China announced on Wednesday it will host a gathering of foreign leaders next week to celebrate a decade of its Belt and Road Initiative project, with Russian President Vladimir Putin expected to attend. The Belt and Road Initiative is a landmark project in President Xi Jinping\u2019s bid to expand China\u2019s clout overseas, with Beijing saying this week it had now inked over two trillion dollars in contracts across the world. Representatives from over 130 countries are due to take part in the event, scheduled for Oct 17 and 18, with Xi set to deliver an opening speech and hold a welcoming banquet for foreign leaders. It is the third forum of its kind since China launched the vast investment initiative, with events previously held in 2017 and 2019. Russian President Putin has said he will attend the event, in what will be his first visit to China since the Ukraine war began last year. Top Russian diplomat Sergei Lavrov will also attend and hold talks with Chinese counterpart Wang Yi, Moscow said. China and Russia describe each other as strategic allies, frequently touting their \u201cno limits\u201d partnership and economic and military cooperation. China has refused to condemn the war, and has tried to position itself as a neutral party, while at the same time offering Moscow a vital diplomatic and financial lifeline. \u201cWe welcome countries and partners actively participating in the Belt and Road Initiative (BRI) to come to Beijing to discuss cooperation plans and seek common development,\u201d foreign ministry spokesperson Mao Ning said last month. Beijing hailed the BRI on Tuesday as having \u201cdelivered real gains to participating countries\u201d. It also said the balance of loans for BRI projects from the Export-Import Bank of China (Eximbank) \u2014 a key BRI creditor \u2014 now totalled 2.2 trillion yuan ($307.4 billion). Eximbank has financed major transport and energy projects across the BRI and has been linked to foreign loan plans everywhere from Africa to Central Asia. But some of Beijing\u2019s partners are increasingly wary about the cost involved. Italy, the only one of the group of leading developed democracies to sign up to the investment scheme, said last month it was considering opting out of the deal. A report by experts at Boston University\u2019s Global Development Policy noted the BRI\u2019s role in providing \u201cadditional resources for the Global South\u201d and fostering \u201csignificant economic growth\u201d. But it also added, \u201cMany of the recipients of Chinese finance are subject to significant debt distress, with several countries owing China a significant share of their external debt.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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