India boycotts Beijing meet; China formalises CPEC as flagship project of OBOR

New Delhi/Beijing: Beijing today gave a formal status to the controversial China-Pakistan Economic Corridor (CPEC) as the flagship programme of ‘One Belt, One Road (OBOR) initiative on a day President Xi Jinping opened the first meeting of the Belt and Road forum, which India is boycotting on the ground that the economic corridor violated its territorial sovereignty as it passes through Pakisatn Occupied Kashmr.
President Xi pledged 14.
5 billion dollars to the Silk Road Fund as he inaugurated the international conclave in which 29 heads of state, including Pakistan Prime Minister Nawaz Sharif, Russian President Vladimir Putin and all of India’s neighbours except Bhutan besides top officials from the US, South Korea and Japan are participating.
‘’We should build an open platform of cooperation and uphold and grow an open world economy,’’ the Chinese President said in his inaugural address.
In a remark obviously aimed at India, Mr Xi said the belt and road initiative respected ‘’territorial integrity.