China to hold next Belt and Road forum in 2019

China to hold next Belt and Road forum in 2019

"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.

It aims to expand links between Asia, Africa, Europe and beyond, underpinned by billions of dollars in infrastructure investment.

Here are five things you should know about this initiative (so no more blank looks).

"Trade is the important engine of economic development", Mr Xi said at a summit of world leaders in Beijing.

Australia's reluctance to commit stems at least in part from reservations against linking, at Beijing's request, an extensive Northern Australia infrastructure development plan directly with China's Silk Road, sources with knowledge of the matter have previously told Reuters.

The countries agreed that "we stand for enhancing worldwide cooperation including the Belt and Road Initiative and various development strategies".

Critics of the scheme say that China could create giant debt loads for countries that make use of the credit lines, while proponents welcome the plan as a boost for companies that want to expand overseas.

"China is willing to share its development experience with all countries", Jinping said.

The president also unveiled a number of other substantial aid and assistance programs, such as food aid worth 2 billion yuan to developing countries participating in the initiative, 100 "happy home" projects, 100 poverty alleviation projects and 100 healthcare and rehabilitation projects, also among countries taking part in the initiative.

India has shown some reticence for China's plans.

It also called on all parties that had ratified the Paris Agreement to fully implement the worldwide pact aimed at curbing climate change.

Presidents Vladimir Putin of Russian Federation and Recep Tayyip Erdogan of Turkey also spoke at the opening ceremony. 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. The China Development Bank had also designated $890 billion for almost 900 projects.

Nawaz said that "with the help of our Chinese friends an environment had been created for the China-Pakistan Economic Corridor to take off and has started to create new entrepreneurs, jobs and businesses".

"And ultimately how much political sovereignty is sacrificed, and what is the risk to completion of projects in the event of a disorderly slowdown in the domestic Chinese economy", said the US investment firm specializing in frontier and illiquid markets.

The post China decries protectionism, but Europeans rain on Silk Road parade appeared first on The Independent Uganda:.

Diplomats have expressed concern Beijing is promoting a vision of trading networks centered on "great powers" such as China, which would erode the rules-based system under the World Trade Organization in which all competitors are treated equally.

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