China pledges $124 billion for new Silk Road as champion of globalization

Sun May 14, 2017 10:52am EDT
 
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By Brenda Goh and Yawen Chen

BEIJING (Reuters) - 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.

MASSIVE FUNDING BOOST   Continued...

 
Chinese President Xi Jinping (R) speaks with Russian President Vladimir Putin (L) during a bilateral meeting at Diaoyutai State Guesthouse in Beijing, China, 14 May 2017. REUTERS/Wu Hong/Pool