China offers 100 billion yuan for new Silk Road initiative

Ciobo also condemned North Korea's latest firing of a ballistic missile early on Sunday, but would not be drawn on whether North Korea's attendance at the summit - at Beijing's invitation - sent the wrong message at a time when the world was trying to pressure Pyongyang over its repeated nuclear and missile tests.

"The trade deficit with China had reached $ 52.7 billion in 2015-16, which was 41% of our total trade deficit (130 billion dollars)".

"It is time we transcend our differences, resolve conflicts through diplomacy and leave legacy of peace for future generations", Sharif said without directly referring to India.

Huo Jianguo, former chief of the Ministry of Commerce's research institute, said the promised fund was just a sign of China's commitment to help develop the countries that are in the belt and road plan and more capital from other multilateral lenders and the private sector were needed.

"No country can accept a project that ignores its core concerns on sovereignty and territorial integrity", the statement said.

The CPEC, which connects China's Kashgar in Xinjiang with Gwadar port in Pakistan's Balochistan, is a key artery of the One Belt One Road project (OBOR), and is progressing at a fast pace.

Speaking at a major worldwide conference in Beijing, United Nations Secretary-General Guterres today drew comparisons between China's One Belt, One Road initiative and the Sustainable Development Goals, saying both are rooted in a shared vision for global development.

A total of 29 foreign heads of state and government leaders are attending the ongoing Belt and Road Forum in Beijing.

Washington is being represented by a junior delegation led by Matt Pottinger, special assistant to the president and senior director for East Asia at the National Security Council. "Certainly this gives us our opportunity to talk in a broad format about the future of the vast Eurasian continent", he said.

"Domestic commercial banks should support belt and road projects as well", he said.

Pandey said the two countries had been in discussions for the past five months about the project, which could cost $7-8 billion and take up to eight years to complete.He said Nepal planned to start preparing a detailed project report for the railway, and that they had yet to decide how much funding they will seek from China.

"And then of course, we've been working on their investments into the Philippines", he said.

China claims Arunachal Pradesh as "South Tibet" and in April announced renaming of six places in the North Eastern region; a move that drew a sharp reaction from the Sangh. The One Belt, One Road initiative, if it gains momentum and produces concrete results, is likely to offer a "win-win" proposition for all participants and transform the entire region in to the political and commercial center of the world.

"Pursuing the B&R initiative, China has no intention toform a small group detrimental to stability", Xi was quoted assaying by the state-run Xinhua news agency.

Instead, he said, Beijing wants "partnerships of friendship" and a "big family of harmonious coexistence". He also held a meeting with Turkish Foreign Minister Mevlut Cavusoglu.

The line would be China's first major rail project in the European Union.

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