China's Xi seeks to rewrite global trade rules

India's myopic view that China-Pakistan Economic Corridor (CPEC) is an initiative against it, led to New Delhi boycotting the Belt and Road forum, said a Chinese state media on Tuesday.

"Indians are keen to compare themselves with China on development and worldwide status, but strongly object to China developing friendly cooperation with Pakistan, for fear that Sino-Pakistani ties are targeting India", it says. If it is some uncontested region, India would have negotiated its way out.

The Prime Minister who later left for Hong Kong, termed the Beijing's Summit as highly successful in achieving global agenda, pushing forward socio-economic interest of the member countries.

The troubling relations between India and Pakistan is a concern for the respective neighbours and has nothing to do with China, it said.

"(Chinese) President Xi Jinping has emphasised connectivity. That's rather unusual considering China pledges to pump more than US$100 billion to finance projects under the OBOR initiative. This will link up these countries on certain rational basis.

British finance minister Philip Hammond said on Sunday Britain is a natural partner for China's new Silk Road program, and as it leaves the European Union (EU) it wants more trade with the world not less.

One was about the China-Pakistan Economic Corridor transgressing India's sovereignty in Pakistan occupied Kashmir.

At a two-day summit on the project in Beijing on Monday, 30 nations agreed to promote a rules-based, non-discriminatory trading system with the World Trade Organisation at its core.

But a day after the conclusion of the two-day Obor summit, attended by 28 Prime Ministers and Presidents, Hua implied that China was more confident of the initiative's success, with or without India. Twenty-nine countries, including Russia, Italy and the Philippines, sent top leaders to attend the meeting.

Meanwhile, Pakistan has "gifted" 1942 square kilometres of PoK to China to build the Karakoram highway, which is dangerously close to the Siachen glacier, the highest battleground in the world and which happens to be under the control of India.

Chinese President Xi Jinping wants to rewrite world trade rules and cast himself as a champion of globalisation as he capitalises on a United States retreat into "America First" policies, analysts say.

According to a report in The Tribune, Beijing has positioned its armed forces in Gilgit and Baltistan to protect the workers who are constructing CPEC.

The fund has a large reserve of projects in waiting, and the demand for funds will be greater in the future, said Mr Yi.

Earlier, the problem came because a Chinese submarine was allowed to be docked in Colombo harbour by former president Mahinda Rajapaksa in 2014 which sparked protests from India. The China Development Bank had already earmarked US$890 billion for some 900 projects. This report, which the Pakistan government dismisses as dated, suggests China would play an nearly overwhelming role in Pakistan's economy, even in agriculture and tourism.

He said in the agreement now being finalised to give 80 per cent stake for Chinese shipping company, it will be allowed to operate inside the harbour but all the outside operations will be carried out SLPA. Allaying India's concerns, he said Sri Lanka is taking assistance from the Indian Navy to maintain maritime security including tracking submarines.

Beijing has been keen to involve India, which straddles one of the world's busiest shipping lanes in the Indian Ocean. About Hambantota port, he said, it is entirely a commercial operation.



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