Xi: Reject protectionism or risk global growth

A Chinese woman sits in a restaurant chair decorated with the British flag in Beijing. Britain may not be on China’s Belt and Road routes but it can still benefit from them

Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion Yuan (US$14.50 billion) into the existing Silk Road Fund, 380 billion in loans from two policy banks and 60 billion Yuan in aid to developing countries and global institutions in new Silk Road countries.

In addition to that, he also announced special lending schemes worth $56 billion to support cooperation on infrastructure, industrial capacity and financing.

"Over the past four years since the project was initiated, we have been holding the principle of extensive consultation, joint contribution and shared benefits" for the Belt and Road initiative, she said.

The Belt and Road Forum for International Cooperation opened on May 14, where Xi Jinping, president of the People's Republic of China, gave an opening speech.

On Sunday, Xi pledged US$124 billion for the new Silk Road which expands links between Asia, Africa, Europe and beyond.

Touted as the biggest diplomatic event initiated by China, the inaugural forum was attended by 1,500 delegates from more than 130 countries to discuss Mr Xi's mega project to revive two ancient trade routes via land and sea. Second, we need more synergy in our development strategies both at the regional and global levels. Global Times editorial argues that Indian nationalism and negative views about China-Pakistan cooperation could act as a destructive power for regional peace.

Anthony Weiner pleads guilty in 'sexting' case involving minor
He surrendered to Federal Bureau of Investigation agents in NY early Friday and appeared in court late-morning, telling U.S. From the initial crime to the state of his marriage, everyone wants to know what will happen to the former congressman.

Putin described the "One Belt, One Road" initiative to facilitate a 21st-century Silk Road, as a "timely and important proposition.in which Russian Federation will engage with active participation".

She said: "China is already the world's most important trade economy".

It is expected that the agreement between China and six multilateral development banks will enable greater investment in infrastructure crucial for cross border trade, and contribute to strengthening growth, development and prosperity across three continents. New Delhi chose to skip the meeting due to its sovereignty concerns - China-Pakistan Economic Corridor passes through Pakistan-occupied Kashmir (PoK).

That is despite complaints by its trading partners that China is the most-closed major economy.

He stressed that just as the China-developed ports of Hambantota and Colombo in Sri Lanka, Kyaukpyu in Myanmar, as well as Gwadar in Pakistan, are bringing about "tremendous changes", India's port construction projects including Chabahar in Iran, Chittagong in Bangladesh and Sittwe in Myanmar are also catalysing modernisation.

For now, China is playing it cool when it comes to India's role in the Belt and Road initiative.

Related News:

  • Sevilla's Sampaoli says could not snub 'dream' Argentina job

    Sevilla's Sampaoli says could not snub 'dream' Argentina job

    Argentina are now fifth in the 10-team South America zone World Cup qualifying standings with four games remaining. He denied that he had selected an Argentina squad. "I'm not going to leave Sevilla for another club".
    Trump tweets criticize naming of special counsel Mueller

    Trump tweets criticize naming of special counsel Mueller

    Mark Warner, the top Democrat on the Senate Intelligence Committee, said he's determined to press forward with public hearings. It is rumored he will announce his choice to replace Comey before leaving for his first foreign trip on Friday.

    Ex-FBI chief Mueller to head Trump-Russia probe

    On Fox News, Sean Hannity warned Wednesday of a "destroy Trump alliance" that is now "aligning to take down President Trump". It's not likely to matter, though, because according to sources, Trump doesn't feel Flynn should even be under investigation.
  • Sharapova targeting return to the top

    Sharapova targeting return to the top

    The Russian, who is a three-time victor of this event, will take on Mirjana Lucic-Baroni in the second round. Sharapova also said that she was unaware of this week's rankings deadline for the Wimbledon qualifying draw.
    Barrick Gold Corporation (ABX)

    Barrick Gold Corporation (ABX)

    Three research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. Year to date is 159.31%, 144.86% over the last quarter, 121.18% for the past six months and 106.59% over the last 12 months.
    Judge rules against Texas teen who brought clock to school

    Judge rules against Texas teen who brought clock to school

    Mohamed was taken into police custody after he displayed a homemade clock to teachers at MacArthur High School in Irving, Texas. His case drew worldwide attention, and then-President Barack Obama invited him to the White House.
  • Macron French president-elect's 'revolution' faces first test

    Macron French president-elect's 'revolution' faces first test

    Emmanuel Macron inherits one of the most powerful positions in Europe, and all the symbolism that comes with it. Ms Le Pen has also signalled there will be a change to her National Front party.

