China’s President Xi Jinping has pledged $124bn for its ‘new Silk Road’ global expansion initiative.
Editor’s Remarks: Formally known as the Belt and Road initiative, the plan aims to strengthen links with Asia, Africa and Europe, primarily through billions of dollars’ worth of infrastructure investment and projects. A recent example is yesterday’s announcement that Nepal had signed up to build an $8bn-dollar cross-border rail link. China expects to import $2trn worth of products from participating countries over the next five years – but it will have to plan carefully if it wants to avoid replicating some of its infrastructure misfires of the last few years on a grander scale.
What to Watch: Xi Jinping, Zhong Shan, Regional Comprehensive Economic Partnership, Belt and Road Initiative