The “Belt and Road” project is China’s biggest foreign initiative to date as Beijing looks for global stature to match its economic success. The two-day meeting included Presidents Vladimir Putin of Russia and Recep Tayyip Erdogan of Turkey and presidents or prime ministers from Italy, Hungary, Greece, Kenya and most of China’s Asian neighbors but no major Western leaders. Dozens of “Belt and Road” projects including railways and power plants have been launched since Xi unveiled the initiative in 2013. At the start of the gathering Sunday, Xi pledged additional financing for the initiative totaling 780 billion yuan ($113 billion). The Chinese leader’s declaration of plans to pursue cooperation in areas well beyond trade could increase potential obstacles.

Source: Egypt Independent May 16, 2017 11:26 UTC