Published: Sun, May 14, 2017
Worldwide | By Gretchen Simon

Xi says Silk Road plan boosts finance, security ties

"We should build an open platform of cooperation and uphold and grow an open world economy", Xi said in his inaugural address to the Belt and Road Forum (BRF) as he also highlighted the importance of the China-Pakistan Economic Corridor (CPEC), the reason New Delhihas stayed away from Beijing's most important diplomatic event of the year.

Pakistan has been a flagship country and one of the most enthusiastic supporters of the One Belt-One Road initiative, in part because many projects are for power plants to alleviate the country's decade-long energy-shortage crisis that sees frequent blackouts.

A file photo of Margaret Chan Fung Fu-chun, Director-General of the World Health Organization. The Belt and Road initiative is China's plan to rebuild that ancient trade success.

Some Belt and Road projects are raising concerns in certain countries.

The two-day summit is expected to be attended by Russia's President Vladimir Putin, Turkey's President Recep Tayyip Erdogan and 26 other leaders.

"US firms can offer the best-value goods and services required over the life of a project", said Pottinger, who is special assistant to Trump and the National Security Council's senior director for East Asia.

Also China will encourage financial institutions to conduct overseas RMB fund business with an estimated amount of 300 billion yuan (about Dollars 43.5 billion), Xi said.

PM congratulates wrestler Bajrang Punia on winning gold
He also added' A gold medal is very important for me. "A gold is a gold and it can not be compared to either silver or bronze. It was looking like that India will have to satisfy with yet another silver medal this season but Bajrang had other ideas.

"As some Western countries move backwards by erecting walls, China is contriving to build bridges, both literal and metaphorical, these bridges are China's important offering to the world, and a key route to improving global governance", the agency said.

Meanwhile, on May 2, the Chinese media had said that the China-Pakistan Economic Corridor (CPEC) will be Beijing's road to Kashmir, thus proving India's fears of China meddling in the Kashmir dispute true. "Instead we will create a new model of cooperation and mutual benefit". The opening ceremony of the Belt and Road Forum for International Cooperation is held in the National Convention Center in Beijing. He was due to meet Monday with Chinese officials and representatives of US companies looking at potential "Belt and Road" opportunities, said embassy spokeswoman Mary Beth Polley.

China has pledged as much as $124 billion to a project which is meant to revive the ancient Silk Road intercontinental trade route.

He is planning to invest at least €110 million in the scheme, but that could rise as the project develops.

"In pursuing the Belt and Road Initiative, we should focus on the fundamental issue of development, release the growth potential of various countries and achieve economic integration and interconnected development and deliver benefits to all", he said.

Chinese state-owned lenders have put up most of the money for "Belt and Road", but Beijing says it wants projects to attract private investment.

Several other European leaders, including the prime ministers of Spain, Italy, Greece and Hungary, are also attending the summit.

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