China’s Xi Promises Open Markets and Billions in New Investments for ‘Belt and Road’ Projects 

Chinese President Xi Jinping and distinguished guests arrive to attend the opening ceremony of the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing, capital of China, 18 October 2023. (EPA/Wang Ye/ Xinhua China / UK and Ireland)
Chinese President Xi Jinping and distinguished guests arrive to attend the opening ceremony of the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing, capital of China, 18 October 2023. (EPA/Wang Ye/ Xinhua China / UK and Ireland)
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China’s Xi Promises Open Markets and Billions in New Investments for ‘Belt and Road’ Projects 

Chinese President Xi Jinping and distinguished guests arrive to attend the opening ceremony of the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing, capital of China, 18 October 2023. (EPA/Wang Ye/ Xinhua China / UK and Ireland)
Chinese President Xi Jinping and distinguished guests arrive to attend the opening ceremony of the third Belt and Road Forum for International Cooperation at the Great Hall of the People in Beijing, capital of China, 18 October 2023. (EPA/Wang Ye/ Xinhua China / UK and Ireland)

Chinese President Xi Jinping promised foreign companies greater access to China’s huge market and more than $100 billion in new financing for other developing economies as he opened a forum Wednesday on his signature Belt and Road infrastructure initiative.

Xi's initiative has built power plants, roads, railroads and ports around the world and deepened China’s ties with Africa, Asia, Latin America and the Middle East.

Tt the forum’s opening ceremony at the ornate and cavernous Great Hall of the People, Xi promised that two Chinese-backed development banks – the China Development Bank and the Export–Import Bank of China – will each set up 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 BRI projects.

“We will comprehensively remove restrictions on foreign investment access in the manufacturing sector,” Xi said. He said China would further open up “cross-border trade and investment in services and expand market access for digital products” and carry out reforms of state-owned enterprises and in sectors such as the digital economy, intellectual property rights and government procurement.

The pledges of hefty support from Beijing come at a time when China's economy has slowed and foreign investment has plunged.

Xi alluded to efforts by the United States and its allies to reduce their reliance on Chinese manufacturing and supply chains amid heightened competition and diplomatic frictions and reiterated promises that Beijing would create a fairer environment for foreign firms.

“We do not engage in ideological confrontation, geopolitical games nor clique political confrontation,” Xi said. “We oppose unilateral sanctions, economic coercion and the decoupling and severance of chains,” a reference to moves elsewhere to diversify industrial supply chains.

Reiterating Chinese complaints that such moves are meant to limit China's growth, Xi said that “viewing others’ development as a threat or taking economic interdependence as a risk will not make one’s own life better or speed up one’s development.”

“China can only do well when the world is doing well,” he said. “When China does well, the world will get even better.”

Representatives from more than 130 mostly developing countries are attending the forum, including at least 20 heads of state and government. Russian President Vladimir Putin is attending, reflecting China’s economic and diplomatic support for Moscow amid the isolation brought by its war in Ukraine.

Addressing the forum right after Xi, Putin praised BRI as being “truly important, global, future-oriented, aimed at creating more equitable, multipolar world relations."

“This is truly a global plan,” he said, adding that it aligns with Russia's plan “to form a large Eurasian space, as a space of cooperation and interaction of like-minded people, where a variety of integration processes will be linked.”

He referred to other regional organizations, such as the security-oriented Shanghai Cooperation Organization, the Association of Southeast Asian Nations (ASEAN), and the Eurasian Economic Union of former Soviet states.

Several European officials including the French and Italian ambassadors to China and former French Prime Minister Jean-Pierre Raffarin walked out while Putin spoke and returned afterwards.

On Tuesday, Putin met with Hungarian Prime Minister Viktor Orbán, who is the sole European Union government leader attending the forum. Their meeting was a rare instance of the Russian president meeting a European leader since the start of Russia’s war in Ukraine in February 2022.

Putin met with Xi after the opening ceremony.

Also in attendance are the presidents of Indonesia, Argentina, Kazakstan, Sri Lanka, Kenya among other countries, as well as UN Secretary-General António Guterres. Most Western European countries and US allies sent lower level or former officials to the forum.

Guterres highlighted the BRI’s potential to bring development to neglected areas while stressing the need for projects to be environmentally sustainable. He said the initiative could help drive the transition away from reliance on fossil fuels.

