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BRI wins applause for driving growth among emerging markets

2019-10-24 13:04:02 Xinhua News Agency

At the EMF 2019 annual meeting held in the scenic town of Leesburg, a satellite community of Washington D.C., the BRI was the central topic of many conversations.

In contrast with the gloomy mood at the International Monetary Fund (IMF), which just lowered its global growth forecast, participants at the Emerging Markets Forum (EMF) that ended here Tuesday sounded much more upbeat.

The optimism is in part driven by the performance of the Belt and Road Initiative (BRI), which aims to promote investment and enhance connectivity around the globe by boosting economic development among emerging markets.

FLYING COLORS

At the EMF 2019 annual meeting held in the scenic town of Leesburg, a satellite community of Washington D.C., the BRI was the central topic of many conversations.

On the sidelines of the meeting, the EMF's Chief Executive Harinder Kohli told Xinhua that the world welcomes many successful projects under the BRI, including energy production plants in Kazakhstan, ports in Greece, and bridges in Eastern Europe, which are all "built to the best world standards."

Ishrat Husain, advisor to Pakistan's prime minister, underscored the benefits in the energy sector his country has received from the BRI.

Husain said China helped Pakistan transform from an energy-deficient country into one with an energy surplus by committing billions of U.S. dollars to construct energy plants, removing one of the most serious restraints on Pakistan's economy.

"The BRI has resulted in a win-win for China and Pakistan," Husain said.

Husain also noted that Chinese investment helped renew the port of Gwadar, unleashing the potential of the strategically positioned port as a transportation hub.

Yersultan Zhanseitov, a senior researcher on China from Kazakhstan, said that the BRI is playing an important role in the building of infrastructure in his country as well as the whole region.

The BRI not only helped renovate Kazakhstan's infrastructure, but also brought other benefits, including booming tourism and more manufacturing jobs to the country, Zhanseitov said.

COUNTERING SKEPTICISM

In response to some skepticism about the BRI, many participants at the forum said the concerns, most notably regarding debt problems, were exaggerated.

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