US Firms 'Ready' to Get On China's Silk Road Project

The heads of the United Nations, International Monetary Fund and World Bank were also present at the summit.

The two-day meeting, the major event on the Belt and Road Initiative Forum since Xi proposed it first in 2013, is also considered the largest and highest-level global meeting held in China.

PM Nawaz said that Pakistan is already reaping the early benefits of the China-Pakistan Economic Corridor within the initiative of OBOR for interconnected development.

Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion Yuan (US$14.50 billion) into the existing Silk Road Fund, 380 billion in loans from two policy banks and 60 billion Yuan in aid to developing countries and global institutions in new Silk Road countries.

The Chinese initiative calls for building ports, railways and other facilities to expand trade across Asia, Africa and Europe.

The Chinese foreign ministry referred to President Xi Jinping's remarks after he inaugurating the BRF in which he had said that the Belt and Road should be built into a road for peace. The US has much to offer, and as part of a trade deal (paywall) with China announced last week, the Trump administration agreed to send one of its top Asia experts, Matthew Pottinger, a National Security Council official, to a two-day OBOR summit just completed in Beijing. 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. It was one of the first concrete results of trade discussions that began a month ago, when Xi and Trump launched a 100-day action plan on economic cooperation during their meeting at the US leader's Mar-a-Lago resort in Florida.

"We need to improve policy coordination and reject beggar-thy-neighbor practices", Xi said.

Mining major Rio Tinto (LN:RIO) sees an opportunity in China's large-scale "Belt and Road Initiative" that was launched with great fanfare on the weekend.

"This is an important lesson that can be drawn from the global financial crisis and is still very relevant to the development of the world economy today", he said.

Facts about the initiative have shown that the Belt and Road project responded to the trend of times and is in line with the common interests of the people, Hua said, reiterating China's stand. In his opening address, president Xi Jinping said the initiative aims to promote economic interdependence, inclusiveness and win-win cooperation.

The premier also proposed enhancing defence and law-enforcement cooperation and strengthening exchanges in areas including education, tourism, protection of historical relics, medicine and health.

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