Xi Announces Additional $110B Funding at 3rd BRF

During the 3rd Belt and Road Forum (#BRF2023), Chinese President Xi Jinping pledged another USD 100 billion in financing for #BRI projects. The funds will be administered by and more or less equally split between the China Export-Import Bank (China EXIM Bank) and the China Development Bank (CDB).

“China can only do well when the world is doing well; when China does well, the world does even better.”

Chinese President Xi Jinping

Additionally, Xi indicated that China will inject another RMB 80 billion (USD 11 billion) into the Silk Road Fund which is a Chinese Sovereign Fund dedicated at investments along the Belt and Road. He also highlighted that deals worth USD 97.2 billion were concluded during the BRF CEO Conference.

On the other hand, Xi Jinping announced that China will pursue its “Reforming and Opening Up Policy” in line with the spirit of Deng Xiaoping. In particular, all restrictions for #FDI into the manufacturing sector in China will be ironed out. He also underlined that the Chinese government would deepen reforms in the areas of public procurement, intellectual property rights (IPR) and the digital economy.

In response to rising criticisms and allegations of ‘debt trap diplomacy’, China is believed to now favor a more ‘market-oriented approach’ in the selection and evaluation of ‘high-quality projects’ along the Belt and Road. A BRI Secretariat will also be set up to assist in coordinating and following up on the policies.