Officials arrive at One Belt - One Road Summit venue in Beijing

Posted May 16, 2017

The Chinese government established the Silk Road Fund in 2014 with a target of US$40 billion to invest in infrastructure projects in Asia.

Xi pledged 100 billion yuan ($14.5bn) to China's Silk Road Fund, 380 billion yuan in loans from two policy banks (the China Development Bank and the Export-Import Bank of China), as well as 60 billion yuan in aid to developing countries worldwide bodies that are part of the Belt and Road project.

In the communique, dated May 8, China said it welcomed South America's participation in the initiative, the basis of which covers Asia, Africa and Europe.

"In advancing the Belt and Road, we will not re-tread the old path of games between foes".

India can not stop its neighbours from cooperating with China in its ambitious Belt and Road project, Chinese media warned, as tensions simmer between the two Asian rivals.

Mr Xi urged "a new type of global relations" based on mutually beneficial co-operation and said "we should forge partnerships of dialogue with no confrontation and of friendship rather than alliance".

Speaking to reporters at the end of the meeting, Xi expressed confidence over the future prospect of the B&R initiative, a flagship project of which - the CPEC- runs through Gilgit and Baltistan in Pakistan-occupied Kashmir. It was one of the first concrete results of trade discussions that began a month ago, when Xi and Trump launched a 100-day action plan on economic cooperation during their meeting at the US leader's Mar-a-Lago resort in Florida.

North Korea reports on South's presidential election
Moon Jae-in emerged the victor in the May 9 presidential election to have collected 41.1% of the votes. The two sides agreed on the importance of denuclearizing the peninsula.

Other governments welcome Chinese investment in a region the Asian Development Bank says needs to spend $7 trillion this decade on ports, railways and other facilities to keep economies growing. "We sincerely appreciate your commitment and leadership for the realisation of CPEC projects", he said during a meeting with President Xi on the sidelines of the BRF.

China will host the second Belt and Road Forum for International Cooperation in 2019.

The draft also reaffirmed China and the participating countries' commitment to open economy and inclusive trade, and said the Belt and Road countries were opposed to all forms of protectionism.

"We should jointly create an environment that will facilitate opening up and development; establish a fair, equitable and transparent system of worldwide trade and investment rules".

Other delegates included officials, entrepreneurs and financiers from more than 130 countries, and representatives of key global organisations such as UN Secretary- General Antonio Guterres, World Bank President Jim Yong Kim, and worldwide Monetary Fund Director Christine Lagarde.

Chinese President Xi Jinping criticized protectionism yesterday at a summit positioning Beijing as a champion of globalization, but some European nations challenged Beijing to address concerns about its own trade practices.

In addition, Xi pledged about additional $14 billion for the construction of the Belt and Road project, of which CPEC is the chief component.