CGTN: As the Belt and Road turns 10, it is high time for China and Europe to talk to each other amid uncertainties

2023-10-17 15:43:15

Peking (ots/PRNewswire) – Serbia is one of the countries benefiting from the Belt and Road Initiative (BRI), with the over 100-year-old steelworks in the northeastern town of Smederevo being an excellent example. The Smederevo Steelworks, founded in 1913, earned its income During its heyday, it accounted for 40 percent of the city’s income and was known as the “Pride of Serbia.”

Later, due to increased market competition and poor operations, the steel factory began making losses year after year and was on the verge of bankruptcy. The Serbian government initiated several rounds of international tenders, all of which failed. In 2016, more than 5,000 employees faced an uncertain time. But then the Chinese Hebei Iron and Steel Group came onto the scene and founded HBIS Serbia Steel. She introduced modern management and advanced technology and transformed the steel mill into a global company focused on customers and supply chain. The company was actively integrated into the New Silk Road (“Belt and Road”) as well as into the process of economic globalization. It quickly established itself as a highly competitive steel company in Europe and as a prime example of international industrial cooperation.

BRI cooperation between China and Europe

The revival of the century-old steelworks is an example of the benefits that the BRI brings to Europe. Twenty-six European countries have signed BRI documents with China. As part of the BRI cooperation, China’s imports from the EU increased by 63.7 percent between 2016 and 2021. Its imports from Central and Eastern European countries increased by 127.3% over the same period. The China Railway Express, which connects a number of Eurasian cities near China’s east coast to the Atlantic Ocean coast, is becoming increasingly busy. Last year, 16,000 trains ran on the route between China and Europe – a stark contrast to just 80 trains when the CR Express opened over a decade ago.

New challenges

Compared to the early years of the initiative, the situation between China and Europe is significantly different. Their bilateral relations require fine-tuning to address uncertainties and challenges, as well as a change in mindset to replace the outdated zero-sum game. Top diplomat Wang Yi said in his speech at the 12th China-EU High-Level Strategic Dialogue held in Beijing last week that China and the EU are partners rather than rivals and have more similarities than differences. European Commission Vice President Josep Borrell said that despite their different political and economic systems, the EU and China have a common interest in constructive and stable relations.

In the meantime, the BRI has also entered a new phase. In the initial phase, both private and government construction companies took the lead in building basic infrastructure. These projects helped promote political goodwill as well as strengthen local business partners. Thanks to them, private Chinese companies now feel more comfortable doing business in BRI partner countries. China is encouraging private companies to take a more active role and participate in projects described as “small and beautiful.” This refers to smaller projects that are directly linked to improving local living conditions. New investment favorites include Companies in areas such as new energy, healthcare, mobile communications and e-commerce.

Need for more dialogue

Since the launch of the BRI, its global partners have sought a more theoretical framework and institutional arrangements to make the global cooperation program sustainable. Chinese President Xi Jinping unveiled the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative. These global initiatives are from the international community have been widely recognized and have made a historic contribution to global human rights policy on specific issues of security, development and cultural diversity.

Against this background, it is high time for China and Europe to intensify dialogue on important strategic issues. CGTN is hosting a TV forum on the sidelines of this year’s Frankfurt Book Fair on the topic of China’s global initiatives and the BRI: opportunities or risks?

The panel guests include Danilo Türk, former President of Slovenia, Michael Schumann, Chairman of the Board of the German Federal Association for Economic Development and Foreign Trade, Rudolf Scharping, former German Defense Minister, Susanne Baumann, former Director of Confucius -Institute in Düsseldorf and Zhong Hong, former senior vice president of Evonik Industries. The panelists will have an in-depth discussion on relations between China and the EU in the context of a discourse on the New Silk Road (“Belt and Road Initiative”), which is not are important not only for the well-being of both sides, but also for global stability and prosperity.

Photo –

View original content: