Why India refused to participate in China-led OBOR summit

Why India refused to participate in China-led OBOR summit

Announced by Xi in 2013, the Belt and Road project aims to connect Asia, Europe through a network of roads, railway lines, and ports.

Xi said China would contribute 100 billion yuan ($14.5 billion) to the Silk Road Fund, which was set up in 2014 to finance infrastructure projects and provide aid worth 60 billion yuan ($8.7 billion) to developing countries and worldwide organizations taking part in the initiative to revive the ancient trade route.

The participants at the Belt and Road summit in Beijing said in a draft communique obtained by the South China Morning Post that they would improve cooperation to boost growth, trade and investment.

Speaking before an audience that included Russian President Vladimir Putin, Xi said his government has "no desire to impose our will on others".

The One Belt One Road project is already in action in Chongqing in southern China where a massive logistics center moves containers on to trains 24 hours a day.

"It is regrettable but not a problem that India still maintains its strong opposition, even though China has repeatedly said its position on the Kashmir dispute would not change because of the China-Pakistan Economic Corridor (CPEC)", said the article written by Global Times reporter Wang Jiamei.

Mr Xi said the new Silk Road would be open to all, including Africa and the Americas, which are not situated on the traditional Silk Road.

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Xi said China's Belt and Road plan would be and open to all. "Sri Lanka is ready to seek more economic cooperation opportunities with China".

PRESIDENT Xi Jinping expressed ambitious hopes for Asian and European governments working closely on finance, law enforcement and a broad range of other issues under a China-led trade initiative as leaders of 30 countries yesterday ended a meeting to promote the effort. But he called for "economic integration" and cooperation on financial regulation, anti-terrorism and security - fields in which China's heft as the world's No. 2 economy would make it a dominant player.

The event was attended by heads of the International Monetary Fund, the World Bank, the World Economic Forum and the World Trade Organization besides leaders from different countries including Germany, Britain, France and Italy.

"Chinese outbound investment is forecast to total $600 billion to $800 billion over the next five years, a fairly large proportion of which will go into markets related to the Belt and Road Initiative", said Ning Jizhe, vice-minister of the National Development and Reform Commission, at a news conference.

"We endeavour to promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system with WTO at its core", they said according to the statement.

Prime Minister Nawaz Sharif on Sunday addressed the plenary session of the Belt and Road Forum (BRF) for International Cooperation in Beijing, where he stressed that geo-economics should take precedence over geopolitics.

On Sunday, China pledged $124 billion (113 billion euros) to fund infrastructure projects.

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