China's Xi seeks to rewrite global trade rules as US retreats

China's Xi seeks to rewrite global trade rules as US retreats

The forum was to culminate Monday evening in a final communiqué from heads of state, with statements on topics spanning finance and relations between peoples.

The BRF has yielded a list of deliverables, which includes 76 items comprising more than 270 concrete results in five key areas, namely policy, infrastructure, trade, financial and people-to-people connectivity. "Growth will from now on be based on common good and benefit". "What we hope to achieve is a new model of win-win cooperation".

Xi focused his speech on his initiative, boasting that it represented a "road for peace" and a way to "forge partnerships of friendship rather than alliance". Almost 70 nations have agreed to cooperate in the plan, which aims to foster industrial development not only in the developing nations of Asia and Africa, but also in China's western provinces, which have yet to share in the economic prosperity of the country's coastal regions. But it is clear what we should do. We keep saying that the Belt and Road is an open and inclusive initiative.

"A win-win outcome is possible", he said. As the world's leading proponent of globalisation, Xi's projection of China as a driver of global trade and investment went further than the obvious contrast with isolationist sentiment in the United States.

But India can afford to criticize China simply because like the Chinese, the Indians are on their way to become the world's superpower.

Lin's remarks came as China positioned the Belt and Road Initiative as one that can inject vitality into the world's economy through several big-ticket infrastructure projects around the globe.

"China has welcomed the participation of India in the Belt and Road project".

The Belt and Road Initiative, proposed by Xi in 2013, consists of the Silk Road Economic Belt and the 21st Century Maritime Silk Road. It is also President Xi Jinping's signature foreign policy. "East Africa is working with China to develop a standard gauge railway project from Mombasa in Kenya through Uganda to Rwanda and potentially to Burundi and DR Congo", Kayonga said.

They agree to encourage financial institutions to establish commercial presence in relevant countries and regions, promote bilateral local currency settlement and cooperation agreements, and facilitate the development of local currency bonds and stock markets, and encourage dialogues to enhance financial cooperation and fend off financial risks, it said.

A commentary published Sunday on the Egyptian newspaper El-Tahrir wrote that "China managed to promote the principals of joint interests via peaceful means like trade exchange, developmental infrastructure and aiding the other developing and emerging countries to take advantages of the Chinese experience as a transparent and credible country".

The initiative has "entered a new era as it is in full swing", Xi said in his closing remarks, noting that 68 nations and worldwide organisations had signed cooperation agreements with the host.

To date, 68 countries and worldwide organizations have signed agreements with China on Belt and Road cooperation.

On the digital economy, Najib said the Digital Free Trade Zone (DFTZ) to be implemented in October was expected to provide double-digit growth which would contribute to overall growth of the country's economy.

A multi-dimensional infrastructure network is taking shape, one that is underpinned by economic corridors featuring land-sea-air transportation routes and information expressways and supported by major rail, port and pipeline projects.

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