Belt and Road Initiative Current Affairs - 2019
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China will be hosting a Conference on Dialogue of Asian Civilizations in Beijing, starting from 15 May to 22 May 2019. During the event an opening ceremony will be held by Chinese President Xi Jinping and six parallel sub forums will be conducted.
- About: Conference on Dialogue of Asian Civilizations (CDAC) is being held on 15 May 2019 in Beijing, China. As part of CDAC, the Chinese Ministry of Education, in collaboration with United Nations Educational, Scientific and Cultural Organization (UNESCO) will be organizing a parallel panel on “Safeguarding the Diversity of Asian Civilizations“.
- Aim: It seeks to promote intercultural dialogue in view of building an “Asian Community of Shared Future” which will focus on cultural diversity, exchanges and mutual learning of Asia civilizations. It aims to enhance Asians’ rich cultural lives and contribute to vibrant regional development.
- Theme: for CDAC is “exchanges and mutual learning among Asian civilizations and a community with a shared future”. It acknowledges the Asian solutions to benefit its people, Asian wisdom to promote political advancement, and Asian community with a shared future.
- Participants: More than 2000 delegates from 47 Asian and other world countries, including heads of state, government officials, and high-level governmental representatives from UNESCO and other international organizations, educational institutions, celebrities, film and television think tanks are invited to attend conference.
- Events: Asian civilization week, Asian civilization tours, tourism fairs, Asia cultural carnival and exhibitions, and Asian food festivals will be held on sidelines of CDAC.
- Key Discussions: It will have dialogue about sharing experiences on Asian governance and Asian approaches to governance differing from Western one.
- Significance: CDAC provides a platform for interactions between young people, local communities and media and form cooperative network among think tanks. It might boost regional understanding and enhance cooperation between participants. It is also being seen in pursuance of fifth pillar (which is people-to-people exchanges) of China’s ambitious Belt and Road Initiative (BRI).
- The idea of hosting CDAC was proposed by President Xi Jinping at Conference on Interaction and Confidence Building Measures in Asia (CICA) held in Shanghai, China in 2014.
- Later, at Boao Forum for Asia (BFA) Annual Conference in 2015 conference was initiated by Chinese president Xi Jinping.
- In 2016 also at the BFA, the session “Dialogue of Asian Civilizations” was held and guests from China, Singapore, Pakistan, Iran, and UNESCO participated in dialogues.
Tags: Beijing • Belt and Road Initiative • Boao Forum for Asia • CDAC • China • Conference on Dialogue of Asian Civilizations • Conference on Interaction and Confidence Building Measures in Asia • Dialogue of Asian Civilizations • Iran • Pakistan • Safeguarding the Diversity of Asian Civilizations • Scientific and Cultural Organization • Shanghai • Singapore • UNESCO • United Nations Educational
Second Belt and Road Forum (BRF) was held in Beijing, China. It will serve as stocktaking exercise for China’s ambitious Belt and Road Initiative (BRI). It saw participation of 126 countries and 29 international organisations, increase from 60 countries and international organisations seen in in first edition of BRF 2017. India did not participate in this edition as well as in first edition of BRF.
Chinese President Xi Jinping’s chaired leaders’ roundtable, high-level meeting and thematic forum in this edition of three day BRF event.
New Focus: Unlike earlier, with sole focus on building infrastructure projects, BRI’s broadened framework includes financial and humanitarian aid projects.
New Entrant: European countries such as Italy (joined BRI in March 2019) and Luxembourg have joined the project. Italy and China signed an MoU with deals worth 2.5 billion euros including working together to develop Italy’s port infrastructure, transport and logistics. 13 EU member states are already part of BRI.
Changed Funding model: China is proposing ‘third-party market cooperation’ under which investments are shared between more than one nation. Initially funds were sought from China-headed Asian Infrastructure Investment Bank (AIIB), and other financial institutions.
About Belt And Road Initiative
- The BRI, (or yi dai yi lu) also called “21st Century Silk Road” or China’s Marshall Plan was announced by China in 2013.
- It is made of “belt” of overland routes and maritime “road”, with aim to connect Asia, Europe and Africa, will impact countries comprising of half of world’s population.
- “The Belt” means Silk Road Economic Belt comprising of three overland routes which connects China, Central Asia, Russia and Europe. It will connect China with Persian Gulf and Mediterranean Sea via Central Asia and West Asia, and link China with Southeast Asia, South Asia and Indian Ocean.
- “The Road” means 21st Century Maritime Silk Road which would provide impetus to trade from China to Europe via South China Sea and Indian Ocean, and from China via South China Sea towards South Pacific.
Problems with BRI
- Chinese enterprises faces operational problems in overseas port projects linked to BRI.
- China’s debt-trap diplomacy: ‘Premature Mentality’ in evaluating commercial value of investment projects and inadequacies in debt evaluation leads to suspension, rethinking over project costs and finally to debt trap. Example: Sri Lanka’s Hambantota port was forced to lease to China for 99 years; complete suspension and rethinking of a billion dollar Malysian railway project; Projects costs in Maldives, Ethiopia, Pakistan, are worrtsome.
- Lack of transparency in information and lack of evaluation on impact of regional social culture.
- BRI also has negative impact over economic and political interests of various countries including US, Japan, Germany, Russia, and Australia.
India’s Stand on BRI
India was one of first countries to oppose project and still opposes it. The reason is violation of territorial sovereignty as China-Pakistan Economic Corridor (CPEC) which is one of key BRI project, passes through Pakistan-Occupied Kashmir.