Putin and Xi at New silk Road summit: business and infrastructure projects marching on
the New Silk Road project affects the world.
We read in Germany’s Ostexperte.de: Putin at summit meeting on the New Silk Road in Beijing
The EU and the US are skeptical, the countries involved are euphoric, and China continues to invest: the New Silk Road project affects the world. The Beijing Summit brought together representatives from more than 100 countries, including Russian President Vladimir Putin.
According to Chinese head of state Xi Jinping, infrastructure projects worth more than $64 billion have been agreed on.
The goal of the Silk Road is the development of huge trade and infrastructure networks from Africa through Asia to Europe. The EU and the US are skeptical about the One Belt, One Road initiative and fear the expansion of Chinese supremacy.
Federal Minister of Economics Peter Altmaier was also on site and appealed to Beijing to create better investment conditions for German companies.
Moscow and Beijing have agreed on numerous deals: The oil companies China National Offshore Oil (CNOOC) and the China National Petroleum Corporation (CNPC) each acquired a 10 percent stake in the Russian LNG project Arctic LNG 2, said the energy company Novatek. The companies each pay up to $ 2.1 billion for the investment, plus capital increases of $600 million each.
Similarly, Xi and Putin have agreed to increase gas deliveries through the planned Power of Siberia pipeline by an additional 6 billion for a total of 44 billion cubic meters of gas per year.
Among these contracts, the Russian-Chinese Investment Fund (RCIF), together with Chinese investors, has set up a $1 billion fund to support bilateral regional projects in Moscow, the Far East and northeastern China.
Putin also talked about the possibility of linking the Arctic North Sea route with the “Maritime Silk Road”. This could create a trade route connecting Northeast, East and Southeast Asia with Europe through Iran, Azerbaijan and Russia.
In addition, an investment program for the development of the Russian-Chinese border region Machalino-Hunchun has been decided.
An expansion of the railway infrastructure will enable freight traffic to reach up to 8 million tonnes per year in the future.
The People’s Republic is Russia’s most important trading partner today. Bilateral trade grew by 25 percent in 2018 to a record $ 108 billion, Putin said.
The two countries also want to work more closely together in the areas of science and education. By 2020, the number of participants in joint exchange programs is set to rise to 100,000.