Published: Fri, May 19, 2017
Global Media | By Meredith Barber

Xi positions China as champion of globalisation as United States turns inwards

Xi positions China as champion of globalisation as United States turns inwards

The China-Pakistan Economic Corridor, a key component of One Belt, One Road - passes through the disputed region of Kashmir, which both India and Pakistan claim in its entirety.

Xi described his signature foreign policy push as inclusive, one that should not be held hostage to old rivalries and power games.

Mr Xi, seated next to Russian President Vladimir Putin, was speaking at a convention centre in northern Beijing on the summit's second and final day.

All of India's neighbours, except Bhutan, have sent high-level delegations to the conference, with Sri Lanka represented by Prime Minister Ranil Wickremesinghe.

It set the tone for the two-day forum that started on Sunday to discuss the Belt and Road plan, which aims to connect China with Europe, Asia and Africa through infrastructure and investment.

He, however, did not give a time frame for the new loans, aid and funding pledged on Sunday.

"It is our hope through the Belt and Road development, we will unleash new economic forces for global growth, build new platforms for global development, and rebalance economic globalisation so mankind will move closer to a community of common destiny", Jinping said at the close of the event.

Created to finance the Belt and Road initiative, the Silk Road Fund was founded in December 2014 and is jointly backed by China's foreign exchange reserves, China Investment Corp., The Export-Import Bank of China and China Development Bank.

It also reiterated the remarks made by Xi at the opening which said "All countries should respect each other's sovereignty, dignity and territorial integrity, each other's development paths and social systems, and each other's cores interests and major concerns".

Responding to the statement, the Chinese Foreign Ministry told India Today, "We have noted the statement by the Spokesperson of India's External Affairs Ministry". He also underscored that the One Belt One Road connectivity initiative, which would cover Asia, Europe and Africa, would back green and low-carbon development.

America "has a lot to gain by participating in the Belt and Road", said an opinion piece in the People's Daily.

"They see an opportunity to fill the vacuum and take advantage of perceptions globally", said Andrew Gilholm, director of analysis for North Asia at Control Risks Group, referring to changing perceptions of United States leadership in the Trump era.

As a Flagship project, the CPEC got a wide publicity as a project on the success of which depended the success of the Belt and Road.

PM Nawaz said that Pakistan is already reaping the early benefits of the China-Pakistan Economic Corridor within the initiative of OBOR for interconnected development.

Sharif, at the Summit, also avoided direct references to India's boycott and its objections to the CPEC but said the initiative should not be politicised.

In another bid to allay India's concerns, Chinese ambassador to New Delhi Luo Zhaohui, during an address at a think tank in New Delhi, had offered to rename the CPEC, insisting that it was an economic cooperation and connectivity enhancement project devoid of "sovereignty issues".

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