Chinese President Xi Jinping pledged $124 billion for his ambitious new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games. According to report, China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment. He said the world must promote the multilateral trade system, the establishment of free trade regions, and the facilitation of free trade. Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion yuan ($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 international institutions in new Silk Road countries. In addition, Xi said China would encourage financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan. Xi did not give a timeframe for the new loans, aid and funding pledged on Sunday. Leaders from 29 countries are attending the forum, which ends on Monday.Some Western diplomats have expressed unease about both the summit and the plan as a whole, seeing it as an attempt to promote Chinese influence globally. China will launch 100 “happy home” projects, 100 poverty alleviation projects and 100 health care and rehabilitation projects in countries along the Belt and Road.All countries should respect each other’s sovereignty, dignity and territorial integrity, each other’s development paths and social systems, and each other’s core interests and major concerns, said Xi.China has rejected criticism of the plan and the summit, saying the scheme is open to all, is a win-win, and aimed only at promoting prosperity. Some of China’s most reliable allies and partners are attending the forum, including Pakistani Prime Minister Nawaz Sharif, Russian President Vladimir Putin, Cambodian Prime Minister Hun Sen and Kazakh President Nursultan Nazarbayev. There are also several European leaders attending, including the prime ministers of Spain, Italy, Greece and Hungary. Britain’s finance minister told the summit his country was a natural partner in the new Silk Road. 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. It is good that despite opposition from some countries, Pakistan and China are firm in their resolve to complete the corridor project. The visionary plan of One Belt, One Road in fact is not only beneficial for Pakistan and China but it will also serve as a boon for other developing countries. The initiative will connect Asia with Europe and more thab three billion of people will get benefit from it. PM Nawaz Sharif, by taking along all the four chief ministers to the Silk Road forum has also given a positive message to China that his country fully supports the Chinese initiative. All political parties and people should completely support China Pakistan Economic Corridor under China’s One Belt One Road vision for its timely completion and media should also play due role to create awareness among the people regarding its benefits and also to beat conspiracies against it.
