China Said to Plan $16.3 Billion Fund to Revive Silk Road
2014-11-04 07:31:48.752 GMT
By Bloomberg News
Nov. 4 (Bloomberg) -- China plans a $16.3 billion fund to
finance construction of infrastructure linking domestic and
overseas markets as President Xi Jinping pushes forward with his
plans to revive the centuries old Silk Road trading route.
The money will be used to build and expand railways, roads
and pipelines in Chinese provinces that are part of the strategy
to facilitate trade over land and shipping routes, according to
government officials who participated in drafting the plan. The
fund will mainly be overseen by China’s policy banks.
More policies will be rolled out soon to encourage Chinese
lenders to finance infrastructure in countries along the route
connecting China to Europe, said the officials. They asked not
to be identified as they weren’t authorized to speak publicly
about the plans. Chinese companies will also be urged to invest
in the countries.
The New Silk Road plan, comprising a land-based belt and a
maritime route, has been referred to as a Chinese national
strategy after Xi first proposed the idea in Kazakhstan a year
ago. The plan is for an economic cooperation bloc through to the
Mediterranean that revives the old Silk Road.
The plan signals “a shift in China’s strategic thought,”
said Zhang Yunling, director of the Institute of Asia-Pacific
Studies at the Chinese Academy of Social Sciences. The past
three decades of China’s development have been focused on
“absorbing foreign investment” and the next step will be about
the outflow of Chinese development to its neighbors, he said.
For Related News and Information:
China’s Xi Jinping Calls for Building a ’Maritime Silk Road’
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To contact Bloomberg News staff for this story:
Ting Shi in Hong Kong at +852-2977-4845 or
tshi31@bloomberg.net;
Steven Yang in Beijing at +86-10-6649-7724 or
kyang74@bloomberg.net
To contact the editors responsible for this story:
Rosalind Mathieson at +65-6231-3654 or
rmathieson3@bloomberg.net
Neil Western
2014-11-04 07:31:48.752 GMT
By Bloomberg News
Nov. 4 (Bloomberg) -- China plans a $16.3 billion fund to
finance construction of infrastructure linking domestic and
overseas markets as President Xi Jinping pushes forward with his
plans to revive the centuries old Silk Road trading route.
The money will be used to build and expand railways, roads
and pipelines in Chinese provinces that are part of the strategy
to facilitate trade over land and shipping routes, according to
government officials who participated in drafting the plan. The
fund will mainly be overseen by China’s policy banks.
More policies will be rolled out soon to encourage Chinese
lenders to finance infrastructure in countries along the route
connecting China to Europe, said the officials. They asked not
to be identified as they weren’t authorized to speak publicly
about the plans. Chinese companies will also be urged to invest
in the countries.
The New Silk Road plan, comprising a land-based belt and a
maritime route, has been referred to as a Chinese national
strategy after Xi first proposed the idea in Kazakhstan a year
ago. The plan is for an economic cooperation bloc through to the
Mediterranean that revives the old Silk Road.
The plan signals “a shift in China’s strategic thought,”
said Zhang Yunling, director of the Institute of Asia-Pacific
Studies at the Chinese Academy of Social Sciences. The past
three decades of China’s development have been focused on
“absorbing foreign investment” and the next step will be about
the outflow of Chinese development to its neighbors, he said.
For Related News and Information:
China’s Xi Jinping Calls for Building a ’Maritime Silk Road’
NSN NC1WPF3HBS3K<GO>
Xi’s Great-Power Drive a Dilemma for Obama as APEC Nears
NSN NC53GZ6K50XX<GO>
Top Stories:{TOP<GO>]
To contact Bloomberg News staff for this story:
Ting Shi in Hong Kong at +852-2977-4845 or
tshi31@bloomberg.net;
Steven Yang in Beijing at +86-10-6649-7724 or
kyang74@bloomberg.net
To contact the editors responsible for this story:
Rosalind Mathieson at +65-6231-3654 or
rmathieson3@bloomberg.net
Neil Western