dglobalnews.com Xi: Reject protectionism or risk global growth
Published: Tue, May 16, 2017
Global Media | By Cecelia Webb

Xi: Reject protectionism or risk global growth

The Chinese government established the Silk Road Fund in 2014 with a target of US$40 billion to invest in infrastructure projects in Asia.

President Xi Jinping delivers a keynote speech at the opening ceremony of the Belt and Road Forum for International Cooperation in the National Convention Center in Beijing on May 14, 2017.

"The primary intention and the highest goal of the "Belt and Road Initiative" is to allow each member to jointly address global economic challenges, find new growth opportunities and drivers, achieve a win-win situation and keep moving toward a community with joint destiny", Xi said.

Kayonga said the belt and road initiative the vision of Africa's Agenda 2063, which aims to integrate the continent and to develop sustainable economies.

Leaders from 29 countries are attending the forum including Russian President Vladimir Putin and Turkish President Recep Tayep Erdogan.

The "Belt and Road" project is China's biggest foreign initiative to date as Beijing looks for global stature to match its economic success.

"In the course of exchange, people of different cultures, religions and races are seeking common ground and have fostered a spirit of mutual respect and engaged in a common endeavor to pursue prosperity", Xi said.

More than 60 countries, with a combined GDP of $21 trillion, have expressed interest in participating in the Belt and Road action plan.

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Mr. Xi emerged as the new defender of globalisation, countering the resistance to open economic borders in the USA and parts of Europe, with a solid integrative plan, during his address to 29 world leaders and representatives from countries across the continents.

"And ultimately how much political sovereignty is sacrificed, and what is the risk to completion of projects in the event of a disorderly slowdown in the domestic Chinese economy", said the US investment firm specializing in frontier and illiquid markets.

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. They also "reiterate the importance of expanding economic growth, trade and investment based on level playing field, on market rules and on universally recognised global norms".

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

The Belt and Road Forum for International Cooperation was held in the city for two days.

Chinese President Xi Jinping said he had every reason to be confident in the future of the Belt and Road initiative, his signature plan to forge a path of peace, inclusiveness and free trade for the globe, beginning with Eurasia.

Mr Xi told world leaders gathered in Beijing at the Belt and Road Forum - named after the overland "Silk Road Economic Belt" and a "Maritime Silk Road" - that it was "a project of the century" that would benefit people worldwide.

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