China to hold second 'Silk Road' summit in two years time

The Chinese government is investing tens of billions of dollars as part of an ambitious economic plan to rebuild ports, roads and rail networks.

The two-day summit in Beijing was attended by 29 heads of state and governments, the World Bank, the International Monetary Fund (IMF), and representatives from the US, Japan and most of the western countries.

"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 global standards", German Economic Minister Brigitte Zypries said at the trade panel 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 globalization so mankind will move closer to a community of common destiny", Xi said at the close of the event.

Dozens of "Belt and Road" projects including railways and power plants have been launched since Xi unveiled the initiative in 2013.

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He pledged a major funding boost to the new Silk Road, including an extra 100 billion yuan (S$20 billion) into the existing Silk Road Fund, 380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and global bodies in nations along the new trade routes. In his opening address, president Xi Jinping said the initiative aims to promote economic interdependence, inclusiveness and win-win cooperation. White House adviser Matt Pottinger explained that the USA supports China's efforts to promote integration and development through its Belt and Road project, Reuters revealed.

The CPEC is the most important of the all the six planned corridors of China's Belt and Road project.

However, China is continuously pushing for the corridor, which will give it access to the Arabian Sea. "It has no geographical boundaries", observed Mr. Sharif.

"We endeavour to promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system with WTO at its core", they said according to the statement.

Lake said, while there was a focus on trade and infrastructure, he was also looking forward to the human development the initiative can deliver.

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"Although the Northern Australia initiative is separate to the Belt and Road Initiative, there are clearly complementarities there so we can share knowledge and we can share experience for the benefit of both nations", he told reporters in Beijing, where he is representing Australia at a summit on the new Silk Road.

Xi announced that China would contribute an additional 100 billion yuan (about $14.5 billion) to the $40 billion Silk Road Fund to scale up financial support for the Belt and Road Initiative.

Gonzalez made the remark on Sunday on the sidelines of a two-day Belt and Road summit in Beijing.

The summit is dedicated to Mr Xi's cornerstone economic diplomatic project, the Belt and Road Initiative.

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