It calls for expanding trade across Asia, Africa and Europe by investing in ports, railways and other facilities, but governments including Russia, Washington and India are uneasy Beijing also is using it to gain political influence.
Xi said China would contribute 100 billion yuan ($14.5 billion) to the Silk Road Fund, which was set up in 2014 to finance infrastructure projects and provide aid worth 60 billion yuan ($8.7 billion) to developing countries and worldwide organizations taking part in the initiative to revive the ancient trade route.
"We should build an open platform of cooperation and uphold and grow an open world economy", he told the opening of the two-day gathering in Beijing.
"No matter if they are from Asia and Europe, or Africa or the Americas, they are all cooperative partners in building the Belt and Road".
The forum is the highest-level meeting on the Belt and Road Initiative since it was put forward by Xi in 2013.
On top of that was an extra £10bn for the Silk Road Fund, set up in 2014 for infrastructure projects. New Delhi is protesting the controversial economic corridor's transversing through the disputed territory of Pakistan-occupied Kashmir (PoK).
"We need to improve policy coordination and reject beggar-thy-neighbour practices", Mr Xi told the 29 national leaders attending the forum.
Burr, Warner pledge to continue Russian Federation investigation amid FBI shakeup
But I told myself, I have to do the right thing for the American people. "He's [Comey] the wrong man for that position". He said he thought the investigation "should be over with, in my opinion, should have been over with a long time ago".
While some see Beijing's project as a geopolitical powerplay, Xi has insisted that the Belt and Road is open to everybody. But he expressed hope governments taking part in the initiative will coordinate policy in finance, law enforcement, technology and education areas where China's status as the biggest Asian economy would allow Beijing to dominate.
Xi, addressing the leaders, urged major multilateral institutions to join his new Belt and Road Initiative, stressing the importance of rejecting protectionism in seeking global economic growth.
Some European countries have refused to sign off on a trade statement at China's Silk Road summit, a diplomat said yesterday, dealing a setback to Beijing's efforts to gain full support for its initiative.
China will sign trade agreements with 30 countries during the two-day Forum, and gradually expand it to cover 60 countries who are connected to the Belt and Road plan, he said.
China will host the second Belt and Road Forum for International Cooperation in 2019. He said deep-seated problems in global development had yet to be addressed effectively, with worldwide trade and investment sluggish, and economic globalisation encountering headwinds.
Other delegates included officials, entrepreneurs and financiers from over 130 countries and representatives of key global organizations, such as U.N. Secretary-General Antonio Guterres, World Bank President Jim Yong Kim and Managing Director of the worldwide Monetary Fund Christine Lagarde.
In addition, Xi pledged about additional $14 billion for the construction of the Belt and Road project, of which CPEC is the chief component.
Related News:
-
Press Briefings to Have Much Less Sean Spicer This Week
Filling in for him this week is his deputy press secretary, Sarah Huckabee Sanders. "I find it very troubling and troubled", Wallace said.Jordanian stabber shot dead in Jerusalem
Israel has blamed the violence on incitement by Palestinian political and religious leaders compounded on social media sites. Most of the Palestinians killed were carrying out knife, gun or car-ramming attacks, the Israeli authorities say.New Bill Could Change State Adoption Rules
The bill had been scheduled for debate and approval Saturday in the state House, but lawmakers bogged down with other matters. But if they did, he said, the bill requires them to refer the parents to a "secondary" provider in the same area. -
Social Security Administration releases most popular baby names list
Music fans will recognize Kehlani from artist Kehlani Parrish, and Star Wars fans will remember Kylo from "The Force Awakens". On the flipside, all four versions of Caitlyn - Caitlin, Caitlyn , Katelynn and Kaitlynn - fell out of the top 1,000 in 2016.WWE SmackDown ratings grow two percent against tough competition
Bleacher Report posits that Owens will successfully defend his place, but that does not mean Styles will not put up a fight. Finally, The Usos and Breezango (Tyler Breeze and Fandango) will go head-to-head for the SmackDown tag team championship.Six Of The National Monuments Being 'Reconsidered' Under Trump Are in California
Interior Secretary Ryan Zinke will have 45 days to suggest which, if any, designations should be removed. The legal power of a president to rescind monument designations is uncertain. -
Soaking rain returns Friday with cooler temperatures
If this occurs, then localized flooding of poor-drainage areas and small streams may become an issue early Sunday . A dry start to our Friday morning will give way to a window of opportunity for some much-needed rain later today .Nigeria presidency releases names of 82 freed Chibok girls
The group representing the families of the girls said they were awaiting direct confirmation from the government. ICRC had played a similar role a year ago October, when Nigeria got the first batch of 21 Chibok girls released.Alex Ovechkin, Capitals come up short in Game 7 once again
If they can get more shots on goal, maybe they would have a chance to actually get some points on the board. Alex Ovechkin is one of the greatest players of all time and he has the individual accolades to prove it. -
TN woman facing reckless endangerment charge; accused of following congressman, his aide
Investigators were able to track her down because she posted about the incident on her Facebook page. She was found and taken into custody on a Weakley County arrest warrant.North Korea's ICBMs have 'important shortfalls,' Pentagon says
For the Trump Administration, facing a question whether to increase the USA troop levels in Afghanistan , this can't be good news. Iran is working on development of an intercontinental ballistic missile that could carry nuclear weapons.Hard-hitting Brewers look to sweep Red Sox
Hitting's becoming easier _ I'm not saying it's easy _ but it's definitely becoming easier than what it was. Scahill gave the Brewers' pen a huge lift by going 2.1 innings, allowing no hits while walking two.