Xi announces over $100 billion fundingBelt and Road Initiative moving to new stage

Chinese President Xi Jinping on Wednesday announced new moves to usher the Belt and Road Initiative (BRI) into another "golden decade" with relentless efforts to achieve modernization for all countries and build an open and inclusive world.

From further improving connectivity to supporting an open world economy, Xi unveiled eight major steps to bring Belt and Road cooperation to a new stage of higher-quality and higher-level development at a summit marking the vast infrastructure project's tenth anniversary.

Chinese President vowed to speed up high-quality development of China-Europe Railway Express and, together with other parties, build a new logistics corridor across the Eurasian continent linked by direct railway and road transportation.

China will enter into free trade agreements and investment protection treaties with more countries and remove all restrictions on foreign investment access in the manufacturing sector, Xi said.

Both signature projects and "small yet smart" livelihood programs will be promoted with more financing support.

Two Chinese policy banks will each set up a 350 billion yuan (48.75 billion U.S. dollars) financing window, and an additional 80 billion yuan will be injected into the Silk Road Fund, according to Xi.

The president also pledged more commitment into green development, scientific and technological innovation, people-to-people exchanges, integrity-based Belt and Road cooperation, and the institutional building for international Belt and Road cooperation.

The third Belt and Road Forum for International Cooperation held on Tuesday and Wednesday was the most significant celebration for the 10th anniversary of the BRI.

Source : CGTN