It calls for expanding trade across Asia, Africa and Europe with multibillion-dollar investments in ports, railways and other facilities, but governments including Russia, Washington and India are uneasy Beijing also is using it to gain political influence.
Mr. Xi pledged a massive funding boost to the new Silk Road, including an extra 100 billion yuan ($14.50 billion) into the existing Silk Road Fund, 380 billion yuan in loans from two policy banks and 60 billion yuan in aid to developing countries and global institutions in new Silk Road countries.
In 2013, the Chinese president proposed the Belt and Road Forum to promote a new worldwide economic cooperation in Asia, Europe and Africa by investing on infrastructures.
"We should build an open platform of cooperation and uphold and grow an open world economy", Xi said at the meeting, according to Reuters.
A number of leaders including Russian President Vladimir Putin and Turkish counterpart Recep Tayyip Erdogan applauded the initiative, which Xi unveiled in 2013 and hailed as "a project of the century".
The initiative - a modern Silk Road of trade, investment and infrastructure development - is China's biggest foreign initiative to date.
The report says that India cited China-Pakistan Economic Corridor (CPEC), which passes through Pakistan-Occupied Kashmir (PoK) as the main reason because of which it decided not to participate in the summit. "Instead, we will create a new model of cooperation and mutual benefit". The China-Pakistan Economic Corridor is an initiative on economic cooperation.
Palestinian stabs Israeli officer in Jerusalem, shot dead
According to Ma'an documentation, the Palestinian was the 22nd to have been killed by Israelis since the beginning of the year. Israel has blamed the violence on incitement by Palestinian political and religious leaders compounded on social media sites.
Germany warned on Sunday it will not sign a joint statement at China's Belt and Road initiative if a pact doesn't include guarantees on free trade and fair competition, the nation's minister of economic affairs and energy said.
The Philippine Embassy in China said there will be no official agreements signed or alliances formed during the Belt and Road Forum.
Chinese President Xi Jinping told the OBOR conference that all countries should respect each other's sovereignty, dignity and territorial integrity, each other's development paths and social systems, and each other's core interests and major concerns.
"U.S. firms can offer the best-value goods and services required over the life of a project", said Pottinger, who is special assistant to Trump and the National Security Council's senior director for East Asia. They also "reiterate the importance of expanding economic growth, trade and investment based on level playing field, on market rules and on universally recognised global norms".
The Belt and Road Forum for International Cooperation was held in the city for two days. He said deep-seated problems in global development had yet to be addressed effectively, with worldwide trade and investment sluggish, and economic globalization encountering headwinds.
Attended by leaders of 29 countries, China's Belt and Road forum ended on Monday with President Xi Jinping announcing the next summit for 2019.