Belt and Road Initiative supporters denounce trade protectionism

ZHANGJIAJIE CITY, China – Nations and business groups supporting China’s Belt and Road Initiative (BRI) are denouncing the trend of rising global trade protectionism and the trade war waged by the US with China and Europe.

During the opening plenary of the Silk Road Business Summit in this city yesterday, Silk Road Chamber of International Commerce (SRCIC) chairman Lu Jianzhong rallied supporters of the initiative to be more open to the benefits of the BRI, saying it is a tool for globalization at a time when protectionist policies are gaining strength in the West.

“BRI is not only economic cooperation, but also a way to perfect globalization,” he told summit delegates. “Today, the world is faced with protectionism and deglobalization, all of which brought uncertainties to the global economy. We believe we need to see peace and cooperation.”

The theme of this year’s summit, “A new era of Openness, a New Platform of Development,” is centered on safeguarding multilateral trade and promoting new channels for increased trade between countries supporting the BRI.

Lu said there is also a need for economies to insist on cooperation to come up with “win-win solutions.”

“We oppose economic hegemony and trade bullying. We need to insist on peace and cooperation. We also oppose unilateralism and protectionism. We insist on economic globalization and trade facilitation,” he said.

Former Croatian president Stephan Mesic was more specific in denouncing the trade sanctions imposed by the US on China and European countries.

“We oppose protectionism and the trade war imposed by the US throughout China and Europe,” he said in a speech. “Protectionism is not very logical and rational often, but China has proposed the Belt and Road in response,” he said.

Alexander Tomov, a former minister in Bulgaria, said his country is now seeing the BRI as a “path of development.”

“When President Xi Jinping first proposed BRI, we thought this was going to be an initiative based on Chinese tradition, but three years later, we saw this as something bigger,” he said.  “This is a global vision to respond to the challenge of deglobalization. BRI is a path to development.”

In brief, the BRI is an ambitious program to connect Asia, Africa and Europe by creating land and maritime networks. It also aims to improve regional integration via infrastructure, trade and investments.

The summit was organized by the SRCIC in cooperation with agencies in Hunan province and was supervised by the China Council for the Promotion of International Trade, China NGO Network for International Exchanges, and the China Council for Brand Development.

Established in 2015, SRCIC is a transnational umbrella organization composed mainly of national business groups of member countries. The chamber currently has around 129 member business chambers from 77 countries around the world, the Philippines included. The organization is currently based in Hong Kong, but has its secretariat in Xi’An City and maintains representative offices in Beijing and Shanghai.

In the Philippines, the SRCIC is headed by Francis Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry (PCCI) and chair of the International Chamber of Commerce Philippines.

Lu also formally announced yesterday the creation by SRCIC of a $7 billion (50 billion renminbi) fund that can be tapped for investments in various projects in its member countries. Out of the total fund, 10 billion renminbi would be ready for use by November.