China Pledges $14.5B Funding Boost To Silk Road Fund

Posted May 16, 2017

"Individual countries need to coordinate national policies", Xi said during a speech to world leaders on the final day of the Belt and Road Forum in Beijing.

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

"President Xi's emphasis on digital economy and financial technology suggests huge potential to be unleashed under the Belt and Road Initiative, and is an orchestra baton to fintech firms that want to expand overseas", said ShengJia, chief executive officer of NCF Group, a payment platform for internet finance.

Chinese President Xi Jinping welcomed leaders, including Russian President Vladimir Putin, Philippine President Rodrigo Duterte, Indonesian President Joko Widodo, Turkish President Recep Erdogan and Greek President Alexis Tspiras.

State leaders of nearly 30 countries have agreed to work together to build roads, railways, ports and other key infrastructure in one of the world's biggest economic diplomacy programmes led by China.

India skipped the summit as it voiced displeasure at the China-Pakistan Economic Corridor, a Belt and Road project aimed at linking northwestern China to the Arabian Sea. In his opening address, president Xi Jinping said the initiative aims to promote economic interdependence, inclusiveness and win-win cooperation.

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"We will cooperate on the areas where our interests converge", Philippine Ambassador in China, Jose Santiago Sta. Instead, increased number of visits of foreign leaders to Pakistan and Islamabad's active participation in a number of developmental, security and peace initiative is a clear testimony that world fully acknowledged the geo-strategic importance of Pakistan.

"The Belt and Road Initiative was proposed in 2013, and four years on, over 100 countries around the world and global organisations have supported and got involved in this initiative", the Foreign Ministry said in a written response to PTI.

Hammond offered strong support for what China formally calls the Belt and Road initiative, as he spoke at the opening of a summit on the plan in Beijing.

Touted as the biggest diplomatic event initiated by China, the inaugural Belt and Road Forum saw the attendance of some 1,500 government officials and experts from more than 130 countries. "We sincerely appreciate your commitment and leadership for the realisation of CPEC projects", he said during a meeting with President Xi on the sidelines of the BRF.

The Belt and Road plan was unveiled in 2013 as a new way of boosting global development. He said deep-seated problems in global development had yet to be addressed effectively, with worldwide trade and investment sluggish, and economic globalisation encountering headwinds.

"In pursuing the Belt and Road Initiative, we should focus on the fundamental issue of development, release the growth potential of various countries and achieve economic integration and interconnected development and deliver benefits to all", Xi said.