China wants to spend billions on reviving the silk road

silk road, caravanSilk Road, Picture: pixabay

China wants to spend billions on transport and infrastructure to revive the silk road

China will spend billions on transport and infrastructure to create a another silk road. This will promote trade between Asia and Europe. The EU is however skeptical.

China Sunday invited to a two-day international conference in Beijing in connection with the ambitious plan dubbed ‘one belt – one way’.

Among the participants were Chinese President Xi Jinping, who promised to spend hundreds of billions on what he dubbed the project of this century’ However, in order to raise the money, other countries must join the project

Russian President Vladimir Putin, Turkey’s President Recep Tayyip Erdogan, the UN Secretary General António Guterres were among the leaders attending the meeting, while Europe mostly have sent ministers and state secretaries only.

EU demands guaranties

On Sunday, Germany announced that the EU countries will demand guarantees from China in terms of free trade, environmental protection and working environment before signing a joint statement when the conference ends Monday.

– So far, the requirements are not met. Therefore, at this moment, we say that if this does not happen we can not sign. But the meeting ends tomorrow, so we’ll see what will happen,says German economist Brigitte Zypries.

Germany wants, among other things, that German companies have the same access to Chinese markets as Chinese have to theirs.

India boycotts

Xi launched the initiative in 2013, and the intention is that the project will tie China closer with countries in Central Asia, Southeast Asia, Europe, the Middle East and Africa.

Over a hundred countries attend the two-day conference, except India, who chose to boycott the meeting. The reason is that China is planning to build a Sino-Pakistani corridor through the disputed Kashmir region, which is disputed by Pakistan and India.


© NTB Scanpix / Norway Today