China Pledges $14.5B Funding Boost To Silk Road Fund

Chinese President Xi Jinping pledged a major funding boost to the country's Silk Road Fund, saying that an extra RMB100 billion (US$14.50 billion) will be pumped into the fund to help finance infrastructure projects in Asia and upgrade trade and transportation networks between China, Central Asia and Europe.

At the same time, Xi said that China will also provide RMB380 billion (US$55 billion) in loans from two Chinese policy banks and RMB60 billion (US$8.7 billion) in aid to developing countries and international bodies in countries along the trade routes.

Chinese financial institutions will be encouraged to expand their overseas Yuan fund businesses to the tune of RMB300 billion (US$43.5 billion), Xi announced during the One Belt One Road Forum over the weekend in Beijing, without giving a timetable.

"We should build an open platfo...

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