China has had its application to join the European Bank for Reconstruction and Development (EBRD) approved, opening “up significant further opportunities for sustainable investment by Chinese groups” in Europe.
Beijing’s recent request to become a shareholder of the bank, is part of Chinese President, Xi Jinping’s wider development strategy “One Belt, One Road” which will see the rebirth of a 21st Century Silk Road.
As part of the application to join the EBRD, the People’s Bank of China Governor, Zhou Xiaochuan, said the bank “complemented” their desire to work more closely and invest in the regions which China sees as instrumental to their “One Belt and One Road Initiative.”
EBRD President, Sir Suma Chakrabarti, said “China could greatly contribute to EBRD as a transition bank by sharing our own experiences of transition and use the Bank as a vehicle to exchange experiences and lessons learned with the Bank’s countries of operations.”
Moreover, the EBRD has often been linked to Chinese investment opportunities, and has recently said that is open to working with the new Asian Infrastructure Investment Bank.
Vice President of the European Commission, Jyrki Katainen, has added that, for its part, the EU would be encouraging greater collaboration with China.