Thursday, 23 November, 2017

US firms 'ready' to get on China's Silk Road project

Kayla Schwartz | 15 May, 2017, 05:31

According to China's official Xinhua news wire, the goal of the initiative is to build a trade and infrastructure network along ancient trade routes such as the Silk Road that would connect Asia with Europe, Africa and beyond.

That is on top of railway, power and other projects announced previously in an "economic corridor" linking China's far west with the Indian Ocean that Pakistani officials have said are worth up to $55 billion. The ongoing meeting offers the Chinese government the opportunity to provide a clearer explanation of its vision for the trade project.

Presidents Vladimir Putin of Russian Federation and Recep Tayyip Erdogan of Turkey also spoke at the opening ceremony.

As many as 28 heads of state and world leaders were present on the occasion.

Paul Goldsmith, New Zealand minister for science and innovation and his country's representative, told Reuters that New Zealand was keen to be involved in the new Silk Road.

The B&R initiative also includes supplementary projects like Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st Century Maritime Silk Road.

"President Xi Jinping's crusade against corruption has inspired me personally to take a leaf from his book".

It will also provide aid worth 60 billion yuan (£6.7 billion) to developing countries and worldwide organisations taking part in the initiative to revive the ancient trade route.

The summit is showcasing Xi's cherished One Belt, One Road initiative, a revival of the Silk Road that could cement China's growing global clout on trade and geopolitics as US President Donald Trump promotes "America First" and questions existing global free trade deals. "Instead we will create a new model of cooperation and mutual benefit", Xi said.

China pledges $124bn to Silk Road initiative
Finance ministers from 27 countries approved a set of financing principles for the Belt and Road. The Silk Road was a network of trade routes in ancient China .

Xi, however, 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 core interests and major concerns". Finance ministers from 27 countries approved a set of financing principles for the Belt and Road.

Reuters reported that the memorandums of understanding add to $57 billion United States dollars already pledged for the China-Pakistan Economic Corridor (CPEC), a network of rail, road and energy infrastructure that is part of the wider Chinese project also known as the Belt and Road initiative, or One Belt, One Road.

The forum will close on May 15 with the release of a Joint Statement of the Leader Roundtable.

"Through a resolute will and sound planning as well as steadfast support of our Chinese friends, we shaped an enabling environment for CPEC to take off", he said.

"There more than a thousand delegates that are here", he said.

Moving forward in the effort to create a global economic linchpin, Chinese President Xi Jinping began with a look back, to the historic Silk Road, where hundreds of years ago, trade and relationships navigated a complex landscape of differing cultures, religions, and races.

India has boycotted the forum to indicate its displeasure that part of a planned China-Pakistan corridor will run through the disputed Kashmir region.

"This is a continuation of Chinese non-interference", Economist Suman Bery said.

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