Hammond says Brexit Britain must back China's new Silk Road

The Chinese government is investing $124 billion in the Belt and Road initiative, an effort to rebuild ports, roads, rail networks.

"We should jointly create an environment that will facilitate opening up and development; establish a fair, equitable and transparent system of worldwide trade and investment rules". The United States had complained to China on Friday over the inclusion of a North Korean delegation at the event.

Xi did not give a time frame for the new loans, aid and funding pledged on Sunday.

The May 14-15 forum is being attended by 29 heads of state and government, besides delegates from around 130 countries.

"Although the Northern Australia initiative is separate to the Belt and Road Initiative, there are clearly complementarities there so we can share knowledge and we can share experience for the benefit of both nations", he told reporters in Beijing, where he is representing Australia at a summit on the new Silk Road.

Close neighbour India skipped China's mega Belt and Road Forum which began here on Sunday, signalling its strong opposition to the multi-million dollar China-Pakistan Economic Corridor (CPEC).

"China's Belt and Road initiative is poised to create exciting global trade opportunities for participating countries".

"Our first priority is railway, and second will be hydropower projects and cross-border transmission lines between Nepal and China", he said.

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Xi said the initiative was not meant to reinvent the wheel but "complement the development strategies of countries involved by leveraging their comparative strengths". "And the world is used to the old colonial countries like the USA and Britain but the world is not accustomed to China", El-Shahat said. The country's finance and defense minister Arun Jaitley told reporters this month Delhi has "serious reservations" about the project, particularly regarding China-funded development in Pakistan-administered Kashmir. "We note that he described the Belt and Road as a bridge for peace, a road to prosperity, a way to boost inclusive growth and balanced development, and to promote equality", a statement from the DFA read.

The Belt and Road Forum for International Cooperation opened in Beijing, China on May 14.

"Russia believes that the future of the Eurasian partnership is not just about fostering ties between a few countries and economies", said Putin. The launch was seen as a challenge to a new South Korean president who was elected last week and came as U.S., Japanese and European naval forces gathered for war games in the Pacific.

Xi said the new Silk Road would be open to all, including Africa and the Americas, which are not situated on the traditional Silk Road.

Zhongguancun, known as "China's Silicon Valley", has set up the Belt and Road Industrial Promotion Association as a service platform to boost worldwide cooperation.

Sen. Sherwin Gatchalian, chairman of the Senate committee on economic affairs, said China's initiative would open doors for new markets for the Philippines and that Duterte was correct in exploring it. He was due to meet Monday with Chinese officials and representatives of US companies looking at potential "Belt and Road" opportunities, said embassy spokeswoman Mary Beth Polley.

The active use of local currencies will also help to mobilize local savings, lower remittance and exchange costs, and safeguard financial stability, he said.

On Sunday, Zypries called for greater transparency in tenders for the initiative's projects and for adherence to global standards.

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