Germany wants more guarantees from China over 'Silk Road' trade plan

While delivering a keynote speech at the opening ceremony of the two-day Belt and Road summit for global cooperation, Chinese President Xi Jinping on Sunday called for joint efforts to build the OBOR into a road to peace and prosperity.

"In pursuing the Belt and Road Initiative, we should focus on the fundamental issue of development, release the growth potential of various countries and achieve economic integration and interconnected development and deliver benefits to all", he said.

Xi said the world must create conditions that promote open development and encourage the building of systems of "fair, reasonable and transparent global trade and investment rules".

Mr Xi did not give a timeframe for the distribution of funds pledged for the projects outlined on Sunday.

The Belt and Road Initiative was first proposed by China in 2013.

"What we hope to create is a big family of harmonious co-existence", HT quotes him to have said.

"From our perspective, we're here primarily to listen, to learn, to get a good understanding and to put up our hand and say New Zealand wants to be part of the discussion", Goldsmith said.

"This is indeed a gathering of great minds", Xi said, addressing leaders including Russian President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan.

There are also several European leaders attending, including the prime ministers of Spain, Italy, Greece and Hungary, Reuters added.

"Although the Northern Australia initiative is separate to the Belt and Road Initiative, there are clearly complementarities there so we can share knowledge and we can share experience for the benefit of both nations", he told reporters in Beijing, where he is representing Australia at a summit on the new Silk Road. "It must not be politicised", Sharif said in his speech at the inaugural session of the forum, defending the project over which India has raised objections. Duterte has chose to forge an independent foreign policy while seeking alliances with other nations on the principle of mutual sovereign respect and non-interference in internal affairs.

China opens on Sunday a summit to promote its massive global trade infrastructure project, highlighting Beijing's ambitions to spearhead a new era of globalisation as Washington shifts toward inward-looking policies.

Making a U-turn from its earlier position, the U.S. alsosent a delegation led by Matt Pottinger, special assistant tothe president and senior director for Asia at the NationalSecurity Council, after it clinched a trade deal with China.

The United States and other governments have said "Belt and Road" is a natural outgrowth of China's status as the biggest global trader, and USA officials have said they want to work with Beijing on infrastructure.

The railway will travel over 400 kilometres in China to the Nepal border, and then about another 150 kilometres from the Nepali border to Kathmandu, he said.

The Silk Road programme, also known as the Belt and the Road initiative, will span Asia, Africa and Europe with the Chinese saying it will forge a path for world peace and end diplomatic power struggles.

President Xi Jinping hosted leaders from 29 nations for the two-day summit ending on Monday.

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