China's Xi confident in the future of new 'Silk Road' effort

Uhuru and Xi

Proposed in 2013 by Xi, the project is broad on ambition but still short on specifics.

The participants at the Belt and Road summit in Beijing said in a draft communique obtained by the South China Morning Post that they would improve cooperation to boost growth, trade and investment.

"This is an important lesson that can be drawn from the global financial crisis and is still very relevant to the development of the world economy today", he said.

Hours before the summit opened, North Korea launched another ballistic missile, further testing the patience of China, its chief ally.

The United States sent a delegation led by Matt Pottinger, special assistant to the president and senior director for Asia at the National Security Council.

Xi pledged a major funding boost to the new Silk Road, including an extra 100 billion yuan ($14.50 billion) into the existing Silk Road Fund, 380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and global bodies in countries along the new trade routes.

Xi said China would encourage financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan.

Xi did not give a time frame for the new loans, aid and funding pledged on Sunday.

Graziano da Silva made the remarks at the Belt and Road Forum for International Cooperation in Beijing.

The China-Pakistan Economic Corridor, a key component of One Belt, One Road - passes through the disputed region of Kashmir, which both India and Pakistan claim in its entirety.

"No country can accept a project that ignores its core concerns on sovereignty and territorial integrity", Gopal Baglay, ministry of external affairs spokesperson said, referring to the CPEC on Saturday. But governments have expressed concern Beijing might use "Belt and Road" to promote Chinese exports by encouraging its neighbors to adopt China's industrial standards for railways and other goods.




Jörg Wuttke, outgoing president of the EU Chamber of Commerce in China, said last week that many foreign firms still face major regulatory barriers and limits to market access in China.

The B&R includes a maze of roads and port projects.

"China is willing to share its development experience with all countries", Xi said. It is aimed at developing an innovative model of cooperation and a new order of interregional interaction.

"In advancing the Belt and Road, we will not re-tread the old path of games between foes".

"Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit", he said.

Yesterday's summit, meanwhile, was overshadowed by the fatal shooting of 10 labourers on 13 May, who were working on road projects connected to the CPEC project in southwestern Pakistan's Balochistan province, where violence committed by separatists is a continuing threat. A change of presidents in the Philippines and the USA withdrawal from the Trans-Pacific Partnership Agreement, which excludes China, have helped.

In contrast, Mr Xi said China's Belt and Road plan would be inclusive and open to all.

Sharif said the Belt and Road "rejected the encirclement for any country".

Also newly committed at the Forum on May 14, 2017-15, were $55 billion by two of China's state policy banks, and $45 billion from Chinese state commercial lenders.

India on Sunday boycotted China's high-profile Belt and Road Forum, taking its protest over a controversial economic corridor traversing through Pakistan- occupied Kashmir (PoK) to a new level despite Beijing's overtures to ensure New Delhi's participation.

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