68 countries, global organisations inked OBOR pacts with China: Xi Jinping

But it's an official initiative so significant that leaders from 29 countries, as well as the heads of the United Nations, International Monetary Fund and World Bank, are now congregating at the "Belt and Road" forum in Beijing, China.

Over the weekend, Indian Prime Minister Narendra Modi rejected China's offer to participate in the ambitious "Belt and Road" global investment initiative, also known as "One Belt, One Road".

At the same time, Xi said that China will also provide RMB380 billion (US$55 billion) in loans from two Chinese policy banks and RMB60 billion (US$8.7 billion) in aid to developing countries and worldwide bodies in countries along the trade routes.

Stating that the CPEC has emerged as the core and flagship project of China's OBOR, he said, "OBOR signifies that geo-economics must take precedence over geo-politics and that the centre of gravity should shift from conflict to cooperation".

With over 60 countries involved, accounting for 70 percent of the world's population, diplomacy has to go hand-in-hand with economic activity in order to gain widespread acceptance, said Chipman, underscoring the need for multilateral dialogue and communication to move the Initiative forward. China is contriving to build bridges, both literal and metaphorical, which are a great offering to the world and we have no doubt in saying that no conspiracy can deter its resolve to backtrack from its visionary initiative.

This includes another 100 billion yuan (S$20.3 billion) for the Silk Road infrastructure fund, 250 billion yuan in special loans by the China Development Bank and 130 billion yuan of loans by the Export-Import Bank of China for Belt and Road projects.

"We are of the firm belief that connectivity initiatives must be based on universally recognised global norms, good governance, rule of law, openness, transparency and equality", Baglay said. "In advancing the Belt and Road, we will not re-tread the old path of games between foes". "Connectivity initiatives must follow principles of financial responsibility to avoid projects that would create unsustainable debt burden for communities".

Some Belt and Road projects are already raising concerns in certain countries.

He paid President Xi and the Chinese leadership his deepest tributes for their dynamic and creative leadership and said Pakistan admired China's vision and ingenuity in developing corridors across regions. "Important resolutions passed by the UN General Assembly and Security Council contain reference to it", the foreign ministry said.

On the concluding day of the summit on Monday, Chinese President Xi Jinping said that a total of 68 countries and worldwide organizations signed the One Belt and One Road (OBOR) cooperation agreements with China.

The statement added: "All these show that the BRI responds to the trend of the times, conforms to the law of development, and meets the people's interests".

He made the comments during a session on connectivity of development policies and strategies on the sidelines of the Belt and Road Forum for International Cooperation on Sunday.

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