Chinese listed firms seek opportunities along Belt and Road

May 16, 2017, 09:14
Chinese listed firms seek opportunities along Belt and Road

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

"Hopefully (Belt and Road) is not a one-way street but a two-way", said Joerg Wuttke, president of the European chamber of commerce in Beijing.

China will provide emergency food aid worth 2 billion yuan to developing countries along the Belt and Road and make an additional contribution of 1 billion U.S. dollars to the Assistance Fund for South-South Cooperation, Xi said at the opening ceremony of the Belt and Road Forum for International Cooperation.

Dozens of "Belt and Road" projects including railways and power plants have been launched since Xi unveiled the initiative in 2013.

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

What is China's new Silk Road?

More news: Lyft, Waymo ink self-driving vehicle deal: NY Times

David Kelly, the director of geopolitics at the Beijing-based consulting firm China Policy, tells The National: "BRI's extension to the United States may have been sold to Trump as a concession made by Beijing, similar to pledged investment by [the Chinese internet major] Alibaba's [founder and chairman] Jack Ma, with eventual announceables of new manufacturing jobs and construction projects".

China opened its Silk Road summit on Sunday to showcase its ambitious plans to revive ancient trade routes from Asia to Europe and Africa.

"Trade is the important engine of economic development", Mr Xi said at a summit of world leaders in Beijing.

North Korea relies heavily on trade with China for its economic survival, and US President Donald Trump has urged Xi to use that leverage to put pressure on Pyongyang.

According to Chinese government officials, at least 28 Heads of State and Government from around the world, including the presidents of Ethiopia and Kenya, are expected to attend the two-day forum in Beijing.

He said the initiative, pioneered by Chinese leader Xi Jinping gives developing countries space to have a say in the global economy, create jobs and prosperity.

More news: Si Woo Kim becomes youngest winner of Players Championship

The ultimate plan is to build a network of new trade routes including multiple high-speed rail networks to Europe and ports across Asia and Africa.

Sharif, at the Summit, also avoided direct references to India's boycott and its objections to the CPEC but said the initiative should not be politicised. The fund is a state-owned investment vehicle of the Chinese government created to foster increased investment in countries along its planned economic corridors.

Establishment of the Havelian Dry Port in Pakistan.

"He further said that it has no geographical boundaries" and it must not be politicised.

"President Xi also expressed his willingness to work with the Asian Infrastructure Investment Bank, the BRICS New Development Bank and the World Bank to support Belt and Road related projects".

The initiative spans some 65 countries representing 60% of the world population and around a third of global gross domestic product.

More news: Miley Cyrus releases music video for new song 'Malibu'

Gowher Rizvi, an adviser to the Bangladesh prime minister on global affairs, said recently that China has been immensely supporting Bangladesh in its economic development. "It is really grounded in certain objectives such as economic and financial realities", Rehman said.

  • Bus carrying 26 kids on DC field trip overturns on I-95

    Bus carrying 26 kids on DC field trip overturns on I-95

    At least two other buses and other cars are stopped near the overturned long, white bus with no apparent markings. No deaths have been reported in the accident, which saw the bus flip "at least once", according to AP.
    Helicopter crew warns paddle-boarders about nearby sharks

    Helicopter crew warns paddle-boarders about nearby sharks

    Most of the sharks reportedly looked like juvenile great whites - somewhere from six to eight feet long and about a year old. The sharks were more spread out, and much fewer than the 15 or so spotted within a half-mile of each other the previous day.

    Vitec Group plc (VTC) Plans Dividend Increase - GBX 17.30 Per Share

    Goldman Sachs now has a GBX 2075.00 target on the 6.03 billion GBP market cap company or -1.24% downside potential. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Redrow plc in a report on Thursday, March 23rd.
  • Erdogan: New Silk Road to eradicate terrorism

    Presidents Vladimir Putin of Russian Federation and Recep Tayyip Erdogan of Turkey also spoke at the opening ceremony. Putin, speaking at the opening of the event, told participants that protectionism is a threat to the global economy.
    Mauricio Pochettino Excited About Life After White Hart Lane

    Mauricio Pochettino Excited About Life After White Hart Lane

    Spurs will play their last ever game at the famous old ground on Sunday ahead of their move to a new stadium. Instead of joining the sentimental masses, we're choosing to focus on the tactics of the match itself.

    Allegri backs Juventus for Champions League glory

    The match will be telecast live on Ten 2 in India and the online viewers can catch the live streaming on SonyLiv . He followed his brace in Monaco by scoring the equaliser for Juventus in Saturday's 1-1 draw against Torino.
  • CIA establishes unit focused on North Korea threat

    CIA establishes unit focused on North Korea threat

    The CIA on Wednesday launched a Korea Mission Center to deal with the North Korean nuclear issue, according to a press release. Navy carrier strike group was sailing towards the Korean Peninsula sparked fears of a renewed conflict with Pyongyang.

    China Says It Tested New Missile in Northeastern Sea

    In 2015, China for the first time demonstrated a whole range of long, medium and short range missiles during a military parade. A USA defense official said, however, that the system had only "reached initial intercept capability".
    Federal Reserve Leaves Interest Rates Unchanged

    Federal Reserve Leaves Interest Rates Unchanged

    The Federal Reserve has voted not to raise its key interest rate today, following hikes in December and March. The dollar steadied Tuesday as investors awaited new clues on the path for higher US interest rates.
  • Trump threatens to cancel briefings for 'sake of accuracy'

    His position was backed up by the committee's ranking member Rep. If there are tapes, they could prove problematic for Trump.

    SpaceX Successfully Launches US Spy Satellite

    As the first rocket completely developed in the 21st century, Falcon 9 was designed from the beginning for maximum reliability. SpaceX has already successfully landed multiple rockets on sea platforms and aims to reuse them to cut launch costs.
    EU Raises Euro-Area GDP Forecast, Says Risks Are More Balanced

    EU Raises Euro-Area GDP Forecast, Says Risks Are More Balanced

    Sterling also suffered from news of falling industrial production in Britain and a widening of the country's trade deficit. The 28-nation bloc as a whole would grow by 1.9% in both 2017 and 2018, the Commission said.