China Pledges $124 Billion for New Silk Road

Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

Xi used a summit on the initiative, attended by leaders and top officials from around the world, to bolster China’s global leadership ambitions as U.S. President Donald Trump promotes “America First” and questions existing global free trade deals.

“We should build an open platform of cooperation and uphold and grow an open world economy,” Xi told the opening of the two-day gathering in Beijing.

China has touted what it formally calls the Belt and Road initiative as a new way to boost global development since Xi unveiled the plan in 2013, aiming to expand links between Asia, Africa, Europe and beyond underpinned by billions of dollars in infrastructure investment.

Xi said the world must create conditions that promote open development and encourage the building of systems of “fair, reasonable and transparent global trade and investment rules”.

Hours before the summit opened, North Korea launched another ballistic missile, further testing the patience of China, its chief ally. The United States had complained to China on Friday over the inclusion of a North Korean delegation at the event.

This article (China pledges $124 billion for new Silk Road) was originally published on Reuters and syndicated by The Event Chronicle. Found via Blacklisted News.

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China Signs Deals With 68 States, Organizations During Silk Road Forum – Xi

China signed agreements on cooperation with 68 states and organizations from around the world during the Belt and Road Forum in the Chinese capital, President Xi Jinping said Monday.

BEIJING (Sputnik) – On May 14-15, Beijing hosted a high-level forum on international cooperation within the “One Belt, One Road” strategy. The heads of 29 states and governments, including Russian President Vladimir Putin, took part in the event.

“China signed cooperation agreements as part of the ‘One Belt, One Road’ strategy with 68 states and international organizations during the [Belt and Road] Forum [for International Cooperation],” Xi told the press conference held in the follow-up to the forum.

In 2013, China announced its new strategy of economic development, called “One Belt, One Road,” which aims to establish infrastructure in Eurasia for the creation of a trade corridor that will directly supply goods from the eastern to the western part of the continent on favorable terms.

It encompasses two main directions of development, the Silk Road Economic Belt and the Maritime Silk Road.

This article (China Signs Deals With 68 States, Organizations During Silk Road Forum) was originally published on Sputnik News and syndicated by The Event Chronicle


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