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India skips China's Silk Road summit, warns of 'unsustainable' debt

21 Mai 2017

Xi urged worldwide organisations, including the EU and the African Union, to sign up to his "Belt and Road" agenda, according to Chinese state news agency Xinhua.

National Security Council director for East Asia policy Matthew Pottinger, attending the Beijing Belt and Road Forum for the White House, granted an interview to Chinese financial periodical Caixin, which published excerpts today.

It was launched in 2013 as "one belt, one road" and it involves China underwriting billions of dollars of infrastructure investment in countries along the ancient Silk Road connecting it with Europe.

On Sunday, Pakistan announced agreements with China on possible projects worth a total of 500 million yuan ($72 million).

The Russian president also said the proposal was timely and important because the plan looks to create "a zone for economic development and mutually beneficial trade between Asia and Europe".

"The Belt and Road development does not shut out, nor is it directed against, any party".

India is incensed that one of the key Belt and Road projects passes through Kashmir and Pakistan.

"It is my belief that Britain, lying at the western end of the Belt and Road, is a natural partner in this endeavor".

India has expressed its clear objection to join China's "Belt and Road Forum" - also known as "One Belt, One Road"-, sparking debate of OBOR status after India's refusal, but a state-run Chinese daily has termed Indian move a "partly a show" for domestic politics aimed at piling pressure to get Beijing's "special attention".

Other trade groups (including the US) fear that China's new cybersecurity laws may hinder transparency and discriminate against foreign businesses.

"The worldwide community, especially those participants showed a very response to the forum.In his speech, President Xi Jinping said the BRI will be built as a peace road and countries should respect the sovereignty and integrity and core interests (of other nations)", she said. She said China always followed the principle of extensive consultation with other countries on the project over which India has sovereignty concerns.

Some Chinese bankers are anxious about the risks of investing, such as the feasibility of some projects and political instability.

The article added that all countries along the route of the project have reacted actively to it, and therefore India can't impede its neighbouring countries from cooperating with China for the same.

India also has objected to Chinese state-owned companies working in the Pakistani-held part of Kashmir, the Himalayan region claimed by both sides, seeing that as an endorsement of Pakistan's control.

Beijing asked New Delhi to explain what it meant by "meaningful dialogue" on the Belt and Road project.

India skips China's Silk Road summit, warns of 'unsustainable' debt