Chinese President Xi Jinping has promised foreign companies greater access to China's market and over $100 billion in new financing for other developing economies as he opened a forum on his Belt and Road infrastructure initiative. This initiative has resulted in the construction of power plants, roads, railroads, and ports around the world, strengthening China's ties with Africa, Asia, Latin America, and the Middle East. However, the large loans accompanying these projects have burdened poorer countries with heavy debts, leading to China gaining control of the assets in some cases.

During the forum's opening ceremony at the Great Hall of the People, Xi announced that two Chinese-backed development banks, the China Development Bank and the Export-Import Bank of China, will each establish 350 billion yuan ($47.9 billion) financing windows. An additional 80 billion yuan ($11 billion) will be invested in Beijing's Silk Road Fund to support Belt and Road projects.

Xi also pledged to remove restrictions on foreign investment access in the manufacturing sector and further open up cross-border trade and investment in services. He emphasized the need to expand market access for digital products and carry out reforms in sectors such as the digital economy, intellectual property rights, and government procurement. The support offered by Beijing comes at a time when China's economy has slowed and foreign investment has declined. Xi acknowledged efforts by the United States and its allies to reduce their reliance on Chinese manufacturing and supply chains, but emphasized that China opposes unilateral sanctions, economic coercion, and the decoupling of industrial supply chains. He underscored that China's success is intertwined with the well-being of the world and that a global environment where China thrives will benefit everyone.

Over 130 mostly developing countries, including at least 20 heads of state and government, are participating in the forum. Russian President Vladimir Putin's attendance highlights China's economic and diplomatic support for Moscow amid its isolation due to the war in Ukraine. Putin praised the Belt and Road initiative, describing it as contributing to a fairer, multipolar world. Hungarian Prime Minister Viktor Orbán also met with Putin, marking a rare instance of the Russian president engaging with a European leader since the start of the war in Ukraine. While China has become a major financer of development projects under the Belt and Road initiative, it has faced criticism from the United States and India, among others, for engaging in "debt trap diplomacy."

Concerns have also been raised regarding the sustainability of the initiative's debt burdens. As a response, China aims to make the Belt and Road initiative smaller and more environmentally friendly after a decade of large projects that have led to trade growth but also significant debts and environmental issues. The forum provides an opportunity for participants to discuss and address these concerns, ensuring that the Belt and Road initiative can become more sustainable and beneficial for all involved.