Xi decries protectionism, touts Silk Road

China’s bank earmarks $890bn for 900 projects

population and around a third of global gross domestic product (GDP).

China has defended globalization at a time when the US is retreating into “America First” policies on trade and foreign relations under President Donald Trump.

While some see Beijing’s project as a geopolitical powerplay, Xi has insisted that OBOR is open to everybody.

“In a world of growth, interdependence and challenges, no country can tackle the challenges or solve the world’s problems on its own,” he said as he sat next to Russian President Vladimir Putin.

Putin and other leaders, including Turkish President Recep Tayyip Erdogan, applauded the initiative, which Xi unveiled in 2013.

“In these times, when the temptation is great to respond to the crisis of globalization by increasing isolation, and by raising walls, this initiative highlights a vision of connectivity, cooperation and dialogue across Europe and Asia but also other parts of the world,” Greek Prime Minister Alexis Tsipras said on Sunday.

British Finance Minister Philip Hammond said London was “ready to work with all OBOR partner countries to make a success of this initiative.” But some officials expressed caution.

German Economy Minister Brigitte Zypries called for transparency to ensure that the calls for investment bids are “non-discriminatory.”

Some Belt and Road projects are already raising concerns in certain countries.

India skipped the summit as it voiced displeasure at the ChinaPakistan Economic Corridor (CPEC), a Belt and Road project aimed at linking northwestern China to the Arabian Sea. The route cuts through Gilgit and Baltistan in Pakistanadministered Kashmir.

Others at the summit warned sustainable lending practices were needed to ensure countries hosting the hundreds of projects were not saddled with unsustainable debts.

“Unprofitable investments are not good for anybody,” said Andras Vertes, chairman of GKI Economic Research.