Xi Pushes Chinese-Led Globalization After Pledging $78 Billion
- Belt and Road Forum in Beijing is first dedicated to plan
- Russia’s Putin, Turkey’s Erdogan back China-led initiative
Inside China's Belt and Road Initiative
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President Xi Jinping on Monday will shed more light on his push for Chinese-style globalization, wrapping up an inaugural summit to lay out the vision for his cornerstone diplomatic trade initiative.
Xi on Sunday described the Belt and Road Initiative as a "project of the century" that had its inspiration in the ancient trade routes linking the country with the world. He pledged 540 billion yuan ($78 billion) in financing, including 100 billion yuan for China’s Silk Road Fund, 380 billion yuan in new lending for participating nations, and 60 billion yuan in coming years to developing countries and international organizations that join the program.