🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

China unveils vision for 'Polar Silk Road' across Arctic

Published 2018-01-26, 01:26 a/m
© Reuters. China unveils vision for 'Polar Silk Road' across Arctic
NG
-
601919
-

BEIJING, Jan 26 (Reuters) - China on Friday outlined its ambitions to extend President Xi Jinping's signature Belt and Road Initiative to the Arctic by developing shipping lanes opened up by global warming.

Releasing its first official Arctic policy white paper, China said it would encourage enterprises to build infrastructure and conduct commercial trial voyages, paving the way for Arctic shipping routes that would form a "Polar Silk Road".

"China hopes to work with all parties to build a 'Polar Silk Road' through developing the Arctic shipping routes," the paper, issued by the State Council Information Office, said.

China, despite being a non-Arctic state, is increasingly active in the polar region and became an observer member of the Arctic Council in 2013.

Among its increasing interests in the region is its major stake in Russia's Yamal liquefied natural gas project which is expected to supply China with four million tonnes of LNG a year, according to the state-run China Daily.

Shipping through the Northern Sea Route would shave almost 20 days off the regular time using the traditional route through the Suez Canal, the newspaper reported last month. COSCO Shipping 601919.SS 1919.HL has also previously sailed vessels through the Arctic's northeast passage.

China's increasing prominence in the region has prompted concerns from Arctic states over its long-term strategic objectives, including possible military deployment.

"Some people may have misgivings over our participation in the development of the Arctic, worried we may have other intentions, or that we may plunder resources or damage the environment," Vice-Foreign Minister Kong Xuanyou said at a briefing.

"I believe these kinds of concerns are absolutely unnecessary."

The white paper said China also eyes development of oil, gas, mineral resources and other non-fossil energies, fishing and tourism in the region. It said it would do so "jointly with Arctic States, while respecting traditions and cultures of the Arctic residents including the indigenous peoples and conserving natural environment".

China's Belt and Road initiative aims to connect China to Europe, the Middle East and beyond via massive infrastructure projects across dozens of countries, reflecting Xi's desire for China to take on a more prominent global leadership role.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.