Wednesday, 13 December, 2017

India skips China's BRF summit ceremony

Kenny Thornton | 14 May, 2017, 22:50

President Xi Jinping was preparing to host leaders from 29 nations for the two-day summit in Beijing when United States and South Korean military officials confirmed that Pyongyang had launched a ballistic missile.

Chinese flagship programme 'One Belt, One Road, ' a network of trade routes that seek to connect Asia, Africa, the West Asia and Europe, poses a major security threat to India as Beijing is trying to encircle New Delhi by undertaking construction projects in the neighbouring countries under the guise of connectivity purposes, say defence experts as reported by ANI.

Russian President Vladimir Putin and leaders of 29 countries will be at the summit.

A US delegation was attending the meeting, led by Matt Pottinger, special assistant to Trump and senior director for East Asia at the National Security Council.

"The Philippine Government is always guided by the country's national interest, and recalling President Duterte's message prior to his departure for China, we must pursue cooperation with our friends and partners on our convergent objectives and priorities", he said.

North Korea tested another missile on Sunday.

Altogether, the companies exported products worth more than 90 billion yuan (about 13.05 billion USA dollars), constructed projects totaling about 150 billion yuan, and made around 60 acquisitions of overseas assets.

"No country can accept a project that ignores its core concerns on sovereignty and territorial integrity", noted the MEA.

India delivered an implicit criticism of China's plan on Saturday in a statement from its foreign ministry that said such an initiative should meet worldwide norms and not create unsustainable debt.

Snapdeal, Flipkart deal may leave staff richer by Rs 193 cr
Online payment firm PayTM was also in talks to acquire Snapdeal in initial days, however, it backed off over the valuation issues. If the deal goes through, Snapdeal founders will get Dollars 60 million (cumulative), of which half will be given to employees.

On Sunday Hammond hailed China's ability to drive "phenomenal economic development" and success in "lifting" 800 million Chinese citizens out of poverty over the past four decades.

The likely boycott will leave India in a tight spot as China in the last few days has managed to rope in even the USA, which on Friday agreed to send a top official after Washington clinched a lucrative trade deal.

Germany, which was not among the countries that approved the financing guidelines, said its firms are willing to support the Belt and Road initiative, but more transparency is needed. India has strongly objected to this project, maintaining that PoK is a part of India, not Pakistan. "The pursuit of the Belt and Road Initiative requires a peaceful and stable environment", said Xi.

U.S. companies are ready to get involved in China's Silk Road project, an American official said Sunday (May 14), as Washington strikes an increasingly cooperative tone with its biggest trade rival.

India delivered an implicit criticism of China's initiative Saturday in a statement that said such an initiative should meet global norms and not create unsustainable debt.

Xi reiterated his vigorous defense of free trade at the summit in Beijing, in continuation of his speech at the World Economic Forum in Davos earlier in January.

Xi promised to avoid forming a "small group" of allies, which he said might harm regional stability.

Baglay said India has been urging China to engage in a meaningful dialogue on its connectivity initiative. "What we hope to create is a big family and harmonious coexistence".

Several other European leaders, including the prime ministers of Spain, Italy, Greece and Hungary, are also attending the summit.

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