June 6, 2017

China pledges more than $100 billion to global development

Written by Jane Perlez

This article originally appeared on Boston Globe.

President Xi Jinping of China delivered a sweeping vision of a new economic global order on Sunday, positioning his country as an alternative to an inward-looking United States under President Trump.

Xi, surrounded by autocratic leaders from Russia and Central Asia at a forum in Beijing, pledged more than $100 billion for development banks in China that he said would spearhead vast spending on infrastructure across Asia, Europe, and Africa. Noticeably absent from the gathering were leaders of major Western democracies.

Sparing no modesty for the plan, Xi called the initiative, known as “One Belt, One Road,” “this project of the century.”

The program, based on Chinese-led investment in bridges, rails, ports, and energy in over 60 countries, forms the backbone of China’s economic and geopolitical agenda.

Read the full post >>