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emfizz.com July 24, 2017


USA ready to participate in China's Silk Road project

20 May 2017, 09:20 | Terri Saunders

USA ready to participate in China's Silk Road project

A Chinese woman sits in a restaurant chair decorated with the British flag in Beijing. Britain may not be on China’s Belt and Road routes but it can still benefit from them

Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion Yuan (US$14.50 billion) into the existing Silk Road Fund, 380 billion in loans from two policy banks and 60 billion Yuan in aid to developing countries and worldwide institutions in new Silk Road countries.

Participants in the Leaders Roundtable of the Belt and Road Forum for International Cooperation adopted a joint communique.

"US firms have a long and successful track record in global infrastructure development, and are ready to participate in Belt and Road projects".

The CPEC, a cluster of road, rail and energy projects, will connect Pakistan's southern Gwadar port on the Arabian Sea and Kashgar in China's far western Xinjiang province.

Indonesia signed three agreements with China, including a loan worth US$4.48 billion from the China Development Bank for the Jakarta-Bandung high-speed rail project.

The external ministry spokesperson Gopal Baglay had said on Saturday, "Guided by our principled position in the matter, we have been urging China to engage in a meaningful dialogue on its connectivity initiative, "One Belt, One Road', which was later renamed as 'Belt and Road Initiative".

The Belt and Road summit is running in Beijing on 14-15 May.

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During the conference, Putin also expressed his full support for China's ambition to invest billions of dollars in infrastructure that links Asia, Europe and Africa, according to Russian news agency RIA Novosti.

Describing India as the "onlooker", the Global Times on Monday said in its report that New Delhi appeared more anxious than the (actual) players.

Jonathan Hillman, an analyst with the Center for Strategic and International Studies, told me that China may be seriously over-extending itself - it may be financing transportation projects with no economic viability.

"China's financial assistance addresses the all-around challenges such as poverty, disease prevention, limited trade and investment channels, weak infrastructure and industrial foundation to many developing countries and regions today", said Xing Houyuan, a member of the expert committee of the Beijing-based China Council for the Promotion of International Trade.

US President's Trump's plan to focus on domestic issues and withdrawal from the Trans-Pacific Partnership, a proposed regional trade pact, has left Asian governments that want to use ties with Washington to offset China's growing dominance off balance. India was the only big South Asian nation to boycott the event, citing its reservations on the $55-billion China Pakistan Economic Corridor, a flagship project of the OBOR initiative that runs through Gilgit-Baltistan in Pakistan-occupied Kashmir.

"The Belt and Road development does not shut out, nor is it directed against, any party", said Mr Xi.



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