China pledges USD 124 billion for Silk Road - 'project of the century'

May 15, 2017, 09:47 IST | Agencies

Chinese President Xi Jinping and wife Peng Liyuan arrive for a welcome banquet for the Belt and Road Forum at the Great Hall of the People in Beijing on Sunday. Pic/AFP
Chinese President Xi Jinping and wife Peng Liyuan arrive for a welcome banquet for the Belt and Road Forum at the Great Hall of the People in Beijing on Sunday. Pic/AFP

China yesterday described its new Silk Road initiative as "a project of the century" with President Xi Jinping pledging to pump in a whopping $124 billion for projects that are part of the ambitious venture linking the country to much of Asia, Europe and Africa.

"We should build an open platform of cooperation and uphold and grow an open world economy," Xi said in his address on China's vision.

"Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit," he said.

Xi announced that China would contribute an additional 100 billion yuan (about $14.5 billion) to the $40 billion Silk Road Fund to scale up financial support for the Belt and Road Initiative.

To provide more funds for his pet initiative, Xi said China would encourage financial institutions to expand their overseas yuan fund businesses to the tune of 300 billion yuan (about $44 billion).

50 Number of laboratories China will set up jointly with nations participating in the Belt and Road initiative

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