The Beijing-led two-day worldwide conference that kicked off on Sunday, 14 May, is seen as China's answer to Davos or the G20.
President Xi Jinping first proposed the Belt and Road initiative in 2013.
Created to finance the Belt and Road Initiative, the Silk Road Fund was officially founded in December 2014 and jointly backed by China's foreign exchange reserves, the China Investment Corp., the Export-Import Bank of China (China EximBank) and China Development Bank (CDB).
For the U.S., it will be National Security Council senior director for Asia Matthew Pottinger.
"This is where we're interested in promoting this connectivity so the Philippines can then expand its market not only to ASEAN and China but other countries that are part of the Belt and Road Initiative".
The event is expected to be attended by members from various countries Including a top official from the US.
There were deputy Prime Minister Krishna Bahadur Mahara and Foreign Minister Prakash Sharan Mahat in the ceremony.
Pakistan and China have more potential to cement bilateral cooperation regarding implementation of CPEC and other regional connectivity projects, the report quoted Xi as saying.
The Chinese president also called on Pakistan to work with China in joint anti-terrorism and security initiatives.
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The two-day summit is expected to be attended by Russian Federation s President Vladimir Putin, Turkey s President Recep Tayyip Erdogan and 26 other leaders.
A number of other countries, including South Korea, France, Germany and United Kingdom, have deputed either ministerial or official delegations.
About B & R, Indian officials maintain that New Delhi has objections related only to the CPEC traversing through Gilgit and Baltistan of Pakistan-occupied Kashmir (PoK) though the project is of strategic concern.
He said the initiative signifies that geo-economics must take precedence over geo-politics, and that the centre of gravity should shift from conflict to cooperation.
The Chinese presence in a disputed region which India claims as part of its own territory raises sovereignty concerns for India.
China has already announced plans to station its marines there as well in Djibouti in Horn of Africa in Indian Ocean.
India delivered an implicit criticism of China's initiative Saturday in a statement that said such an initiative should meet worldwide norms and not create unsustainable debt.
Sharif is leading a high level delegation along with four provincial chief ministers, Finance Minister Ishaq Dar, Planning and Development Minister Ahsan Iqbal, Railways Minister Saad Rafique, Commerce Minister Khurram Dastagir and IT Minister Anushay Rehman, among others to attend the worldwide forum to highlight the Chinese initiative of "One Belt One Road".
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