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China offers billions for new Silk Road initiative

16 Mai 2017

In a statement to India Today, the Chinese Foreign Ministry also reiterated its stand on the China Pakistan Economic Corridor (CPEC), which India has opposed as it passes through Pakistan-occupied Kashmir, saying, "It is not directed at any third parties, not relevant to disputes over territorial sovereignty and does not affect China's position on the Kashmir issue".

Created to finance the Belt and Road Initiative, the Silk Road Fund was officially founded in December 2014 and jointly backed by China's foreign exchange reserves, the China Investment Corp., the Export-Import Bank of China (China EximBank) and China Development Bank (CDB). Hi called the plan "a project of the century" that will benefit people across the world.

China will host the second Belt and Road Forum for International Cooperation in 2019.

"The Silk Road spirit has become a great heritage of human civilization", he said.

The remarks by Brigette Zypries were some of the most outspoken by a government minister as leaders from 29 countries gathered for the forum. "We will not interfere in other countries' internal affairs", he said. The U.S. delegation was led by the Asia director of President Donald Trump's National Security Council.

Chinese President Xi Jinping urged world leaders to reject protectionism on Monday at a summit positioning Beijing as a champion of globalisation, as some countries raised concerns over its trade ambitions.

"This is an event that has been organised by the Chinese to focus on the Belt and Road Initiative". But governments including Russian Federation, the United States and India are uneasy that China is using its status as the second-largest global economy to expand its political influence.

Germany, which was not among the countries that approved the financing guidelines, said its firms are willing to support the Belt and Road initiative, but more transparency is needed.

CGTN's Sean Callebs reports on the first day's accomplishments.

China has inked a deal with Indonesia to build the Jakarta-Bandung high-speed railway.

The Chinese government established the Silk Road Fund in 2014 with a target of US$40 billion to invest in infrastructure projects in Asia.

The Belt and Road summit is running in Beijing on 14-15 May. Chinese goods such as iPads and auto parts are moved west into Central Asia, Russia and Europe.

The initiative spans 65 countries representing 60 percent of the world population and around a third of global gross domestic product.

Britain's vote to leave the European Union and the election of Donald Trump as US president previous year have been two of the most obvious examples of growing unease in Western countries about globalisation.

"China has formally invited India to join the B&R".

As well as the corridor through Pakistan, India is anxious more broadly about China's economic and diplomatic expansion through Asia, and in particular across countries and waterways it considers to be within its sphere of influence.

However, China is continuously pushing for the corridor, which will give it access to the Arabian Sea.

China offers billions for new Silk Road initiative