Chinese President Xi Jinping and his wife Peng Liyuan welcome Christine Lagarde, managing director of the International Monetary Fund (IMF), and her husband before a banquet for the Belt and Road Forum (BRF) for International Cooperation in Beijing, capital of China, May 14, 2017.
India skipped the just-concluded Belt and Road forum in Beijing in opposition to the China-Pakistan Economic Corridor (CPEC) that passes through Pakistan-administered Kashmir.
He called for expanding consensus for One Belt One Road, enhancing cooperation in development and implementation and prepare a blueprint and roadmap for long-term cooperation.
It endorsed a "rules-based" system, a possible attempt to reassure Western governments that worry Beijing might try to erode the World Trade Organization system under which all competitors are treated equally.
The US and China have reached a 10-point trade deal that opens the Chinese market to US credit rating agencies and credit card companies.
China signed cooperation deals with 68 countries and worldwide organisations during the two-day forum, yielding a list of 270 deliverables in areas such as policy coordination, infrastructure building, trade, investment and finance. There is a general agreement for the OBOR from most countries, including much of India's neighbors. He added the forum had passed a list of 270 achievements.
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A summit communique released at the end of the meeting said the leaders recognised the challenges the world economy faced.
China has used the initiative to help portray its economy as open to the world, distinct from a rising wave of global protectionism, as US President Donald Trump promotes an "America First" policy. China should take a leaf out of it.
But Xi's Silk Road plan has raised concerns that he is seeking to expand China's economic and political ambitions overseas rather than open up his own country to further trade and investment.
Beijing is seeking to cement its trade relations in Asia, Africa, and Europe through the summit, but some fear that these new Silk Roads serve the interests of Chinese exporters above all.
He urged major multilateral institutions to join the initiative, saying it was necessary to coordinate policies with the development goals of institutions including the Asia-Pacific Economic Cooperation, the Association of South-east Asian Nations, African Union and the European Union. As a friend and neighbour, India can at best alert them to the perils of the B&RI, and offer assistance should they choose another path. India may also face some hard choices in the road ahead, because as a co-founder of the Asian Infrastructure Investment Bank and as a member of the Shanghai Cooperation Organisation (from June 2017) it will be asked to support numerous projects under the B&RI.
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