Russian leader Vladimir Putin arrived in Beijing as China kicks off its Belt and Road Forum in a bid to reinvigorate the infrastructure investment initiative that President Xi Jinping has called the “project of the century.”
The trip abroad is rare for Putin, the subject of an arrest warrant by the International Criminal Court for alleged war crimes in Ukraine. Putin is expected to attend the forum in Beijing, Chinese state media reported, and meet Xi on Wednesday. The two are likely to focus on their growing relationship, which Washington and Brussels view with caution amid the war in Ukraine.
Among the speakers scheduled to address a CEO conference on Tuesday afternoon are Hong Kong Chief Executive John Lee and Chinese Vice Premier He Lifeng, Xi’s point man for shoring up the nation’s embattled property industry and the financial sector.
(All timestamps are Beijing time)
Energy Projects in Focus at CEO Event (12:45 p.m.)
Among the companies at this afternoon’s CEO roundtable are ACWA Power Co., the Saudi Arabian electricity giant with projects across a dozen countries; China Energy Engineering Group, a major builder of power plants; and TBEA Co., which specializes in solar panel and electric transmission equipment.
Energy projects have been a mainstay of the Belt and Road Initiative since its inception, and this year looks to be more of the same. Investors will be watching for the signing of any deals.
Xi Calls Kazakh President an ‘Old Friend’ (9:50 a.m.)
Xi met Kazakh President Kassym-Jomart Tokayev on Tuesday, China Central Television reports. Calling Tokayev an “old friend,” Xi said he wants to advance China’s strategic partnership with the Central Asian country, according to the report.
Healthy ties between the nations is beneficial to maintaining peace in the region, Xi added.
China Adjusting to Debt Worries, Scholar Says (8:38 a.m.)
Beijing has realized that “through the Belt and Road it’s found itself suddenly carrying an awful lot of debt with a lot of countries that frankly are going to struggle to ever really pay it back in any way,” Raffaello Pantucci, a senior fellow at the S. Rajaratnam School of International Studies in Singapore, told Bloomberg TV.
Watch: China Showcasing It’s a Big Power on the Stage: Pantucci (Video)
That’s led it to champion more “small and beautiful” projects that don’t cost as much but still benefit people’s livelihoods, he said.
Overseas Visitors Arrive in Beijing (8:30 a.m.)
Guests are descending on the Chinese capital for the forum, which comes as China celebrates the 10th anniversary of the flagship initiative. While the project has drawn $1 trillion in its first decade, momentum has tapered in recent years amid concern over debt sustainability.
Among those to arrive are Indonesian President Joko Widodo, Hungarian Prime Minister Viktor Orban and Chilean President Gabriel Boric. Former British Prime Minister Tony Blair is in Beijing and met with Chinese Foreign Minister Wang Yi. Wang said the Communist Party is prepared to boost its relationship with the Labour Party.
--With assistance from Colum Murphy, Phila Siu and Dan Murtaugh.
