China's position on Kashmir 'unaffected' by CPEC

China will also set up 50 joint laboratories with countries participating in the Belt and Road initiative to enhance cooperation on innovation, he said.

Xi said the Asian Infrastructure Investment Bank had provided US$1.7 billion of loans for nine projects that were part of the plan, while the Silk Road Fund had invested $4 billion, the wire service said.

The president was among 29 heads of state and the representatives of 130 countries attending the two-day forum, which started on Sunday.

Following India's boycott, Pakistan Prime Minister Nawaz Sharif, taking a veiled swipe at New Delhi's move, said the multi-billion dollar China-Pakistan Economic Corridor (CPEC) was an economic project open to all the nations in the region and it "must not be politicised". "If they have the answer, they can give the answer to me, either in a public or private" Hua said.

The Belt and Road Forum for International Cooperation was held in the city for two days.

On May 15, Xi pledged an additional $124 billion for China's trade initiative, which seeks to connect the country with Africa, Asia, and Europe through a network of ports, railways, roads, and industrial parks.

The ambitious Belt and Road initiative will allow China to boost trades and stimulate economic growth across Asia and ahead.

(Web Desk) - A Chinese daily named Global Times published an editorial on Tuesday telling how successful the One Belt One Road Forum for International Cooperation was.

China has signed cooperation agreements with 14 worldwide organizations on aid programs proposed at the just-concluded Belt and Road Forum for global Cooperation, the country's Ministry of Commerce said Tuesday.

Meanwhile, China signed cooperation deals with 68 countries and worldwide organisations during the forum, The Straits Times reported.

"Along the Belt and Road are mostly developing countries with a sizable population and a considerable demographic dividend".

The initiative also enables countries to create new development opportunities and impetus, and leverage their comparative advantages for win-win results, to make progress toward building a community of shared future for mankind, he said.

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.

The Chinese leader said the summit reached a broad consensus and achieved positive outcomes, insisting that the initiative would work to ensure an open world economy, rebalance globalization, and work toward trade liberalization.