BEIJING, Nov 8 - China will contribute $40 billion to set up a Silk Road infrastructure fund to boost connectivity across Asia, President Xi Jinping announced on Saturday, the latest Chinese project to spread the largesse of its own economic growth. China has dangled financial and trade incentives before, mostly to Central Asia but also to countries in South Asia, backing efforts to resurrect the old Silk Road trading route that once carried treasures between China and the Mediterranean. The fund will be for investing in infrastructure, resources and industrial and financial cooperation, among other projects, Xi said, according to Xinhua. The goal of the fund is to "break the connectivity bottleneck" in Asia, state media quoted Xi as saying during a meeting in Beijing with leaders from Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan. The Silk Road Fund will be "open" and welcome investors from Asia and beyond to "actively" take part in the project, Xi was cited as saying, ahead of a separate summit of the Asia Pacific Economic Cooperation (APEC) grouping, also being held in the Chinese capital. It was not immediately clear precisely how the fund would work, when it would start operations or where it would be based, though in all likelihood it would be China. But Xinhua said it would focus on China's Silk Road Economic Belt and the 21st Century Maritime Silk Road initiative, which aim to build roads, railways, ports and airports across Central Asia and South Asia. "Such a framework accommodates the needs of various countries and covers both land and sea-related projects," Xi said, adding China is ready to welcome its neighbours "to get on board the train of China's development."Training places China will also provide neighboring countries with 20,000 places for training "connectivity professionals" over the next five years, Xi said. China has sought to address fears in the region - and globally - that its bounding economic growth will inevitably bring about a more assertive, muscular diplomatic and military approach to issues such as territorial disputes. One of the ways it has done this is to offer large loans to places like Southeast Asia and Africa, to show that China is a benign growing power only interested in helping others escape poverty in the way it has itself over the past three decades. Last month, Xi unveiled the $50 billion China-backed Asian Infrastructure Investment Bank, seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers. China has sought to allay concerns that its new bank aims to undermine the World Bank and Asian Development Bank, saying it wants to learn from their experience and that there are more than enough projects around for all the lenders to fund.
More
Date of Russian President Putin’s visit to Vietnam to be determined after his inauguration
Russian Ambassador to Vietnam Gennady Stepanovich Bezdetko reaffirmed that the Russian president accepted the invitation to visit Vietnam from General Secretary of the Communist Party of Vietnam Nguyen Phu Trong during a phone talk in March
Read more
Orangutan's use of medicinal plant to treat wound intrigues scientists
In June 2022, a male Sumatran orangutan named Rakus sustained a facial wound below the right eye, apparently during a fight with another male orangutan at the Suaq Balimbing research site, a protected rainforest area in Indonesia. What Rakus did three days later really caught the attention of scientists
1 day agoMichelangelo's David gets spa treatment in Florence
David's bi-monthly cleaning, then, is 'a form of respect, a form of dignity that we want to give to every work'
2 months agoSouth Korea to slap fines on food suppliers for 'shrinkflation'
The rule will take effect in August after a three-month grace period, and violators will be fined 5 million won for their first offence and 10 million won for a second
2 days agoReal Madrid secure LaLiga title after Girona thrash Barcelona 4-2
The result left Carlo Ancelotti's side with an unassailable lead in the standings
6 hours agoStay alert: Quake warning app demand surges in earthquake-rattled Taiwan
Earthquake warning smartphone apps have surged in popularity in Taiwan due to high demand from people eager to get a few extra seconds to take cover after more than 1,300 aftershocks rattled the island in the past month following a large temblor
2 days agoHighlights
Honoring Italian founder of SOS Children's Villages Vietnam
He spent decades serving as a wonderful father to the children living in SOS Children's Villages Vietnam
Photos
Artist paints murals on house to raise awareness of COVID-19 prevention in Hanoi
He drew the virus, vaccine, and earth on the exterior walls of a house
Latest news
Honoring Italian founder of SOS Children's Villages Vietnam
He spent decades serving as a wonderful father to the children living in SOS Children's Villages Vietnam
Australian police shoot boy dead after stabbing with 'hallmarks' of terrorism
There were signs the 16-year-old, armed with a kitchen knife, had been radicalised online
Death toll from rains in southern Brazil climbs to 56
74 people were still missing and more than 69,000 had been displaced
Vietnam’s southern, Central Highlands drought likely to end by May
Over the past months, drought conditions and the shortage of fresh water have taken a heavy toll on plenty of provinces across the country
Vietnamese runner Ha Thi Hau wins trail race in Thailand
She broke the race’s record
Ho Chi Minh City plans fireworks displays at 3 venues during second river fest opening
Fireworks shows will last 15 minutes each
Real Madrid secure LaLiga title after Girona thrash Barcelona 4-2
The result left Carlo Ancelotti's side with an unassailable lead in the standings
Breakfast @ Tuoi Tre News — May 5
Good morning from Vietnam!
South-central Vietnam district says it needs nearly $16,000 to handle dead heritage tree
The tree was recognized as a national heritage tree in 2019
Chinese director held over boiler explosion that kills 6 in Vietnam
Seven other foreigners have been banned from leaving Vietnam to serve the ongoing investigation