International Monetary Fund can offer policy advice, financial support for Belt and Road Initiative

Posted May 26, 2017

But not everyone is buying the rhetoric.

"Over the past four years since the project was initiated, we have been holding the principle of extensive consultation, joint contribution and shared benefits" for the Belt and Road initiative, she said.

The meeting gave Xi a spotlight to raise his standing overseas and at home, where he faces a crucial Communist Party congress later this year.

According to Zhou Xiaochuan, the financial integration serves as an important foundation to help implement the Silk Road Economic Belt and Maritime Silk Road initiative.

But investment in Belt and Road projects has been slim.

OBOR represents a major push by China to open up new markets to its products and improve trade links with the more than 60 countries taking part in the initiative.

Putin described the "One Belt, One Road" initiative to facilitate a 21st-century Silk Road, as a "timely and important which Russian Federation will engage with active participation".

The CPEC has emerged as a thorny issue between India and China, whose ties have been under strain over issues including Beijing blocking New Delhi's bid for the Nuclear Suppliers Group and Tibetan spiritual leader, the Dalai Lama's visit to Arunachal Pradesh in northeast India last month. The country's minister of economic affairs and energy, Brigitte Zypries, called for greater transparency in tenders, adherence to worldwide standards, and the creation of a level playing field for all companies and countries involved, after expressing concerns that the tenders could all be snapped up by Chinese firms. By the end of 2016, two-way investments had exceeded USD160 billion.

Many doubt the motives behind its latest plan. "But this is not how countries interact", an editorial in Global Times said.

Tom Rafferty, a China analyst at the Economist Intelligence Unit, agrees.

The strengthened cooperation between China and the EIB to support the Belt and Road Initiative will enable increased dialogue and examination of individual infrastructure projects located in Asia, Europe and Africa and covered by the initiative.

India, meanwhile, is expected to send representatives from its embassy in Beijing, two Indian officials said, speaking on condition of anonymity because of the sensitivity of the matter. "We always say the Belt and Road initiative is an open and inclusive one".

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".

Xi made the remarks when meeting with Italian Prime Minister Paolo Gentiloni after the two-day Belt and Road Forum for International Cooperation ended on Monday in Beijing.

However, Balding said that, as with free trade, "climate change would be another area where the rhetoric does not match the reality".