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Principale » Venezuela hopes no country hinders China's 'fantastic' Silk Road initiative

Venezuela hopes no country hinders China's 'fantastic' Silk Road initiative

14 Mai 2017

Some of China's most reliable allies and partners will attend the forum, including Russian President Vladimir Putin, Pakistani Prime Minister Nawaz Sharif, Cambodian Prime Minister Hun Sen and Kazakh President Nursultan Nazarbayev.

China will provide assistance worth 60 billion yuan (8.7 billion USA dollars) in the coming three years to developing countries and worldwide organizations participating in the Belt and Road Initiative to improve people's well-being, President Xi Jinping said Sunday.

Nepal is in talks with China to build a cross-border rail link that may cost up to US$8 billion, and funding could be expected after Nepal formally signed up to Beijing's Belt and Road initiative, a Nepali finance ministry official said on Sunday.

Sherjan also appreciated India for skipping the OBOR summit in Beijing beginning today.

Addressing the forum after Xi, Russian President Vladimir Putin appeared to take aim at the United States, which is not involved in the OBOR initiative. "We expect it for the railway", he said.

In a reminder of the potential security threats facing the region, North Korea test-fired a ballistic missile Sunday that flew for a half-hour and reached an unusually high altitude of 2,000 kilometers (1,240 miles).

The North Korean delegation largely kept a low profile at the summit, and there was no evidence that its presence had affected participation despite USA misgivings.

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).

Xi used a summit on the initiative, attended by leaders and top officials from around the world, to bolster China's global leadership ambitions as U.S. President Donald Trump promotes "America First" and questions existing global free trade deals.

The port will provide China with safer and more direct access to the oil-rich Middle East than the waterway trade route it now uses through the narrow Malacca Straits.

I-75 re-opens near North Port after brush fire
A wildfire in Putnam County forced the evacuation of 40 homes in the Pomona Park area Friday afternoon, authorities say. Despite rain showers that passed through the area Saturday evening, active flames continued, he said.

North Korea, which considers China its sole major diplomatic ally and economic benefactor, raised eyebrows when it made a decision to send a delegation to the summit.

Meanwhile, New Zealand is already on board with One Belt One Road and the country's Innovation Minister Paul Goldsmith is attending.

Erdogan said Belt and Road was "going to be the kind of initiative that will put an end to terrorism".

The Russian leader complained about "illegal sanctions" - a possible reference to US trade penalties imposed on Moscow over Ukraine - and warned that trade protectionism is creating a "breeding ground" for terrorism. And some economists are cautious about the viability of projects in areas of political instability and poor governance.

Xi called for regional co-operation in finance - a field where China's huge state-owned banking industry and $3 trillion of foreign currency reserves would make it the dominant player.

According to Xinhua, at the center of its focus is Xi's grand plan to better combine the rapidly expanding Chinese economy with the development of Asia, Europe and Africa.

Also China will encourage financial institutions to conduct overseas RMB fund business with an estimated amount of 300 billion yuan (about Dollars 43.5 billion), Xi said.

China will also provide relevant worldwide organizations with 1 billion USA dollars to implement cooperation projects that will benefit the countries along the Belt and Road.

"NZ's best interests lie in participating in global initiatives that have the potential to benefit our economy and society", he said.

"We the people of Balochistan have even rejected Pakistan and China".