China Belt and Road Summit to urge sustainable financing

📆 4/22/2019 1:19 PM
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SHANGHAI: World leaders meeting in Beijing this week for a summit on China's Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters. The initiative...

"We encourage local currency financing, mutual establishment of financial institutions, and a greater role of development finance in line with respective national priorities, laws, regulations and international commitments, and the agreed principles by the UNGA on debt sustainability," it added, referring to the United Nations General Assembly.

China's top diplomat, Mr Wang Yi, said on Friday last week that the Belt and Road project is not a"geopolitical tool" or a debt crisis for participating nations, but Beijing welcomes constructive suggestions on how to address concerns over the initiative.

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