Chinese President Xi Jinping on announced $40-billion fund to build mega Silk Road projects criss-crossing Asia, ahead of the key APEC summit to be attended by U.S. President Barrack Obama and other top global leaders to bolster infrastructure in the region.
China will contribute $40 billion to set up a Silk Road Fund to “break the bottleneck in Asian connectivity” by building a financing platform, Mr. Xi told a neighbourhood leaders summit attended by leaders from Pakistan, Bangladesh, Myanmar, Cambodia, Laos, Mongolia and Tajikistan.
The fund will be used to provide investment and financial support to carry out infrastructure, resources, industrial cooperation and other projects related to connectivity for countries along the “Belt and Road”, Mr. Xi said, referring to China’s Silk Road Economic Belt and the 21st Century Maritime Silk Road initiatives.
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The APEC summit is being held from November 10 to 11 in the Chinese capital.
China’s Silk Road and Maritime Silk Road initiatives are widely regarded as strategic moves by Beijing to checkmate U.S. Pivot to Asia and U.S. plans to develop a silk road through Afghanistan.