India gives China's 'One Belt One Road' summit a deliberate miss

Chinese President Xi Jinping has pledged today 8.7-billion-USD assistance for developing countries and global organizations under the Belt and Road Initiative.

"We should build an open platform of cooperation and uphold and grow an open world economy", Mr. Xi told the opening of the summit.

The forum is the highest-level meeting on the Belt and Road Initiative since it was put forward by Xi in 2013.

Chinese President Xi Jinping, third from left, walks with Russian President Vladimir Putin, third from right, and other leaders as they arrive for a group photo during the Belt and Road Forum outside Beijing, China, Monday, May 15, 2017.

He pledged a major funding boost to the new Silk Road, including an extra 100 billion yuan (S$20 billion) into the existing Silk Road Fund, 380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and worldwide bodies in nations along the new trade routes.

"We should foster a new type of worldwide relations featuring win-win cooperation; we should forge partnerships of dialogue with no confrontation and of friendship, rather than alliance", he said.

While some see Beijing's project as a geopolitical power play, Mr Xi has insisted that the Belt and Road is open to everybody.

"All these (developments) show that the Belt and Road Initiative responds to the trend of the times, conforms to the law of development, and meets the people's interests", it said.

Other governments welcome Chinese investment in a region that the Asian Development Bank says needs to spend $7 trillion this decade on ports, railways and other trade-related facilities to keep economies growing.

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Indian foreign ministry spokesman Gopal Baglay, asked whether New Delhi was participating in the summit, said India could not accept a project that compromised its sovereignty.

British finance minister Philip Hammond said London was "ready to work with all Belt and Road partner countries to make a success of this initiative".

It's a milestone event created to promote Chinese President Xi Jinping's grand vision of expanding trade, financial and infrastructure links between Asia, Africa and Europe.

China had invited India to participate in six separate forums as part of a two-day OBOR summit being held in Beijing.

Pakistan and China signed six accords of cooperation in diverse fields.

"It is our hope that through the "Belt and Road" development, we will unleash new forces for global economic growth", Xi said at a brief news conference at a conference center in the hills north of the Chinese capital.

"The Chinese president's announcement to contribute an additional 100 billion yuan (around $14.5 billion) to the Silk Road Fund is a piece of good news for neighboring countries like Nepal that have recently joined the Belt and Road Initiative", Mahat said.

"We endeavor to promote a universal, rules-based, open, non-discriminatory and equitable multilateral trading system with WTO at its core", the statement said.

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