Xi: Reject protectionism or risk global growth

Xi: Reject protectionism or risk global growth

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.

Thousands stranded near Badrinath after landslide
Around 15,000 tourists were stranded after a landslide near Vishnuprayag on Badrinath route on Friday, said reports. Those stranded between Hathi Parvat and Badrinath have been taken to the Govindghat gurdwara.

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.

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