China to hold second 'Silk Road' summit in two years time

China's global influence

The government claims the project infringes on India's sovereignty as part of the project passes through the disputed Kashmir region and Pakistan.

Chinese President Xi Jinping (習近平) yesterday wrapped up the inaugural summit dedicated to his cornerstone diplomatic initiative for Chinese-style globalization with an invitation to world leaders attending the gathering to reconvene in 2019.

India is dead against the CPEC.

About 30 heads of State and Government, including Chinese President, Xi Jinping, and representatives of world organizations, adopted a joint statement today and issued a list of results.

Matt Pottinger, US National Security Council senior director for East Asia and special assistant to Trump who is representing the US at the forum, urged transparency and "fair process" in his comments.

New Delhi is smarting over China's refusal to allow it entry into the Nuclear Suppliers Group, a global cartel that controls nuclear trade, and over Beijing blocking a request at the United Nations to sanction a Pakistan-based militant blamed for attacks on India.

"India appears to be the only country that has expressed disapproval of the initiative in recent days", it said.

He said that China had explored a way of development financing.

China on Tuesday challenged India to clarify its call for a "meaningful dialogue" on the Belt and Road Initiative (BRI) despite Beijing saying that the China-Pakistan Economic Corridor (CPEC) is an economic project with no implications for the Kashmir issue.

China has signed cooperation agreements with 14 worldwide organizations on aid programs proposed at the just-concluded Belt and Road Forum for global Cooperation, the country's Ministry of Commerce said Tuesday.

But other Europeans praised Xi's project.

India boycotted the Belt and Road Forum (BRF) held from May 14-15.

However, China had later removed the remarks of its envoy from the transcript of his speech posted on the Chinese Embassy website.

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.

He asserted that the project is open for the regional countries to join.

"If you have peace, progress and prosperity or make efforts towards that, you will find the world to be a better and safer place", he said. Malaysia signed nine memorandums of understanding and agreements with China, including several new commercial deals worth more than US$7.22 billion (S$10.1 billion). The project will involve a huge network of ports, railways, roads and industry parks. "For China, India and Pakistan, the Belt and Road Initiative will foster friendship and cooperation in a wide variety of developmental realms".

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