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China's Belt and Road initiative: A new way for global development
2017/5/18 13:11:14 Source: prensaestatal.com Author: 点击率:
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Such countries as India and Russian Federation remain leery of throwing their support behind China's Belt and Road initiative, fearing that the effort by Beijing to create a new sphere of economic influence in Asia could erode their own regional power.

It's a milestone event created to promote Chinese President Xi Jinping's grand vision of expanding trade, financial and infrastructure links between Asia, Africa and Europe.

"Many countries are pondering the way forwards", he added.

The leaders "exchanged views on different aspects of connectivity, trade, investment, and infrastructure, financing and synergies with national and development priorities", said the Philippine Department of Foreign Affairs (DFA) on Monday.

African countries are already flooded with Chinese products. It is an open initiative and welcomes various parties, Hua said.

He said China has been a true friend of Kenya and has supported the efforts to transform the country.

Some Western diplomats have expressed unease about the initiative, seeing it as an attempt to promote Chinese influence globally. "It has gone to numerous countries which were involved in TPP and said that "hey, if the United States doesn't want to have this agreement with you, we do" and here is a vehicle for us to develop a better trading relationship", West told Sputnik.

"For the President, the Philippine approach can complement regional and worldwide connectivity mechanisms, such as China's One Belt, One Road Initiative, and the ASEAN Master Plan on Connectivity", said the DFA.

China has rejected the concerns voiced by India on the One Belt, One Road (OBOR) initiative violating India's sovereignty and on its lack of transparency, saying today that "The worldwide community's warm response speaks volumes". Ethiopian Prime Minister Hailemariam Desalegn and Kenya's president Uhuru Kenyatta are among the leaders in attendance.

Collectively, it can turn out to be the largest ever infrastructure project requiring almost a trillion-dollar investment across the globe.

"We applaud China for taking this historic initiative, which now has the complete ownership of all participating countries", he added.

On Sunday morning, Hammond offered a resounding endorsement of Xi's "bold and visionary project" telling his hosts Britain was "a natural partner" in the scheme.

At the opening of the meeting on Sunday, Xi pledged to pump an extra $124 billion into the China-bankrolled project, which involves a huge network of ports, railways, roads and industrial parks.

It gives President Xi a chance to bolster China's global leadership at the same time that America under Donald Trump is promoting "America First" and questioning existing global free trade initiatives like NAFTA.

Before this weekend's summit, China's Ambassador to India Luo Zhaohui tried to reassure New Delhi that the initiative was only about economics.

Citing examples, the MEA spokesperson said that under the "Act East" policy, India are pursuing the trilateral highway project; under the "neighbourhood first" policy, we are developing multimodal linkages with Myanmar and Bangladesh; under "Go West" strategy, we are engaging with Iran on Chabahar Port and with others in Central Asia on International North South Transport Corridor.

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