Putin praises China's Belt and Road initiative, condemns North Korea

"Economic globalisation is encountering some headwinds".

"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", he said.

A total of 56 economic and trade cooperation zones have been set up by Chinese businesses in Belt and Road countries, generating almost 1.1 billion USA dollars in tax revenue and creating 180,000 local jobs.

While chairing the summit, Xi said the Belt and Road Initiative is an open and inclusive platform and a public service jointly built by parties around the world.

The Chinese government is investing tens of billions of dollars as part of an ambitious economic plan to rebuild ports, roads and rail networks. "Simultaneously, Russia and China develop bilateral relations, and this is a rather complex and multifaceted process", he said.

China on Tuesday implied it was unable to understand why India did not participate in the Belt and Road Forum.

Xi's speech also drew implicit contrast between Chinese-style development objectives and those of the West, saying the initiative will not resort to "outdated geopolitical maneuvering". "Today any signals that would give hope for stability are in demand".

International Monetary Fund managing director Christine Lagarde called for high-quality infrastructure that respects the environment, while also welcoming the Chinese initiative.

European Commission vice-president Jyrki Katainen said yesterday that European Union member states would not be signing ministerial statements connected to the summit, though he downplayed the significance.

"I think there is still room for improvement in this area", Zypries said.

The two-day meeting included Presidents Vladimir Putin of Russian Federation and Recep Tayyip Erdogan of Turkey and presidents or prime ministers from Italy, Hungary and Greece, as well as most of China's Asian neighbours, but no major Western leaders. Europeans are not the only ones voicing concerns.

It pointed out that China and Pakistan signed new deals worth $500 million over the weekend, while Nepal - sandwiched between India and China - has also formally joined the Belt and Road initiative.

"It is regrettable but not a problem that India still maintains its strong opposition, even though China has repeatedly said its position on the Kashmir dispute would not change because of the China-Pakistan Economic Corridor (CPEC)", said the article written by Global Times reporter Wang Jiamei.

  • Leroy Wright