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

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

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

Chinese President Xi Jinping has called for giving a boost to the construction of the China-Pakistan Economic Corridor (CPEC).

Leaders at China's Belt and Road summit on Monday agreed to promote a rules-based, open and multilateral trading system with the World Trade Organisation at its core, according to the summit communique. What kind of dialogue is meaningful dialogue? Furthermore an initial investment of US$ 40 billion is made to implement One Belt, One Road. "For China, India and Pakistan, the Belt and Road Initiative will foster friendship and cooperation in a wide variety of developmental realms".

China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the European Union, and London and Beijing have been keen to show that Britain's withdrawal from the bloc will not affect ties.

Xi on Sunday opened the two-day meeting by pledging 540 billion yuan (US$78 billion) in financing, including 100 billion yuan for China's Silk Road Fund, 380 billion yuan in new lending for participating nations and 60 billion yuan in coming years to developing countries and worldwide organizations that join the program. 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.

"It is our hope that through the "Belt and Road" development, we will unleash new forces for global economic growth", Xi told reporters at a conference center in the hills north of the Chinese capital. "We are awaiting a response from the Chinese side".

"Not only does Russian Federation support this project, it will also actively participate in its implementation with China and other countries of interest", Putin said.

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He highlighted that on account of its geographic location, the CPEC, once completed, will go a long way in bridging infrastructure in South Asia, Central and West Asia.

Gwadar Port in southwestern Pakistan is at the Strait of Hormuz, which is pivotal to secure an energy route for China.

India skipped the event in opposition to the China-Pakistan Economic Corridor (CPEC), though most of its neighbours, including Pakistan Prime Minister Nawaz Sharif, attended.

While he said "perception can become more powerful than the reality", he added that China "remains a very closed trade and investment market especially when compared to the United States".

China's ambassador to India, Luo Zhaohui, told an Indian military think-tank in Delhi last week that the Belt and Road initiative was good for both countries and fitted into India's "Look East" policy of strengthening ties with southeast and northeast Asia. The envoy said the two countries also plan to launch a satellite to improve Pakistan's capabilities in land surveying.

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