China's Belt and Road communique pushes open trade centred on WTO

16 Mai, 2017, 13:43 | Author: Lucrece Courtet

North Korea did, to the annoyance of the United States.

Putin, however, had less flattering words for North Korea after the country fired a powerful ballistic missile that landed in waters near Russian Federation early Sunday.

The event was presented as Chinese President Xi Jinping's signature foreign policy project known as "The Silk Road Economic Belt and the 21st-Century Maritime Silk Road", also known as Belt and Road Initiative or One Belt, One Road, which aims to connect Asia, Europe, the Middle East and Africa.

China signed cooperation deals with 68 countries and worldwide organisations during the two-day forum, yielding a list of 270 deliverables in areas such as policy coordination, infrastructure building, trade, investment and finance.

The inclusive tone of China's Belt and Road push stands in stark contrast to U.S. President Donald Trump's "America First" policy, which included the scrapping of the Trans-Pacific Partnership (TPP) deal, a regional trade pact involving Pacific Rim countries but excluding China.

"Though originating in China, the Belt and Road Initiative BELONGS TO THE WHOLE WORLD".

"China will enhance cooperation on innovation with other countries", he said. "It is important for all parties to work more closely together if we are to make the blueprint a reality and keep delivering tangible results". He also pledged $8bn in aid to developing countries and worldwide organization along the belt and road for education and humanitarian work.

The host nation pulled out the stops to ensure the summit went smoothly. It believes emerging markets in its neighbourhood will be more willing to accept Chinese-made high-speed rail, energy generators and telecommunications equipment than developed countries.

China Communications Construction Group alone has notched up $40 billion of contracts and built 10,320 kilometres of road, 95 deepwater ports, 10 airports, 152 bridges and 2,080 railways in Belt and Road countries.

Putin and other leaders praised Xi's project.

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Named after the historic Silk Road, the Belt and Road Initiative was proposed by Xi in 2013 to chart out new territories for global cooperation.

Long-running diplomatic disputes did manage to muscle in on the narrative of inclusion for all, however.

He was attending a summit in Beijing on China's New Silk Road trade project.

And when China confirmed North Korea was attending, the USA embassy in Beijing submitted a complaint to China's foreign ministry saying its presence sent the wrong message as the world tried to pressure Pyongyang over its weapons programme. On Sunday it fired a ballistic missile in defiance of worldwide calls to curb its weapons programme.

"The Belt and Road initiative aims to increase worldwide cooperation on the basic principles of mutual discussion, mutual construction and mutual sharing", he said, adding that the initiative, which is now in its fourth year, has made significant strides in advancing global cooperation.

The Belt and Road effort calls for the creation of six economic corridors, or areas, that would link up to 65 countries by land and sea. "It's a major trade initiative", he said.

"Shifting educational resources and helping improve the education of the poor is the best investment you can possibly make", he said. "We want German companies to be able to operate in China in the same way Chinese companies can in Germany". They can interfere in many problems.

Aziz, a banker-turned-politician, explained the economic rationale behind massive Belt and Road projects.

According to the report, foreign direct investment from China to countries identified as being part of the BRI declined by 2 percent in 2016, falling an additional 18 percent so far this year.

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