promote Kazakhstan's economic diversification and transformation and upgrading, thereby improving the quality of economic development. Taking advantage of the east wind of the "Belt and Road", Kazakhstan has strengthened cooperation with many countries and ushered in new development opportunities.

Indonesian Finance Minister Ying Zhuohua explained the global significance of the Belt and Road Initiative from the perspective of Indonesia's development needs. She believes that many of the principles in the Belt and Road Initiative are valuable in the current international environment. The rise of protectionism in some countries is a practice that harms others and does not benefit oneself. The Belt and Road Initiative emphasizes connectivity and cooperation, and has received responses and participation from many countries. She also said that the Belt and Road Initiative will not only promote Indonesia's infrastructure construction and connectivity with other ASEAN countries, but also improve the construction of "software" including improving trade facilitation measures such as customs clearance. For example, the construction of modern ports requires optimizing tariff standards, and the purpose of strengthening software construction is to improve operational efficiency. Establishing a long-term policy communication mechanism and communication platform is one of the key points of the construction of the "Belt and Road". Developing countries' participation in the construction of the "Belt and Road" can improve the speed and quality of economic development, and make economic development healthier and more inclusive.

Cooperation to help the construction of the Belt and Road

Finance and Finance is an important support for the construction of the "Belt and Road". Shi Yaobin, Vice Minister of the Ministry of Finance of China, told our reporter that in May this year, the Ministry of Finance of China and the Ministry of Finance of 26 countries jointly approved the "Guiding Principles for Financing of the Belt and Road" and signed a memorandum of cooperation on strengthening the "Belt and Road" with the World Bank, the Asian Infrastructure Investment Bank, the New Development Bank of the BRICS, the Asian Development Bank, the European Investment Bank, and the European Bank for Reconstruction and Development. The Ministry of Finance and the Multilateral Development Bank will establish a multilateral development financing cooperation center, jointly organize training and discussions, share development experiences of various countries, introduce good practices in the field of multilateral development financing, promote the capacity building of governments and enterprises in countries along the "Belt and Road", support the preliminary preparations for key projects in the construction of the "Belt and Road", and carry out various forms of financial cooperation.

Yingzhuohua said that Indonesia has a huge gap in infrastructure construction, and government funds can only meet about 40% of construction needs, and private and international funds must be used. The "Belt and Road" initiative is at its right time. Indonesia currently participates in more than 30 "Belt and Road" construction projects. Through various forms of financial cooperation, Indonesia's related construction can obtain sufficient financial support, laying an important foundation for the orderly advancement of the project.

Speaking of the relationship between the AIIB and the "Belt and Road" construction project, AIIB President Jin Liqun said that the two are not the same concept. The projects supported by the AIIB must meet the three conditions of financial sustainability, environmentally friendly, and social acceptance. Not only that, the AIIB adheres to high standards, has zero tolerance for corruption, focuses on supporting the green economy and new development methods, and explores best practices. Best practices should not be standards set or imposed by Western countries, but are beneficial experiences and development paths jointly explored by developed and developing countries.

"Proposal for everyone"

World Bank President Kim Yong Kim highly praised the Belt and Road Initiative. He believes that the Belt and Road Initiative has proposed a multilateral plan to solve global problems, reflecting the wisdom and responsibility of Chinese leaders, and will benefit people from all countries around the world. The Belt and Road Initiative is highly consistent with the concepts and purposes of international financial institutions such as the World Bank. The World Bank will take the lead in fully supporting the implementation of the Belt and Road Initiative. "Because China adheres to the principle of embracing multilateralism and actively integrates into the multilateral system, we should jointly choose a solution that is beneficial to everyone."

Kim Yong told our reporter that the World Bank has good cooperation with the Asian Infrastructure Investment Bank, and the two banks have jointly invested in multiple infrastructure construction projects, and the two sides have complementary advantages. In fact, the cooperation between the World Bank and the Asian Infrastructure Investment Bank is very close. "Some media describe the World Bank and the Asian Infrastructure Investment Bank as a 'competitive relationship', which is not true at all." Kim Yong Kim said that the gap in infrastructure investment funds around the world is very large, and the current relevant banks cannot fully meet the needs, so there is no competition problem.

Jin Liqun said, "When looking at the Belt and Road Initiative, we must pay more attention to its essence." In the context of today's world economic globalization, it is impossible to have no international cooperation. "The fire is high for everyone." Now there are many international cooperation platforms such as the APEC and the G20, and international cooperation should be strengthened.

The Belt and Road Initiative is an open and inclusive platform that promotes infrastructure construction and connectivity, connects with the policies and development strategies of various countries, so that China's development can benefit the world and achieve common prosperity. Forum host Tanya Beckett finally summarized the achievements of the "Belt and Road" construction, saying that the "Belt and Road" initiative is just the beginning of a long-distance journey and there are more opportunities for international cooperation in the future.

(This newspaper, Washington, October 14)

"People's Daily" (Page 03, October 15, 2017)