China pledges $124 billion for new Silk Road plan

15 Mai, 2017, 23:46 | Author: Claudine Rigal

The two-day Belt and Road Forum will see leaders from 29 nations gather in Beijing for the initiative that aims to develop economic links between Asia, Africa and Europe.

President Xi Jinping greeted leaders from 29 nations for the two-day summit in Beijing after US and South Korean military officials confirmed that Pyongyang had launched a ballistic missile.

Chinese President Xi Jinping pledged $124 billion on Sunday for his ambitious new Silk Road plan, saying everyone was welcome to join what he envisioned would be a path for peace and prosperity for the world.

Chinese President Xi Jinping hosted dozens of world leaders and senior officials yesterday for the country's biggest diplomatic showcase of the year, touting his vision of a new "Silk Road" that opens trade routes across the globe.

"Although the Northern Australia initiative is separate to the Belt and Road Initiative, there are clearly complementarities there so we can share knowledge and we can share experience for the benefit of both nations", he told reporters in Beijing, where he is representing Australia at a summit on the new Silk Road.

Mr Xi did not give a timeframe for the distribution of funds pledged for the projects outlined on Sunday.

The CPEC has emerged as a thorny issue between India and China, whose ties have been under strain over issues that include Beijing blocking New Delhi's bid for the Nuclear Suppliers Group and Tibetan spiritual leader, the Dalai Lama's visit to Arunachal Pradesh in northeast India last month.

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The Belt and Road is a grand economic cooperation and development plan open to everyone, and is aimed at improving infrastructure in countries along the Belt and Road route, thus benefiting the local people, it said.

Hammond offered strong support for what China formally calls the Belt and Road initiative, as he spoke at the opening of a summit on the plan in Beijing.

President Xi also emphasized that his government would encourage financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan ($45 billion) for the project.

Other delegates included officials, entrepreneurs and financiers from more than 130 countries, and representatives of key global organisations such as UN Secretary- General Antonio Guterres, World Bank President Jim Yong Kim, and worldwide Monetary Fund Director Christine Lagarde.

Xi said that the Belt and Road Initiative embodies the aspiration for inter-civilisation exchanges, the yearning for peace and stability, the pursuit of common development and the shared dream for a better life. While CPEC is highlighted as "flagship project", the B&R included Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st century Maritime Silk Road. "We are awaiting a positive response from the Chinese side", External Affairs Ministry spokesperson Gopal Baglay had said in a statement.

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

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