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Title : China Hosts 'One Belt, One Road' initiative to boost trade May 14-15,2017
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China Hosts 'One Belt, One Road' initiative to boost trade May 14-15,2017

Chinese President Xi Jinping offered tens of billions of dollars for projects that are part of his signature foreign policy initiative linking China to much of Asia, Europe and Africa

Xi made the announcement on Sunday in his opening address to a two-day "Belt and Road" conference in Beijing that brought together leaders from 29 countries.

It was Xi's latest high-profile appearance that seeks to cast him as a global leader and chief advocate for free trade.

Xi said China would contribute 100bn yuan ($14.5bn) to the Silk Road Fund, which was set up in 2014 to finance infrastructure projects and provide aid worth 60bn yuan ($8.7bn) to developing countries and international organizations taking part in the initiative to revive the ancient trade route.

Two Chinese banks will also set up lending schemes valued at 380bn yuan ($55bn) to support the initiative, Xi said.

Presidents Vladimir Putin of Russia and Recep Tayyip Erdogan of Turkey also spoke at the opening ceremony.

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