China has pledged to invest nearly 8 lakh crores in the Silk Road project that would enable the country to be connected with much of Asia, Europe and Africa. In his opening address, Xi said “We should build an open platform of cooperation and uphold and grow an open world economy. Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit”, he said.
In order to fund this prestigious project, Xi has encouraged financial institutions to expand their overseas yuan fund businesses to the tune of to 300 billion yuan which works out to about Rs 2.8 lakh crore.
He said “We should foster a new type of international relations featuring win-win cooperation; and we should forge partnerships of dialogue with no confrontation and of friendship rather than alliance”.
While Pakistan Prime Minister Nawaz Sharif, Sri Lankan Premier Ranil Wickramasinge, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan attended the meet, India skipped it on concern of over the 50 billion China-Pak economic corridor which will pass through Pakistan occupied Kashmir. The Belt and Road project which includes angladesh, China, India and Myanmar Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st century Maritime Silk Road and this was announced by Xi in 2013.