BloombergChinese President Xi Jinping (習近平) yesterday wrapped up the inaugural summit dedicated to his cornerstone diplomatic initiative for Chinese-style globalization with an invitation to world leaders attending the gathering to reconvene in 2019. The initiative has “entered a new era as it is in full swing,” with 68 nations and international organizations signing cooperation agreements with the host, Xi said. Xi on Sunday opened the two-day meeting by pledging 540 billion yuan (US$78 billion) in financing, including 100 billion yuan 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 organizations that join the program. Eighteen nations, including the UK, agreed on the guiding principles for financing development of the initiative. The Asian Development Bank, Asian Infrastructure Investment Bank, European Investment Bank, New Development Bank, World Bank, and China’s Ministry of Finance signed an agreement on promoting Belt and Road, Chinese Vice Minister of Shi Yaobin (史耀斌) said.

Source: Taipei Times May 15, 2017 16:54 UTC