Published: Mon, May 22, 2017
Economy | By Melissa Porter

Chinese media warn India over Belt and Road project

Putin, however, had less flattering words for North Korea after the country fired a powerful ballistic missile that landed in waters near Russian Federation early Sunday.

Over the weekend, China pledged tens of billions of dollars in infrastructure financing and development aid, and elicited support from scores of countries to promote economic integration and free global trade through the creation of what Beijing is calling a "new Silk Road".

According to the host president, those attending the meeting agreed that they will arouse global cooperation on the development of the Belt and Road initiative, in which the challenges facing the world economy will be jointly discussed.

It succeeded partially, but Xi's prominence at the Beijing meeting, and state media's ringing endorsement of a concept that jars strikingly with U.S. President Donald Trump's "America First" policy, pointed to how seriously China took it.

In contrast, Xi said China's Belt and Road plan would be inclusive and open to all. We always want India to participate in the Belt and Road initiative.

He told the nearly two dozen world leaders gathered at the forum that countries should "uphold and grow an open world economy".

GREENE: So this was a big, splashy event that China was really excited about.

While funding the Belt and Road construction, the fund has demonstrated its flexibility and efficiency.

The host nation pulled out the stops to ensure the summit went smoothly.

Several leaders have voiced support for China's idea that development will help alleviate security problems, including terrorism.

China says the project is open to everyone, but it has also identified 65 countries along the Belt and Road that, since the early stages of the proposal, it has insisted will participate in the initiative.

Long-running diplomatic disputes did manage to muscle in on the narrative of inclusion for all, however.

The strategy was said to involve high-speed railways, bridges, roads, ports, industrial parks, oil pipelines and power grids that will be built across the region, from Mongolia and Laos to Uzbekistan and Malaysia.

One of the surprise attendees of the summit was a delegate from North Korea, who turned up despite the complaint sent by the United States to China over Pyongyang's attendance before the summit began.

Chinese President Xi Jinping announced yesterday that there will be a second Belt and Road Forum in 2019.

The majority of China's closest neighbours have expressed enthusiasm for the infrastructure investment and economic development that OBOR promises to bring.

China's decision to inject capital into the Silk Road Fund is necessary, a senior official of China's central bank said Sunday, stressing the importance of financial integration to Belt and Road development.

"We need the interference of China - we need justice, we need peace". But it sounds like one of China's guests, I guess we could say, nearly stole the limelight here.

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