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IMF, WB to support Belt and Road related projects

19 May 2017

"It's very important for us and our companies that the calls for our projects under the Belt and Road initiative are transparent, that they are non-discriminatory, and that they comply with worldwide standards", German Economic Minister Brigitte Zypries said at the trade panel Sunday.

Chinese President Xi Jinping on Monday urged major multilateral institutions to join his new Belt and Road Initiative, stressing the importance of rejecting protectionism in seeking global economic growth.

Some Belt and Road projects are already raising concerns in certain countries.

External Affairs Ministry spokesperson Gopal Baglay in a media statement on Saturday said: "Regarding the so-called "China-Pakistan Economic Corridor", which is being projected as the flagship project of the".

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"U.S. firms can offer the best-value goods and services required over the life of a project", said Pottinger, who is special assistant to Trump and the National Security Council's senior director for East Asia.

Many developing countries, especially Africa, have continued to view China as a successful economic model and reliable ally in the fight against poverty and in the quest for prosperity, he elaborated. The BRF, a high-profile and fruitful event, marks a new milestone for the B&R cooperation, and added a new chapter to the B&R Initiative's development history and China's "home field" diplomacy.

"We need to improve policy coordination and reject beggar-thy-neighbour practices", Xi said on Monday, while addressing other world leaders at a summit on the initiative in Beijing.

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

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Chinese President Xi Jinping has pledged today 8.7-billion-USD assistance for developing countries and worldwide organizations under the Belt and Road Initiative.

While proposing a toast at the banquet, Xi said, "More than 2,000 years ago, our ancestors, driven by a desire for friendship, opened the overland and maritime Silk Roads and thus started a great era of exchanges among civilizations". They also "reiterate the importance of expanding economic growth, trade and investment based on level playing field, on market rules and on universally recognised global norms".

"In a world of growing interdependency and challenges, no country can tackle the challenges, also the world's problems, on its own", Mr Xi said.

The Belt and Road Initiative, an open and inclusive platform, can serve as a sound solution to world challenges and a solid path toward a community of shared future for mankind. "That said, there is still a long way to go as the Belt and Road is a long-term undertaking".

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