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Pak cooperating with China on CPEC

17 Mai 2017

China today took strong exception to Indias stand on its Belt and Road initiative and asked New Delhi to explain what kind of "meaningful dialogue" it wants with Beijing on the multibillion-dollar venture.

Speaking on the final day of the forum aimed at promoting his signature foreign initiative, Chinese President Xi Jinping said economic growth was "not on solid ground". And China claims it wants to be the good kid in the class when it comes to worldwide institutions?

Speaking to reporters at the Yanqi Lake resort, the forum venue in the outskirts of Beijing, Mr Xi said the forum has sent a "positive message" to the rest of the world on "Belt and Road worldwide cooperation".

Prime Minister Nawaz Sharif on Monday participated in the Leaders' Roundtable sessions at the Belt and Road Forum, focusing on closer partnership for inter-connected development.

The point on sovereignty was in reference to the CPEC, which passes through Pakistan-administered Kashmir, a contested region between India and Pakistan.

British finance minister Philip Hammond said on Sunday Britain is a natural partner for China's new Silk Road program, and as it leaves the European Union (EU) it wants more trade with the world not less.

Meeting with UNESCO Director-General Irina Bokova, Chinese Vice Premier Liu Yandong said people-to-people bonds, one of the key areas to advance the Belt and Road Initiative, closely match the ideas promoted by UNESCO. The new OBOR family and the wider worldwide community should coordinate and synergise their initiatives to create and enhance the space for cooperation.

"Our attitude is always clear".

China, which hosted the Belt and Road Forum has seen resistance from a powerful neighbour - India. "If they have the answer, they can give the answer to me, either in a public or private?" she said.

Xi said the Belt and Road initiative is "a project of the century" that will benefit people across the world.

So far, the initiative has garnered support from more than 100 countries and global organisations.

PM Nawaz said, "As an old friend, it is a matter of huge pleasure for him, government and the people of Pakistan to witness the success of this event as well as the transformational potential of OBOR for the peace, progress and prosperity of the people of the world".

A report published this month by the Global Environment Institute (GEI) showed China is involved in 240 coal-fired projects totalling 251GW across the "belt and road" countries.

The document reaffirmed the vision of the initiative "to work for a globalization that is open, inclusive and beneficial to all", and congratulated China on successfully hosting the event.

But Xi's cherished Silk Road plan has raised concerns that he is seeking to expand China's economic and political ambitions overseas rather than open up his own country to further trade and investment.

To provide more funding for his pet initiative, Mr Xi stated that China will also encourage financial institutions to expand their overseas yuan fund businesses to the tune of to 300 billion yuan (about $44 billion).

Pak cooperating with China on CPEC