Billions of contracts signed, more market economy pledged: from a Chinese perspective, the „Silk Road Summit“ went well. And from German? Minister of Economic Affairs Altmaier spreads some optimism.
At the end of the „Silk Road“ summit in Beijing, the Chinese hosts are delighted to pledge billions in investment. According to President Xi Jinping, participants signed contracts worth $ 64 billion, the equivalent of around € 57 billion.
At the same time, he responded to international criticism of the large-scale Chinese initiative for the development of trade routes – and assured that market economy principles should be applied to all cooperation in the framework of the major project.
China’s government will continue to set the direction, but companies should act as the „key players“ and funding should be spread across more shoulders. Beijing also seeks more cooperation with international institutions, Xi said at the end of the two-day meeting with representatives from more than 150 countries.
Connection point from antiquity
Like the ancient caravan trade route of the same name, the „New Silk Road“ is intended to connect China with Central Asia and Europe and facilitate international trade. The People’s Republic is planning new roads and rail links that, according to the Beijing leadership, should stimulate trade within Asia, as well as with Europe and Africa.
China has promised transparency, sustainability and the fight against corruption. An exact investment volume for the mammoth project was not mentioned so far. However, experts estimate that several trillions of dollars will be needed to implement the plans.
Throbbing on opening of the markets
European governments praised the vision of the Chinese, but called for further opening of markets to further intertwine trade. So far, Italy is the only country in the group of seven leading industrial nations (G7) that has formally declared its willingness to participate in the project. Germany, France, Spain and Great Britain want to vote as a group with China and not individually.
Despite concerns about the project, Federal Minister of Economics Peter Altmaier participated in the deliberations. The CDU politician sees the renewed promise Xis China in the obligation so that German companies can invest easier in the future. It is about a credible implementation, he said before the flight from Beijing.
Altmaier confident
„I was skeptical when I came here, I gladly admit it,“ Altmaier added during a visit to the Great Wall in Beijing – in constant rain and thick fog. The conference went better than expected. The will to solve problems is there. A consensus has emerged for international cooperation, fair rules and free and open markets.
The global economy is currently weakening – this is also due to trade conflicts such as that between the US and China. After a meeting with Chinese Chief Negotiator, Deputy Prime Minister Liu He, Altmaier said negotiations between the two largest economies still needed to overcome some cliffs. He thinks it is possible that there is a solution. This would be an important signal for the world economy.
