President Xi Jinping laid the framework for Chinese-style globalization and his ambition to lead it in a speech inaugurating his cornerstone diplomatic initiative for a new Silk Road.
Xi described the "Belt and Road" initiative as a "project of the century" before pledging an additional 100 billion yuan ($14.5 billion) 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.
Xi repeated his call to uphold multilateral trade, calling his initiative a force for peace in "a world fraught with challenges." He called for countries to "uphold and grow an open world economy."
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