Xi Jinping opens China globalisation forum with $78-bn pledge

Xi proposed the initiative, then known as the Silk Road, in 2013

President Xi Jinping laid the framework for Chinese-style globalisation 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 ($14.5 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 organisations