China's leader offers billions for new Silk Road initiative
Posted May 13, 2017 7:00 am
BEIJING (AP) - Chinese President Xi Jinping on Sunday offered tens of billions of dollars for projects that are part of his signature foreign policy initiative linking China to much of Asia, Europe and Africa.
Xi made the announcement in his opening address to a two-day "Belt and Road" conference in Beijing that brought together leaders from 29 countries.
The gathering is the latest high-profile appearance for Xi that seeks to cast him as a global leader and chief advocate for free trade.
"We should build an open platform of cooperation and uphold and grow an open world economy," Xi said. Despite China's public defense of free trade, Beijing faces mounting complaints that the government is hampering or reducing market access to foreign companies.
Xi said China would contribute 100 billion yuan ($14.5 billion) to the Silk Road Fund, which was set up in 2014 to finance infrastructure projects and provide aid worth 60 billion yuan ($8.7 billion) to developing countries and international organizations taking part in the initiative to revive the ancient trade route.
Two Chinese banks will also set up lending schemes valued at 380 billion yuan ($55 billion) to support the initiative, Xi said.
Presidents Vladimir Putin of Russia and Recep Tayyip Erdogan of Turkey also spoke at the opening ceremony.
Washington is being represented by a junior delegation led by Matt Pottinger, special assistant to the president and senior director for East Asia at the National Security Council.
Chinese President Xi Jinping speaking at the opening of the Belt and Road Forum is displayed on a big screen near a decoration depicting Chinese Admiral Zheng He who commanded expeditionary voyages across Asia and East Africa in the 15th century in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Chinese President Xi Jinping, back to a camera, and Russian President Vladimir Putin shake hands as they attend opening ceremony of the Belt and Road Forum the China National Convention Center in Beijing Olympic Park in China, Sunday, May 14, 2017. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin delivers his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin delivers his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin leaves a podium after delivering his speech at the opening ceremony of the Belt and Road Forum the China National Convention Center in Beijing Olympic Park in China, Sunday, May 14, 2017. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin leaves a podium after delivering his speech at the opening ceremony of the Belt and Road Forum the China National Convention Center in Beijing, China, Sunday, May 14, 2017. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin arrives to deliver his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin delivers his speech as a TV cameraman films at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin delivers his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Russian President Vladimir Putin delivers his speech at the opening ceremony of the Belt and Road Forum at the China National Convention Center in Beijing, China, Sunday, May 14, 2017. Putin is in China to attend a two-day "Belt and Road" conference hosted by Chinese President Xi Jinping in Beijing that brought together leaders from 29 countries. (AP Photo/Alexander Zemlianichenko)
The Associated Press
Chinese President Xi Jinping speaking at the opening of the Belt and Road Forum is displayed on a big screen as a waitress prepares a table at a dining areas of the forum's media center in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Chinese President Xi Jinping speaking at the opening of the Belt and Road Forum is displayed on a big screen near a decoration depicting Chinese Admiral Zheng He who commanded expeditionary voyages across Asia and East Africa in the 15th century in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Chinese President Xi Jinping speaking at the opening of the Belt and Road Forum is displayed on a big screen near a decoration depicting camels and dolphins at the forum's media center in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Chinese President Xi Jinping speaking at the opening of the Belt and Road Forum is displayed on a big screen near decorations depicting Chinese Admiral Zheng He who commanded expeditionary voyages across Asia and East Africa in the 15th century and a modern high speed train in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Chefs wait near a decorations depicting Chinese Admiral Zheng He who commanded expeditionary voyages across Asia and East Africa in the 15th century and a modern high speed rail at the Belt and Road Forum in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Attendees walk past decorations for the Belt and Road Forum in Beijing, China, Sunday, May 14, 2017. China will seek to burnish President Xi Jinping's stature as a world-class statesman at the international gathering centered on his signature foreign policy effort that envisions a future world order in which all roads lead to Beijing. (AP Photo/Ng Han Guan)
The Associated Press
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.