President Xi Jinping of China has promised to invest a further $121.7 billion in the One Belt, One Road (OBOR) initiative - an worldwide infrastructure scheme that was launched by China in 2014 to revive the ancient east-west trade networks, collectively known as the Silk Road.
The heads of the International Monetary Fund, the World Bank, and the United Nations also attended the summit.
The Belt and Road initiative is China's most ambitious foreign policy project, a multibillion-dollar infrastructure venture that is aimed to make China a leader in the new ear of trade and development.
Putin described the "One Belt, One Road" initiative to facilitate a 21st-century Silk Road, as a "timely and important proposition.in which Russian Federation will engage with active participation".
Xi tried to dispel such suspicions, saying, "We have no intention to interfere in other countries' internal affairs, export our own social system and model of development or impose our will on others". Beijing also promised to import US$2 trillion worth of products from belt and road countries in the next five years.
While some see Beijing's project as a geopolitical powerplay, Xi has insisted that the Belt and Road is open to everybody.
"The European Investment Bank, the EU Bank, recognises the potential of the Belt and Road Initiative to promote economic growth and strengthen global cooperation".More news: Robert Mueller appointed special counsel - KXLF.com | Continuous News | Butte, Montana
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New Delhi's criticism of the Belt and Road initiative came as Xi pledged $124 billion to the plan, and called for the abandonment of old models based on rivalry and diplomatic power games.
Chinese President Xi Jinping announced yesterday that there will be a second Belt and Road Forum in 2019.
For now, China is playing it cool when it comes to India's role in the Belt and Road initiative.
"Rising nationalism has made Indian public opinion extremely sensitive on China-related issues", the editorial describes India's current situation regarding relations with the neighbouring state. "Once that happens, we can increase our trade and invite more tourists to Nepal", Yug Raj Pandey, an under-secretary at Nepal's ministry of finance, told Reuters.
The leaders reaffirm to expand trade by nurturing new areas of trade growth, promoting trade balance and promoting e-commerce and digital economy, and welcome the development of free trade areas and signing of free trade agreements by interested countries, said the document.
"The Belt and Road project, reaching Rwanda and beyond, will be a leap forward in process of integrating Africa not only facilitating integration of the continent's economy into the global one but also enhancing political integration", Kayonga said.