China: Belt and Road Initiative generated over $2 trillion in contracts

China has announced that its Belt and Road Initiative (BRI) infrastructure project has generated $2 trillion in contracts, signaling the mega project's success and popularity around the world.

According to a white paper released by China’s State Council Information Office, the value of signed construction contracts with partners in the context of BRI now has totaled two trillion dollars -- roughly the size of the economy of Russia or Canada.

The different aspects of this great transnational project will become “more open” as the partners mark one decade from the mega-project’s inception, the official report said.

The mega project is considered to be the favorite brainchild of Chinese leader Xi Jinping, who expressed BRI as his “vision of a global community of shared future” when he was chosen as the president of the People's Republic of China in 2013.

“In the 10 years that have passed since its launch, cooperation under the BRI framework has brought remarkable and profound change to the world and become a major milestone in the history of humanity,” the paper read.

"The BRI will demonstrate greater creativity and vitality, become more open and inclusive, and generate new opportunities for both China and the rest of the world,” it added.

The report pointed out that the project had “succeeded in taking its first step on a long journey,” however, it warned that, “In the future, the BRI will find itself confronted by new difficulties.”

“As long as all parties involved combine their forces, work together, and persevere, we will be able to overcome these problems and raise our extensive consultation, joint contribution, and shared benefits to new heights,” the report said, stressing China's preparedness to work with other nations under the BRI framework.

“Our goals are to pass on the torch of peace from generation to generation, sustain development, ensure that civilizations flourish, and build a global community of shared future,” China's State Council said, hailing the BRI for having "delivered real gains to participating countries."

China is hosting the third BRI forum with world leaders from partnering countries taking part in the event in Beijing, next week on October 17-18.

ME