TAIPEI (Taiwan News) — China is considering hosting a third Belt and Road Forum for International Cooperation next year, Chinese leader Xi Jinping (習近平) said on Friday (Nov. 18) at the 2022 Asia Pacific Economic Partnership summit.

The Belt and Road Initiative (BRI) is China’s main infrastructure investment strategy to bolster cooperation with other nations. Previous iterations of the forum, in 2017 and 2019, drew many foreign leaders and officials, according to Reuters.

However, the BRI has attracted criticism for being a debt trap scheme for developing countries such as Sri Lanka. The construction of the Hambantota International Port in the Southeast Asian nation began in 2008 and was funded with US$1.3 billion of loans from China, per The Hindustan.

In 2017, the Sri Lankan government signed a 99-year concession agreement to give majority control of the port to the China Merchants Port Holdings Company.

At the G20 Heads of State and Government Summit, U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the Partnership for Global Infrastructure and Investment, as an alternative to China’s BRI.

"We offer values-driven, high-standard, and transparent infrastructure partnerships for low- and middle-income countries," Politico quoted Von der Leyen as saying.