MNI BRIEF: China's Xi Plans High-Quality BRI Expansion

China will further open up its domestic market, improve connection with its counterparts and pursue a win-win international cooperation in a process of building up a high-quality Belt and Road Initiative for the next decade, China's president Xi Jinping said in a keynote speech at the opening ceremony of the third Belt and Road Forum for International Cooperation on Wednesday in Beijing.

China will take actions to facilitate free trade among Belt and Road Initiative countries, including the removal of foreign investment access restrictions in the manufacturing sector, deeper cross-border trade in services and high-level investment openness. China will also carry out reforms in areas such as state-owned enterprises, the digital economy, intellectual property rights, and government procurement, Xi stated.

He noted the value of China’s goods and services imports and exports will exceed USD32 trillion and USD5 trillion from 2024-2028. Xi said China's two policy banks, China National Development Bank and China Export-Import Bank, will provide credit support with CNY350 billion each, and the Silk Road Fund will increase by CNY80 billion to help BRI projects in a market-oriented and commercial manner.

China will strengthen cooperation in areas such as energy, taxation, finance, green development, disaster reduction, anti-corruption, think tanks, media and culture with participating countries, he said.