“Developing countries will need massive support for a fair, equitable and just energy transition toward renewables while providing affordable electricity to all,” Guterres said.

He also called for an “immediate, humanitarian” ceasefire in the Israel-Palestine war after a strike killed hundreds at a Gaza City hospital on Tuesday.

With the BRI, China has become a major financer of development projects on a par with the World Bank. The Chinese government says the initiative has launched more than 3,000 projects and “galvanized” nearly $1 trillion in investment.



Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
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Barclays Says Brent Crude Oil Could Reach $100 a Barrel

FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A map showing the Strait of Hormuz and Iran is seen behind a 3D printed oil pipeline in this illustration taken June 22, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Barclays boosted its Brent crude oil futures price forecast to around $100 per barrel on Saturday, up from $80 on Friday, after the United States and Israel bombed several sites in Iran.

"Oil markets might have to face their worst fears on Monday. As things stand right now, we think Brent could hit $100 (per barrel), as the market grapples with the threat of a ⁠potential supply disruption amid ⁠a spiraling security situation in the Middle East," the bank said in a report.

The United States and Israel attacked Iran on Saturday, targeting its top leaders and calling for the overthrow ⁠of its government, while Iran responded with missiles fired at Israel and neighboring Gulf countries.

Oil prices rose about 2% on Friday, with traders bracing for supply disruptions as nuclear talks between the US and Iran had yet to reach an agreement.

Brent settled at $72.48 a barrel.

About a fifth of the oil consumed globally passes through the Strait of ⁠Hormuz between ⁠Oman and Iran, making any disruptions in the area a major risk to global oil supplies.


Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
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Oil Prices Set for Swings Next Week as US-Israel Strikes Raise Supply Uncertainty

Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)
Markets are anticipating movements in oil prices after the American-Israeli attack on Iran (Reuters)

Oil markets currently closed for the weekend are set to see price swings next week as the impact from the US and Israeli strikes on oil supplies from the Middle East remains unclear.

Scenarios before the latest conflict with Iran foresaw a quick price spike that fades if the attacks didn't affect oil shipping and infrastructure such as Iranian pipelines and its Kharg island terminal. However, there would be a bigger price spike and longer-lasting impact if oil infrastructure or supplies were interrupted, for instance because of disruption of tanker traffic through the Strait of Hormuz.

Oil prices have already risen on war fears. International benchmark Brent crude closed at a seven-month high of $72.87 on Friday, Reuters reported.

Iran exports some 1.6 million barrels of oil a day, most of it going to China, where privately owned refineries are less concerned about the US sanctions that prevent Iran from selling its oil elsewhere. If that supply is disrupted, Chinese customers would look elsewhere for oil on the global market, potentially driving up prices.

Another question is around the Strait of Hormuz, through which 20% of global oil supply pass through each day. Middle East exporters Saudi Arabia, Iraq and the United Arab Emirates send most of their exports through the strait. However analysts say Iran has no incentive to try to close the strait because it would cut off its own exports and hurt its only big customer, China.

Limited strikes on Iran’s nuclear program and the Revolutionary Guard that avoid regime change or all-out war could see prices jump $5-$10 based on fear alone, according to Rystad Energy in a prewar scenario.

A wider war involving Iranian disruption of tanker traffic could see crude push past $90 per barrel and US gas prices “well above” $3 per gallon, according to another prewar scenario from Clayton Seigle at the Center for Strategic & International Studies. US gas prices averaged $2.98 per gallon last week according to US motoring club AAA.


Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
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Israel Shuts Down Gas Fields After US-Israel Strikes on Iran

The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch
The gas platform for Leviathan, Israel's largest gas field is seen from a helicopter near Haifa bay, northern Israel, August 1, 2023. REUTERS/Ari Rabinovitch

The Israeli Energy Ministry has ordered the temporary shutdown of parts of the country's natural gas reservoirs after Israel and the United States launched strikes on Iran on Saturday.

The Leviathan gas field offshore Israel, operated by Chevron has been shut down, three sources told Reuters. Energean’s production vessel that serves several Israeli fields has also been shut down, the company said in a statement.

Israel’s ministry said the decision was based on “the current situation and in accordance with security assessments”, Reuters reported.

It said country’s energy needs would be met through alternative sources and that the electricity sector was prepared to operate power stations using alternative fuels if necessary.