Duterte attends Belt and Road Forum in China

Almost 30 world leaders took part in the global summit on China's Silk Road plan, a huge infrastructure project which Beijing hopes will revive ancient trade routes from Asia to Europe and Africa.

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 yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and global institutions in new Silk Road countries.

Chinese President Xi Jinping on Sunday proposed five principles of peaceful co-existence or Panchsheel - the brainchild of China, India and Myanmar in the 1950s - as the mantra for advancing the Belt and Road Initiative (B&RI), and as a vehicle for achieving sustainable globalisation.

"We need to seek win-win results through greater openness and cooperation, avoid fragmentation, refrain from setting inhibitive thresholds for cooperation or pursuing exclusive arrangements and reject protectionism", Xi said on the second day of the summit in Beijing.

In his opening remarks at the forum, Xi pledged an astounding US$124 billion to the new Silk Road plan, reinforcing that everyone was welcome to join what he envisioned would be a path to peace and prosperity for the world.

Pakistan Prime Minister Sharif, his Sri Lankan counterpart Ranil Wickremesinghe, Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan were among the world leaders who attended the high-profile meeting.

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Australia's reluctance to commit stems at least in part from reservations against linking, at Beijing's request, an extensive Northern Australia infrastructure development plan directly with China's Silk Road, sources with knowledge of the matter have previously told Reuters.

India skipped the event in opposition to the China-Pakistan Economic Corridor (CPEC), though most of its neighbours, including Pakistan Prime Minister Nawaz Sharif, attended.

Xi said that 68 countries have signed the agreement of cooperation.

While some see Beijing's project as a geopolitical power play, Mr Xi has insisted that the Belt and Road is open to everybody. But he expressed hope governments taking part in the initiative will coordinate policy in finance, law enforcement, technology and education — areas where China's status as the biggest Asian economy would allow Beijing to dominate.

Other delegates included officials, entrepreneurs and financiers from more than 130 countries, and representatives of key global organisations such as UN Secretary- General Antonio Guterres, World Bank President Jim Yong Kim, and worldwide Monetary Fund Director Christine Lagarde.

"Countries and regions related to the Belt and Road have become an important destination for China's investment, equipment, technology and services", Ning said.

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China's Belt and Road Forum was held at the National Center for the Performing Arts in Beijing.

"The Belt and Road Initiative was proposed in 2013, and four years on, over 100 countries around the world and worldwide organisations have supported and got involved in this initiative", the Foreign Ministry said in a written response to PTI.

Xi said the project has "no political agenda".

"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 China Development Bank and the Export-Import Bank of China will set up special lending schemes respectively worth 250 billion yuan equivalent and 130 billion yuan equivalent to support Belt and Road cooperation on infrastructure, industrial capacity and financing", President Xi said.

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