“CPEC, being a part of the Belt and Road Initiative, has proved to be a blessing for Pakistan as it gave the country an opportunity to catch up with other nations”.
The connectivity, he said, could take place in four dimensions: physical, regulation, digital, as well as society.
Development in and around Pakistan’s Gwadar port is a major BRI project. The R9 route starts at Da Nang in Vietnam, passing through Laos at Khwaeng Savannakhet, crossing the Second Thai-Lao Friendship Bridge to enter Thailand in Mukdahan province, and terminating in Myanmar.
At least seven countries that have agreed to Belt and Road projects have suspended, scaled back or terminated them, or experienced backlash for their involvement in the program.
Addressing the discussion, which was attended by 37 heads of state and government including the other nine Asean leaders, and hosted by Chinese President Xi Jinping, PM Lee said the BRI has deepened China’s links with other countries.
Mr Xi also sought to address key USA trade concerns ahead of talks between the two countries next week.
The guidelines are meant to “prevent and solve debt problems”, said Finance Minister Liu Kun.
Xi told the audience at the forum that the future of the BRI was “open, green and clean”.
China has signaled it is modifying its ambitious Belt and Road Initiative (BRI) to deal with criticism about a lack of transparency, environmental risks, and debt in financing infrastructure projects.
Mr Hammon also said the project must work for everyone for it to turn into a sustainable reality, saying: “The Belt and Road Initiative has tremendous potential to spread prosperity and sustainable development, touching as it does, potentially 70 percent of the world’s population, a project of truly epic ambition”.
“We also need to ensure commercial and fiscal sustainability of all projects so that they will achieve the intended goals as planned”. In Beijing, Khan met International Monetary Fund managing director Christine Lagarde on the sidelines of a forum meeting.
He said China will also work with other parties to promote a coalition of sustainable cities and an global coalition for green development under the Belt and Road Initiative.
None is in immediate danger of default, but Belt and Road economies tend to have higher debt than average, weaker financial flows and more vulnerability to economic shocks, said Lillian Li, a Moody’s vice president.
The occasion inspires the participants via exchanges of ideas and insights, he said, calling for fostering global partnerships and creating a bright future of common development.
Nonetheless, Altmaier said Germany, France, Spain and the United Kingdom had shown at the Belt and Road Forum in Beijing on Friday that the European Union was “in its great majority” united in its belief that “we can only implement our positions together”.