Pakistan signs nearly $500 million in China deals at Silk Road summit

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He also expressed confidence in the prospect of the Belt and Road Initiative, when he wrapped up the first Belt and Road Forum for International Cooperation in Beijing.

"All these (developments) show that the Belt and Road Initiative responds to the trend of the times, conforms to the law of development, and meets the people's interests", it said.

The initiative unites two projects: the Silk Road Economic Belt and the 21-st Century Maritime Silk Road. "This is both a continuation of our shared legacy and a right choice for the future", he said. The China-Pakistan Economic Corridor is an initiative on economic cooperation.

"The Belt and Road Initiative was proposed in 2013, and four years on, over 100 countries around the world and global organisations have supported and got involved in this initiative", the Foreign Ministry said in a written response to PTI.

In the first quarter of this year, Chinese companies have signed almost 1,000 new contracts for overseas projects as part of the Belt and Road initiative, creating $14.4 billion in total revenue, which is a 4.7 percent increase from a year earlier, according to NDRC.

"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.

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"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. It calls for expanding trade across Asia, Africa and Europe by investing in ports, railways and other facilities.

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.

A total of $46 billion Chinese investment was pledged then.

Trump's decision to withdraw from the Trans-Pacific Partnership, a proposed regional trade pact, has left Asian governments that want to use ties with Washington to offset China's growing dominance off balance.

Chinese President Xi Jinping attends a summit at the Belt and Road Forum in Beijing, China, Monday, May 15, 2017. British finance minister Philip Hammond said London was "ready to work with all Belt and Road partner countries to make a success of this initiative". "We need to seek results through greater openness and cooperation, avoid fragmentation, refrain from setting inhibitive thresholds for cooperation or pursuing exclusive arrangements, and reject protectionism". Around 30 state and government heads as well as delegates from more than 100 countries - including the United States and North Korea - met in Beijing on Sunday and Monday to discuss the plan.

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