China's global trade project

Posted on: May 14, 2017 | views: 151

The Chinese government is investing tens of billions of dollars as part of an ambitious economic plan to rebuild ports, roads and rail networks.

China's President Xi Jinping has pledged $124bn (£96bn) for the scheme, known as the Belt and Road initiative.

The plan, which aims to expand trade links between Asia, Africa, Europe and beyond, was first unveiled in 2013.

Part of the massive funding boost, which is aimed at strengthening China's links with its trading partners, includes 60bn yuan ($9bn; £7bn) in aid to developing countries and international institutions that form part of the Belt and Road project.

President Xi used his speech to assure Western diplomats that the plan, described as the new Silk Road, is not simply an attempt to promote Chinese influence globally.