On October 18, 2023, China’s President Xi Jinping made a historic keynote speech at the opening ceremony of the Third Belt and Road Forum for International Cooperation. President Xi committed another 107 billion USD to finance the BRI projects for the next five years.[1] The event marked the 10th anniversary of the Belt and Road Initiative (BRI) that was initiated back in 2013. According to the latest available data, China has invested a total of 932 billion USD in BRI projects; while 561 billion USD were invested in construction projects, 371 billion USD were allocated to non-financial investments.[2] The 107 billion USD increase in China’s investments is a clear signal of its commitment and steadfastness in initiating the second phase of the BRI.
