By Al Edwards reporting from Beijing 

The Belt and Road Initiative began ten years ago has attracted US$2 trillion in contracts.

The brainchild of China’s President Xi Jinping, the aim is to recreate the ancient Silk Road fostering international cooperation, trade and global governance while connecting the world by infrastructure.

China’s Government held the first Belt and Road Forum (BRF) in May 2017, an event attended by the heads of states from 29 countries and more than 1,500 representatives from over 130 countries and 70 international organisations..

All G20 countries were represented at the forum.

President Xi then announced that he would add ¥100 billion to the Silk Road Fund and encouraged China’s financial institutions to provide loans for BRI projects, which could come up to ¥300 billion.

The Second Belt and Road Forum took place on April 19. That meeting was attended by about 5,000 people, surpassing the number of representatives from countries and international organisations from the previous forum.

The Third Belt And Road Forum was even bigger attracting over 140 countries with Russia’s President Vladimir Putin attending in Beijing. It was a significant summit.

 It was announced at the Third Belt and Road Forum, China will now  promote both signature projects and “small yet smart” livelihood programmes. The China Development Bank and the Export-Import Bank of China will each set up a ¥350 billion financing window. An additional ¥80 billion will be injected into the Silk Road Fund. Together, they will support BRI projects on the basis of market and business operation. Cooperation agreements worth US$97.2 billion have been concluded at the CEO Conference held during this forum.

China will carry out 1,000 small-scale livelihood assistance projects, and enhance vocational education cooperation through Luban Workshops and other initiatives. We will also step up joint efforts to ensure the safety of BRI projects and personnel.

The oromotion of green development was addressed at the most recent BRF.  China will continue to deepen cooperation in areas such as green infrastructure, green energy and green transportation, and step up support for the BRI International Green Development Coalition. China will continue to hold the BRI Green Innovation Conference, and establish dialogue and exchange mechanisms for the solar industry and a network of experts on green and low-carbon development. China will implement the Green Investment Principles for the Belt and Road, and provide 100,000 training opportunities for partner countries by 2030.

Brazilian scholar and legal expert Evandro Menezes de Carvalho said: “The ancient Silk Road was one of the routes through which new knowledge also circulated and trashed Europe, which was experiencing its Middle Ages at the time. This new knowledge contributed to the emergence of the European Renaissance, which resulted in the Enlightenment.

“Today, as we see the darkness of discord, war and xenophobia advancing in the West, the New Silk Road may be the precursor of the possibility of a new renaissance but this time with the Global South as its cradle.”