    'We need to see Mr. Comey's memo,' Buchanan says

    The Congressman said that his call for impeachment is a position of conscience for him and asked the American people to speak up. McCain said an impeachment is not "rational" at this point, adding that all he can do is "judge the situation as it is".
    Dele Alli can't guarantee that he will stay at Tottenham Hotspur

    Dele Alli can't guarantee that he will stay at Tottenham Hotspur

    Tottenham's last two league games are away at last season's champions Leicester City tomorrow and Hull City on Sunday. Pochettino will hope to have him fully fit and back for pre-season training in July. "They strangle teams.
  • Jays call up OF prospect Alford

    Jays call up OF prospect Alford

    The Jays issued a two-game suspension to Kevin Pillar yesterday, so they're a bit short-handed in the outfield at the moment. Dwight Smith Jr . joined the team Thursday to replace Pillar on the roster, but then Ceciliani injured his shoulder.
    Alibaba beats on revenue, thanks to strong online shopping in China

    Alibaba beats on revenue, thanks to strong online shopping in China

    For the quarter, 85 percent of e-commerce revenue in China was transacted on mobile devices, compared to 71 percent year-on-year. Alibaba is very close to reaching its ceiling, said Lu Zhenwang, chief executive officer of Wanqing Consultancy in Shanghai.
    Michael Carrick desperate to end season on a Europa League high

    Michael Carrick desperate to end season on a Europa League high

    Xhaka remains hopeful Arsene Wenger's side can secure a top-four spot, adding: 'We always have hope - hope dies last. All round a good win against a Manchester United side who clearly have one eye on the Europa League.


Most liked

Dollar has worst week in over a year amid political uncertainty
Traders are not pricing in additional increases, though, as investors are reluctant to take short positions. Spot gold added 0.15 percent to $1,248.62 an ounce, set to post a weekly gain of 1.6 percent.

Trip to bring Macron face-to-face with troops
French President Emmanuel Macron will kick off his Mali visit by holding talks with Malian President Ibrahim Boubacar Keita . Most of the terrorists in the region trace their origins to al-Qaida's North Africa branch.

Microsoft Blasts the CIA and NSA for "Stockpiling" Software Vulnerabilities
Microsoft president and chief legal officer Brad Smith answers questions at a shareholders meeting in 2014. The president of Microsoft laid some of the blame at the feet of the USA government.

Rosenstein learned of Comey firing 1 day earlier
Asked if Mueller's appointment would preempt his own request for Comey information, the Iowa Republican replied, "I don't know". Cummings has vigorously urged such an appointment, suggesting it could lead to accusations of obstruction of justice.

Second wave of ransomware attack targeting out-of-date Windows machines under way
As operating systems age, more potential viruses and malware are created to target them. Backups often are also out of date and missing critical information.

North Korea says linking cyber attack to Pyongyang is 'ridiculous'
Disarmament Ambassador Robert Wood said on Tuesday that China's leverage was key and Beijing could do more. Trump has called for an immediate halt to North Korea's missile and nuclear tests and U.S.

Dynegy Energy, Ross Stores climb; Foot Locker plunges
The analysts estimated EPS for the higher end at 1.08 and lower end at 1 while the year ago reported earnings per share was 1.03. Legal & General Grp Inc Public Limited Com has invested 0.04% of its portfolio in Foot Locker, Inc .

More premium hikes: blame Trump or Obama?
Popular Video SNL is not a fan of the Trump administration, and it shows with every new skit they produce. Democratic attorneys general have emerged as significant opponents to the Trump administration.

Justice official says he stands by critical memo on Comey
But Trump himself has already said that he was going to fire Comey regardless of any recommendation by the Justice Department. However, Trump later lashed out at the appointment of the special counsel in a series of tweets.

OPEC net oil revenues in 2016 were the lowest since 2004
Though the deal proposed a cut of 1.8 million barrels, commodity analysts are of the view that this number could be increased. It seems that the Organization of Petroleum Exporting Countries ( OPEC ) may be losing control of oil prices worldwide.

Jose Mourinho Believes Ajax Should Not be in Europa League
But I want to save players for Wednesday". "You (journalists) are English, you are here since you were born". Asked if he had submitted a request for the game to be moved, Mourinho replied: "I don't lose time.

Nex Machina out on June 20, includes local co-op
That's right, you can now partner up with someone in the same room and take down enemies faster and more efficient. It also appears that the company will also be moving away from PlayStation exclusives and going multi-platform.

U.S. allies seen cooperating despite alleged Trump leak
McMaster on Monday night denied that Trump had revealed the intelligence sources and methods used to glean this information. When that ended, Trump asked everyone to leave except Comey, and he eventually turned the conversation to Flynn.

China to import USA beef by mid-July
China's ban on USA beef dates to 2003, following an outbreak of the bovine spongiform encephalopathy ('mad cow's disease). It also grants more access to American credit rating agencies, bond underwriters and other financial service businesses.

A quiet Scandal finale focuses on Olivia as the villain
President", which reminds us that this whole ride began when Olivia came aboard Fitz's presidential campaign six seasons ago. Kerry takes on a variety of exciting storylines throughout the programme, including her character's affair with the U.S.