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8/29/2018, 3:21 PM (Source: TeleTrader)
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EU to reveal plan to rival China's Silk Road Initiative - report

The European Union is preparing a new strategy designed to rival China's Silk Road Initiative by enhancing ties between Europe and Asia in the energy, transport and digital sectors, the WirtschaftsWoche reported on Wednesday citing an internal memo from the EU's External Action Service.

The EU High Representative for Foreign Affairs and Security Policy, Federica Mogherini (pictured), together with European Commission, are reportedly set to reveal an EU/Asia connectivity strategy on September 19, while the plan itself is to be adopted at the meeting of EU's top diplomats in mid-October. According to the paper, the EU's External Action Service criticized China's investment policy, saying that it "lends dizzying sums of cash, leading to unhealthy dependencies and over-indebtedness in recipient countries."

The Silk Road Initiative, also known as the Belt And Road Initiative, was unveiled by the Chinese president Xi Jinping in 2013 and is believed to be one of the largest infrastructure and investment projects in history, spanning more than 68 countries and covering 65% of the world's population and 40% of the global GDP as of last year. According to a Morgan Stanley estimate, the project will be worth as much as $1.3 trillion by 2027.

Breaking the News / FH