EU backs away from trade statement in blow to China's 'modern Silk Road' plan

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Member states wary of Xi Jinping’s Belt and Road initiative without guarantees on transparency, sustainability and tendering process

The EU has dealt a blow to Chinese president Xi Jinping’s bid to lead a global infrastructure revolution, after its members refused to endorse part of the multibillion-dollar plan because it did not include commitments to social and environmental sustainability and transparency.

Xi made his latest bid for global leadership on Monday, telling leaders including Russia’s Vladimir Putin and Turkey’s Recep Tayyip Erdoğan that the world should reject protectionism, embrace globalisation and pull together like a skein of geese.

Related: The $900bn question: What is the Belt and Road initiative?

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Source: china
Link : EU backs away from trade statement in blow to China’s ‘modern Silk Road’ plan

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