BEIJING: Chinese President Xi Jinping sought yesterday to bat away concerns about his ambitious Belt and Road Initiative (BRI), saying his global infrastructure project will have "zero tolerance" for graft while vowing to prevent debt risks.
In a speech kicking off the BRI forum, Mr Xi also offered soothing remarks to the United States regarding subsidies, the yuan and trade as the two sides head into fresh high-level talks next week.
Mr Xi's signature foreign policy aims to reinvent the ancient Silk Road to connect Asia to Europe and Africa through massive investments in maritime, road and rail projects -- with hundreds of billions of dollars in financing from Chinese banks.
It offers to bring much-needed modern infrastructure to developing countries, but critics say it is riddled with opaque deals favouring Chinese companies while saddling nations with debt and environmental damage.
"Everything should be done in a transparent way and we should have zero tolerance for corruption," Mr Xi said at the gathering of 37 world leaders which ends today.
China has also rejected accusations that Belt and Road is a "debt trap" and a geopolitical tool for Beijing's ambitions of becoming a global superpower.
"The Belt and Road is not an exclusive club," Mr Xi said.
In a nod to the concerns over loans, he added: "We also need to ensure the commercial and fiscal sustainability of all projects so that they will achieve the intended goals as planned."
Mr Xi avoided mentioning debt in his speech at the Belt and Road forum celebrating his signature foreign initiative. But he promised changes in response to complaints about costs and possible corruption and environmental damage.
Beijing wants "open, green and clean cooperation" with "zero tolerance for corruption", Mr Xi said.
China is presenting a debt sustainability framework at the forum -- a move welcomed by International Monetary Fund chief Christine Lagarde.
Calling for a "BRI 2.0", Ms Lagarde said in a speech the scheme needs "increased transparency, open procurement with competitive bidding, and better risk assessment in project selection".
Also addressing the forum was Prime Minister Prayut Chan-o-cha, who said Asean will continue to give full support to China's BRI as it shares the same goal as the other members of the bloc.
With this collaborative atmosphere and new projects to link the countries physically and digitally, it should not be too difficult to see every stakeholder jointly attain much-desired sustainable development, Gen Prayut said.
"We will leave no one behind," Gen Prayut, told participants yesterday at the Belt and Road Forum for International Cooperation, held for the second time in Beijing.
The event has urged every participating country to jointly build a brighter future through the BRI.
Under its plan, announced by Chinese President Xi Jinping in 2013, the world's second-largest economy is determined to link China with Southeast Asia, Africa and Eurasia by developing both land and maritime infrastructure.
"This intention corresponds with Asean's because the BRI promotes constructive cooperation, peace and a joint future," Gen Prayut said as he laid out Thailand's stance as the current chair of Asean.
That is the path Asean is walking on under the principle of the 3M's -- mutual trust, mutual respect and mutual benefit -- he said.
One way to enjoy fruitful outcomes together is to connect countries physically through cross-border infrastructure development, the Thai prime minister stressed.
An inter-country rail network from Nong Khai in northeastern Thailand to the Lao capital of Vientiane and southern China is being pushed ahead to bolster transport between the three countries.
"I would also like to invite China to be an Acmecs partner," Gen Prayut said, referring to the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (Acmecs), aimed at boosting growth and reduce income disparity among people across the Southeast Asian region.