One Belt-One Road initiative will help defeat terrorism: PM Nawaz

Elias Hubbard
May 15, 2017

On Monday, Xi will host a leaders' summit at the capital city's Yanqi Lake International Convention Centre.

Few Western leaders are taking part.

China opened its Silk Road summit Sunday (May 14) to showcase its ambitious plans to revive ancient trade routes from Asia to Europe and Africa.

Russian President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan are among the 29 leaders expected to attend, along with delegations from North Korea and the United States.

Xi announced an additional $124 billion in funding for the OBOR initiative, including loans, grants and $8.7 billion in assistance to developing countries.

Another 873-kilometre high-speed railway project between China and Thailand will link the Chinese border to Thailand's ports.

Obor spans some 65 countries representing 60 percent of the global population and around a third of global GDP.

The #China Development Bank has earmarked 890 billion for some 900 projects.

By doing so, Beijing is sending a message to the world that it does not accept Pyongyang's global isolation as a way to defuse tensions on the Korean Peninsula, according to the experts. "This is an event that has been organised by the Chinese to focus on the Belt and Road Initiative".

Sunday's missile launch "is absolutely an embarrassment to Beijing but it also shouldn't be overstated", Christopher Balding, economics professor at Peking University, told AFP.

The foreign ministry spokesman said India had been "formally" invited to the Beijing summit.

"All countries should respect each other's sovereignty, dignity and territorial integrity, each other's development paths and social systems, and each other's core interests and major concerns", Xi said.

He warned that "isolation results in backwardness".

Speaking after Xi, Putin echoed the Chinese president's theme that economic development would help to nurture political stability. "Protectionism is becoming the norm".

One diplomatic source said they were probably in the trade session, attended by China's commerce minister, while another said it could have been the policy session, attended by U.N. Secretary General Antonio Guterres.

China, which has been angered by North Korea's repeated missile and nuclear tests, said on Saturday in reaction to the US complaint that all were welcome at the Silk Road forum.

The project is seen as a practical solution to relieve China's industrial overcapacity.

China plans to import $2 trillion of products from countries participating in its Belt and Road initiative over the next five years, Commerce Minister Zhong Shan said.

"Xi Jinping wants China to become the dominant regional power in an essentially Sino-centric order", Glaser said.

KDX, a polymer material provider, made 718 million yuan of sales in countries and regions along the Belt and Road in 2016, accounting for 23 percent of its overseas revenue.

The CPEC has emerged as a thorny issue between India and China whose ties have been under severe strain over issues ranging from Beijing blocking New Delhi's bid for the Nuclear Suppliers Group and its appeal to get an worldwide ban on Pakistani militant Masood Azhar.

Other reports by Click Lancashire

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