Xi opens China’s globalisation forum with US$78 billion pledge

BEIJING (May 15): President Xi Jinping laid the framework for Chinese-style globalization and his ambition to lead it during a speech inaugurating his cornerstone diplomatic trade initiative for a new Silk Road.

Grounding the plan in China’s history, Xi 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 an additional 100 billion yuan ($20.3 billion) 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.

Xi repeated his call for multilateral trade, describing his initiative as a force for peace in "a world fraught with challenges." He told the almost two dozen world leaders gathered at the forum that countries should "uphold and grow an open world economy."

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