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China, Cambodia vow to implement cooperation plans under Belt and Road Initiative

19 May 2017

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.

The two-day meeting, the major event on the Belt and Road Initiative Forum since Xi proposed it first in 2013, is also considered the largest and highest-level global meeting held in China.

"Though originating in China, the Belt and Road Initiative BELONGS TO THE WHOLE WORLD".

China's President Xi Jinping has said his ambitious plan to build a new Silk Road-style trade route will be "open and inclusive" to all as he seeks to embed the nation at the heart of world trade.

At the same time, Hua said that China "welcomes the participation of India to the Belt and Road initiative, the answer is clear" when asked about India being the only major country absent at Sunday's first Belt and Road Forum (BRF) in Beijing.

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The Belt and Road project calls for expanding trade across Asia, Africa and Europe by investing in ports, railways and other facilities.

Hailed by Xi as a "project of the century", the plan fits into his bigger narrative that China is setting an example of globalization, filling the void left by the United States under Donald Trump's "America First" policy.

Speaking at the Leaders' Roundtable on Policy Synergy Prime Minister Nawaz Sharif has said that Pakistan strongly favours cooperation and synergetic partnerships across regions for socio-economic development and human prosperity.

Jonathan Hillman, an analyst with the Center for Strategic and International Studies, told me that China may be seriously over-extending itself - it may be financing transportation projects with no economic viability.

"We should foster a vision of common, comprehensive, cooperative and sustainable security", said Xi.

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"At Rio Tinto, our business sees the potential from a greater focus on infrastructure through the Belt and Road", he said.

"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.

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.

The premier also proposed enhancing defence and law-enforcement cooperation and strengthening exchanges in areas including education, tourism, protection of historical relics, medicine and health.

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