China pledges $124 billion to OBOR

Chinese leader Xi Jinping - Father of the OBOR project

The Chinese government will be investing billions of dollars to rebuild roads, railroad routes and ports as part of its massive economic initiative, One Belt, One Road.

Chinese President Xi Jinping pledged $124 billion to the initiative at the OBOR summit at Beijing.

“Trade is the important engine of economic development,” said President Xi.

The plan will connect Asia, Africa, Europe and beyond.

The massive funding will strengthen China’s economic links with its trading partners.

President Xi reassured in his speech to the Western leaders that the initiative does not aim to expand Chinese influence globally but to strengthen economic cooperation.

“In advancing the Belt and Road, we will not re-tread the old path of games between foes. Instead, we will create a new model of co-operation and mutual benefit,” said Mr. Xi.

“We should build an open platform for co-operation and uphold and grow an open world economy,” he added.