All countries should respect each others' sovereignty, says Xi

Russian President Vladimir Putin delivers his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017.

OBOR is a project that will create a vast network of sea and land routes across dozens of countries where China would reportedly, spend $1 trillion on railways lines, roads, ports and other infrastructure.

Created to finance the Belt and Road Initiative, the Silk Road Fund was officially founded in December 2014 and jointly backed by China's foreign exchange reserves, the China Investment Corp., the Export-Import Bank of China (China EximBank) and China Development Bank (CDB).

President Xi Jinping on Sunday said the Belt and Road Initiative is "a project of the century" that will benefit people across the world.

Pakistan signed new deals with China on Saturday worth nearly $500 million ahead of Beijing's global forum on its "Silk Road" trade and infrastructure initiative for Asia, Africa and Europe, the Pakistani government said.

It encompasses two main directions of development: Silk Road Economic Belt and Maritime Silk Road.

President Xi Jinping said that the pursuit of the Belt and Road Initiative is not meant to reinvent the wheel.

A number of other countries, including South Korea, France, Germany and United Kingdom, have deputed either ministerial or official delegations.

The China-Pakistan Economic Corridor passes through Gilgit and Baltistan in Pakistan Kashmir, which is claimed by India.

In a reference to the controversies that plague the Chinese plan, the Indian government statement goes on to say, "We are of firm belief that connectivity initiatives must be based on universally recognized global norms, good governance, rule of law, openness, transparency and equality".

One Belt, One Road faces numerous challenges, underlined on the first day after a North Korean missile test cast a shadow over the summit. The statement made it clear that India can not accept a project which ignores its core concern over sovereignty and territorial integrity.

India is boycotting the event because one of the flagship projects is the "China-Pakistan Economic Corridor", an arrangement with India's arch-rival Pakistan.

Leaders from 29 countries and ministerial delegates from many more are attending the forum in Beijing, including India's smaller neighbors - not just Pakistan, but also Sri Lanka and Nepal.

He said that CPEC is at the core of China's One Belt, One Road initiative, which has fostered inclusion and tolerance in the region.

Beijing is holding an global summit on China's new Silk Road plan, dubbed as the Belt and Road Forum, aimed at getting worldwide support to build the world's largest infrastructure project.

At the forum, finance ministries from 27 countries including China approved a set of principles that will guide project financing along the new Silk Road.

"The presence of all four provincial chief ministers symbolises the broad-based support in Pakistan for co-operation with China and the China-Pakistan Economic Corridor", he remarked.

There are also several European leaders attending, including the prime ministers of Spain, Italy, Greece and Hungary. The Belt and Road Initiative can be a catalyst for this a new approach to development, where we crowd in private capital to meet people's rising aspirations.

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