Published: Tue, May 16, 2017
World Media | By Shelia Harmon

India skips China's Silk Road summit, warns of 'unsustainable' debt

Among others, the initiative seeks to build a network of infrastructure connecting China to Asia, Europe and Africa in the form of highways, bridges, sea ports and industrial parks.

Addressing other world leaders at a summit on the initiative in Beijing, Mr Xi said it was necessary to coordinate policies with the development goals of institutions including the Asia-Pacific Economic Cooperation (Apec), Asean, African Union and the European Union.

Expanding cooperation in production capacity is an important vehicle for promoting the Belt and Road Initiative, Ning said.

Apart from free trade, the plan would provide opportunities for peace and inclusiveness, said President Xi at the forum, adding that old models based on rivalry and diplomatic power games should be abandoned, reported Reuters.

A number of leaders including Russian President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan applauded the initiative, which Xi unveiled in 2013 and hailed as "a project of the century".

He pledged a major funding boost to the new Silk Road, including an extra 100 billion yuan (S$20 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 worldwide bodies in nations along the new trade routes.

The "Belt and Road" project is China's biggest foreign initiative to date as Beijing looks for global stature to match its economic success.

Xi said that 68 countries have signed the agreement of cooperation.

"The CPEC is a core component of your visionary initiative of the One-Belt-One-Road project".

Prime Minister Nawaz Sharif on Sunday addressed the plenary session of the Belt and Road Forum (BRF) for International Cooperation in Beijing, where he stressed that geo-economics should take precedence over geopolitics.

Chinese leadership hosted One Belt One Road (OBOR) Forum in Beijing, which received overwhelming response not only from countries of the region but also from across the globe.

"The Belt and Road project, reaching Rwanda and beyond, will be a leap forward in process of integrating Africa not only facilitating integration of the continent's economy into the global one but also enhancing political integration", Kayonga said.

"We should foster a new type of global relations featuring win-win cooperation; and we should forge partnerships of dialogue with no confrontation and of friendship rather than alliance", he said, adding that the Belt and Road initiative focuses on the Asian, European and African countries, but is also open to all other countries.

Opening the summit on Sunday, Xi pledged $124 billion in funding toward the initiative.

Leaders from 29 countries, as well as the heads of the United Nations, International Monetary Fund and World Bank, are attending the forum.

The trade volume between China and other Belt and Road countries from 2014 to 2016 exceeded $3 trillion, and China's investment in these countries has surpassed $50 billion.

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