India skips China's B&R meet, mounts diplomatic pressure against CPEC

China is ready for $124 billion investment
India skips China's B&R meet, mounts diplomatic pressure against CPEC
Author

16 May, 2017

The Beijing event has brought together government leaders and heads of the International Monetary Fund, the World Bank, the World Economic Forum and the World Trade Organisation, all eager to tap the business potential that will be created with the creation of six economic corridors planned under BRI.

"Pursuing the B&R initiative, China has no intention to form a small group detrimental to stability", Xi was quoted as saying by the state-run Xinhua news agency.

- Provide assistance worth US$8.7 billion to developing countries and global organisations participating in the initiative to launch more projects to improve people's well-being. Since 1999, that figure has surpassed US$7.5 billion.

Chinese officials insist the initiative is purely commercial, but foreign diplomats and political analysts also see an effort by the Communist Beijing government to promote its ambitions of rewriting global rules on trade and security and to reduce the USA presence in Asia.

Pakistan Prime Minister Sharif, his Sri Lankan counterpart Ranil Wickremesinghe, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan were among the world leaders who attended the high-profile meeting.

"Manufacturing will open up economies of countries along the belt and road, create employment and reduce inequality", said the Chinese leader.

President Xi Jinping delivers a keynote speech at the opening ceremony of the Belt and Road Forum for International Cooperation in the National Convention Center in Beijing on May 14, 2017.

That includes about £40bn of loans from non-commercial Chinese state banks and £35bn from state-owned commercial lenders.

The 45-minute-long address by the 63-year-old Chinese president came a day after India made it clear that it will not attend the two-day B&R Forum that began in Beijing today.

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On Sunday, Zypries called for greater transparency in tenders for the initiative's projects and for adherence to global standards.

Prime Minister Nawaz Sharif said on Monday Pakistan and China will decide whether to add any country in China-Pakistan Economic Corridor, reported Dunya News.

He added that the initiative would open up Rwanda to the world more than ever before.

A Project of the Century: Xi Jinping's Belt and Road Forum gets underwayA project of the century: that's how China's President Xi Jinping opened the Belt-and-Road Forum.It's the highest-profile global assembly since the Initiative was announced in 2013.

China will cultivate new domestic markets such as cultural and business tourism while enhancing cooperation with other countries in tourism insurance and market regulation, according to Li.

The project " a belt road" is the reflection of our quest for a common development.

"And ultimately how much political sovereignty is sacrificed, and what is the risk to completion of projects in the event of a disorderly slowdown in the domestic Chinese economy", said the U.S. investment firm specialising in frontier and illiquid markets.

China is reportedly establishing some military bases in Gilgit-Baltistan, a territory whose sovereignty is disputed, said the founder of the Gilgit-Baltistan Thinkers Forum, Wajahat Khan. Chinese banks have set up 62 branches and offices in 26 countries along the BRI routes in the past four years, he said.


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