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Published: Fri, May 26, 2017
Economy | By Melissa Porter

China releases list of achievements from Belt and Road Forum

China releases list of achievements from Belt and Road Forum

"CNPC will deepen cooperation with economies participating in the Belt and Road Initiative in the oil and gas sector, consistently promoting energy and infrastructure cooperation", said Wang Yilin, CNPC chairman, during the Belt and Road Roundtable for oil and gas cooperation in Beijing on Tuesday.

Geo TV quoted a senior official of the Chinese Ministry of Foreign Affairs as saying that the forum is expected to build a consensus and finalise major projects in infrastructure connectivity, trade and investment, financial support and people-to-people exchanges.

Xi said the project has "no political agenda". China hopes the benefits the initiative brings will turn this diverse group into a loose union.

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, Greece, Kenya and most of China's Asian neighbors but no major Western leaders. While officials from the United States and North Korea also joined the global forum.

These leaders recognized, in a joint statement issued Monday, that growth in global trade and investment is sluggish.

He said India will deprive itself of huge benefits if it stays out of the inter-continental, collaborative agenda mooted by China and endorsed by nearly the entire world.

"One single feather does not make a bird fly high", he said.

Japan's government "is keeping a close watch on" Belt and Road to see whether the initiative turns into something that "can contribute to the region's sustainable development", Chief Cabinet Secretary Yoshihide Suga told a news conference Monday.

At the start of the gathering Sunday, Xi pledged additional financing for the initiative totaling 780 billion yuan ($113 billion). "To me, this initiative manifested the quality and strength of the Chinese leadership".

Some Western diplomats have expressed unease about the initiative, seeing it as an attempt to promote Chinese influence globally.

Questions for investors in host countries include whether new infrastructure is useful for the local economy, what the recurring costs are and whether it creates opportunities for local suppliers of materials, labour and finance, Exotix Partners wrote in a note today. What kind of positive attitude does the spokesman want China to hold?

The CNPC chairman said the company should speed up cooperation with resource countries to develop assets in order to meet China's growing need for oil and gas.

Hammond offered strong support for what China formally calls the Belt and Road initiative, as he spoke at the opening of a summit on the plan in Beijing.

Xi also appealed to foreign leaders to resist pressure to close markets.

China is promoting itself as a champion of free trade in response to pressure in the USA and Europe for restrictions on imports.

PM Nawaz said, "As an old friend, it is a matter of vast pleasure for him, government and the people of Pakistan to witness the success of this event as well as the transformational potential of OBOR for the peace, progress and prosperity of the people of the world".

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