China pledges $124 billion for new Silk Road, says open to everyone

The two-day event is the highest-level forum on the Belt and Road Initiative since the Chinese president first raised the concept in 2013.

India has reservations about the project because it passes through Pakistan-Occupied-Kashmir, which India says challenges its sovereignty by lending legitimacy to Pakistan's claim over the territory.

But he cautioned "all countries should respect each others' sovereignty. and territorial integrity".

There are also several European leaders attending, including the prime ministers of Spain, Italy, Greece and Hungary.

"Civilization project for the future", as Putin called the New Silk Road, should bring stability and prosperity along its way.

Xi told the audience of almost 1,500 that the pursuit of the initiative "requires a peaceful and stable environment".

China will cultivate new domestic markets such as cultural and business tourism while enhancing cooperation with other countries in tourism insurance and market regulation, according to Li.

Howard predicts nations on the outside looking in, will join China's ambitious project.

Beijing is hosting a high-level global cooperation forum, dubbed "One Belt, One Road", which brings together dozens of heads of state and government, along with financial organizations and hundreds of business representatives and entrepreneurs.


The two-day meeting included Presidents Vladimir Putin of Russian Federation and Recep Tayyip Erdogan of Turkey and presidents or prime ministers from Italy, Hungary and Greece, as well as most of China's Asian neighbors, but no major Western leaders.

David Kelly, the director of geopolitics at the Beijing-based consulting firm China Policy, tells The National: "BRI's extension to the U.S. may have been sold to Trump as a concession made by Beijing, similar to pledged investment by [the Chinese internet major] Alibaba's [founder and chairman] Jack Ma, with eventual announceables of new manufacturing jobs and construction projects". Other delegates include officials, entrepreneurs and journalists from over 130 countries.

During the address, Xi pledged to pump in an additional United States dollars 124 billion for projects that are part of the initiative.

Through focus on connectivity of infrastructure including roads, rail links, sea routes, ports, and connectivity of policy, trade and finance, we are observing a phenomenon which has few historical parallels.

North Korea relies heavily on trade with China for its economic survival, and US President Donald Trump has urged Xi to use that leverage to put pressure on Pyongyang.

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

Named after the ancient Silk Road, the Belt and Road, or the One Belt, One Road initiative, was proposed by Xi in 2013 to chart out new territories for global cooperation. "Instead we will create a new model of cooperation and mutual benefit". "The Silk Road spirit has become a great heritage of human civilization".

"India was openly sceptical of China's Belt and Road Forum (BRF) hours ahead of the opening of the event, mainly due to concerns over the China-Pakistan Economic Corridor (CPEC), a key project of the Belt and Road, and whether it might influence the disputed Kashmir region", it said.


Popular
  • Simona Halep beats Kristina Mladenovic to defend Madrid Open title

    She's a very tough opponent, very hard to play against her. "I think it was a great final". But now I feel good because I played doubles and I relaxed my body.
    SLIDESHOW: Top baby names for 2016 revealed

    SLIDESHOW: Top baby names for 2016 revealed

    Since the now commander-in-chief started his campaign trail, the name Donald has decreased in popularity among new parents. In general, she said, parents don't want to give their children names that might attract controversy.
    Philippines, US start joint annual drills in Manila

    Philippines, US start joint annual drills in Manila

    The annual joint exercises pushed through despite Duterte's threat previous year to have them scrapped altogether. Authorities say about 5,400 solders are participating this year.
  • AMBER Alert issued for missing Hampton infant and her mom

    AMBER Alert issued for missing Hampton infant and her mom

    Virginia State Police have issued an Amber Alert for Chloe Johnson, an 8-month-old girl who's missing out of Hampton. Police said the mom may also have been abducted.

    Andy Cohen's warning for Ryan Seacrest: Don't underestimate Kelly Ripa

    Seacrest of course was announced as co-host of ABC's syndicated show Live With Kelly and Ryan, as it's now called, last week. ABC is reportedly eyeing a March premiere for the show.
    Wenger - Arsenal couldn't afford to lose today

    Wenger - Arsenal couldn't afford to lose today

    Mourinho's men have just one more chance to make amends this season, when they take on Tottenham at White Hart Lane on Sunday. In short, none of the four sides pushing for the top four behind Chelsea and Tottenham have been convincing.
  • Budget not a down-payment on new border wall

    John McCain, R-Ariz. "And many of us are going to be compelled to vote for it because we don't want to shut the government down". Democrats say the parity is still there, because the extra money for the defense budget comes temporarily from emergency funds.
    Spurs overcome Leonard injury, Harden to beat Rockets in OT

    Spurs overcome Leonard injury, Harden to beat Rockets in OT

    The Spurs were able to squeeze pass the Rockets but it came at a cost as All-Star forward Kawhi Leonard injured his ankle. Due to the Rockets and Spurs losing significant pieces, the Warriors are most likely going to advance to the finals.

    Federal Bureau of Investigation chief James Comey

    And he said the FBI does not expect to have anything to say about the Russian Federation investigation until that one was over. Clinton will act as the connector, said one source, bringing donors to these groups and helping raise money for them, too.
  • Energy chief says hole has been filled at nuclear waste site

    Energy chief says hole has been filled at nuclear waste site

    The Hanford Site is a mostly decommissioned nuclear production complex operated by the USA government on the Columbia River. Non-essential workers who live north of the site's Wye Barricade entrance were asked to stay home Wednesday.
    Hertz tanks 15% after missing big on earnings

    Hertz tanks 15% after missing big on earnings

    The stock of Hertz Global Holdings, Inc (NYSE: HTZ ) has "Neutral" rating given on Tuesday, March 22 by Sterne Agee CRT. GSA Capital Partners LLP raised its position in shares of Hertz Global Holdings by 15.7% in the fourth quarter.

    Thousands of people fill arena to hear from Warren Buffett

    But Buffett said Berkshire Hathaway , which kicks off its annual meeting today, still could buy IBM shares. It's one of the second times this year Buffett has come out bullish on Bank of America .

CONNECT