China has signalled it is changing tack with its signature Belt and Road masterplan, after taking on board the numerous criticisms that have saddled the project since President Xi Jinping launched it six years ago.
China's central bank governor Yi Gang gave a similar assurance, saying private sector investment will become the main force driving Belt and Road projects, which will be market-oriented. Yesterday, government officials also promised to take better care of local communities and businesses, instead of prioritising Chinese interests, another common criticism of the initiative.
These include a push to green the Silk Road by adopting more eco-friendly designs, building environmentally safe factories and expanding green financing and trade. Singapore Business Federation chairman Teo Siong Seng recalled witnessing how Chinese enterprises would over-emphasise profits in the early days of the Belt and Road Initiative and go for short-term gains."There were mistakes made, they are learning," he told ST yesterday, without giving details.
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