BEIJING:   (DNA) –  Chinese President Xi Jinping Friday opened Second Belt and Road Forum in Beijing. Addressing the opening session, Xi  said BR projects need to be transparent and fiscally sustainable. 

There will also be “zero tolerance” for corruption, Xi said at a Belt and Road summit, adding that the initiative “is not an exclusive club”.

Chinese President Xi Jinping vowed to abolish subsidies to firms that impede fair competition — addressing a major bone of contention in US trade talks.

Xi repeated past promises to lower tariffs, increase imports and open up more sectors of China´s economy to foreign businesses.

“We will overhaul and abolish unjustified regulations, subsidies and practices that impede fair competition and distort the market,” Xi said at a summit on his Belt and Road global infrastructure project.

“We will treat all companies, enterprises and business entities equally and foster an enabling business environment based on market operation and governed by law,” he said.

Xi reiterated that China would not engage in competitive devaluation of its yuan currency — another cause of US anger.

Prime Minister Imran Khan also   delivered a keynote speech in the inaugural session of the Forum.

The Prime Minister will also hold bilateral meetings with Chinese President Xi Jinping, Premier Li Keqiang and other several heads of state and government and corporate and business leaders.

During the visit, several Memorandums of Understanding and agreements will also be signed between Pakistan and China for cooperation in divers sectors.

The Prime Minister will address Pakistan Business and Investment Forum on Sunday.

 He Thursday arrived in Beijing on a four-day official visit, at the invitation of President Xi Jinping, to attend the summit.