Beijing, April 4 (Bloomberg): China is drafting rules for overseas investments to be considered part of President Xi Jinping’s Belt and Road Initiative, according to people familiar with the matter, marking the first attempt to better define his signature policy.
The plan, which isn’t yet final, aims to stop companies from misusing the label “Belt and Road Initiative”, said the people, who asked not to be named because the discussions were private.
Unchecked use of the name on projects has created confusion about the initiative’s scope and damaged its reputation abroad, they said.
One of the people said the National Development and Reform Commission, or NDRC, is working on a list of legitimate Belt and Road Initiative projects officially acknowledged by the Chinese government.
It would include both state-owned enterprises and private companies, helping the authorities improve regulation of projects, the person said.
The NDRC and foreign ministry didn’t immediately reply to faxed questions.
China is working to counter growing criticism of Mr Xi’s signature programme as concerns grow that increased debt burdens would leave governments vulnerable to Beijing’s broader strategic goals.