China's Xi defends Belt and Road, says 'not exclusive club'

Chinese President Xi Jinping sought Friday to ease growing concerns about his ambitious Belt and Road Initiative, vowing to prevent debt risks and saying his global infrastructure project "is not an exclusive club".

Xi made his remarks at a summit on his signature foreign policy, which aims to reinvent the ancient Silk Road to connect Asia to Europe and Africa through massive investments in maritime, road and rail projects.

The initiative offers to bring much-needed modern infrastructure to developing countries, but critics say it mainly favours Chinese companies while saddling nations with debt and causing environmental damage.

China has rejected accusations that Belt and Road is a "debt trap" and a geopolitical tool for Beijing's ambitions of becoming a global superpower.

"The Belt and Road is not an exclusive club," Xi said at the gathering of 37 world leaders.

In a nod to the concerns over loans, Xi said "we also need to ensure the commercial and fiscal sustainability of all projects so that they will achieve the intended goals as planned."