Coming closer: Russian President Vladimir Putin with his Chinese counterpart Xi Jinping in Beijing on Sunday. AFP

Beijing, May 14

Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.Xi used a summit on the initiative, attended by leaders and top officials from around the world, to bolster China’s global leadership ambitions as US President Donald Trump questions existing global free trade deals.“We should build an open platform of cooperation and uphold and grow an open world economy,” Xi told the opening of the two-day gathering in Beijing. China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand the country’s links to Asia, Africa, Europe and beyond underpinned by massive infrastructure investment.(Follow The Tribune on Facebook; and Twitter @thetribunechd)

Massive funding boost

Xi pledged a major 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 international bodies in countries along the new trade routes.Leaders from 29 countries attended the forum, as well as the heads of the United Nations, International Monetary Fund and World Bank.Pakistan Prime Minister Nawaz Sharif, a close Chinese ally, praised China’s “vision and ingenuity”. “Such a broad sweep and scale of interlocking economic partnerships and investments is unprecedented in history,” Sharif said.India refused to send an official delegation to Beijing, reflecting displeasure with China for developing a $57 billion trade corridor through Pakistan that also crosses the Pakistan-occupied Kashmir. “No country can accept a project that ignores its core concerns on sovereignty and territorial integrity,” said Indian foreign ministry spokesman Gopal Baglay, adding that there were concerns about host countries taking on “unsustainable debt”. China plans to import $2 trillion of products from countries participating in its Belt and Road initiative over the next five years, commerce minister Zhong Shan said.

Unease over summit

But some Western diplomats have expressed unease about both the summit and the plan as a whole, seeing it as an attempt to promote Chinese influence globally. They are also concerned about transparency and access for foreign firms to the scheme.“We will not interfere in other countries’ internal affairs. We will not export our system of society and development model, and even more will not impose our views on others. In advancing the Belt and Road, we will not re-tread the old path of games between foes. Instead we will create a new model of cooperation and mutual benefit,” Xi said. — Reuters