By: Brian Wang August 4, 2017
Beijing’s Belt and Road initiative is part and parcel of President Xi Jinping’s strategy to solidify China’s emergence as a great economic and military power, a leading expert on Asian economies said Wednesday. China will funnel an additional RMB 100 billion ($14.5 billion) into the Silk Road Fund, while the China Development Bank and Export-Import Bank will set up new lending schemes of 250 billion ($36.2 billion) and RMB 130 billion ($18.8 billion), respectively, for Belt and Road projects. In addition, China will provide RMB 60 billion ($8.7 billion) for humanitarian efforts focused on food, housing, health care, and poverty alleviation. A second Belt and Road Forum will be hosted in 2019.