Xi Opens China’s Globalization Forum With $78 Billion Pledge – Bloomberg News May 13, 2017, 8:40 PM PDT UPDATED May 14, 2017, 2:55 AM PDT

Xi Jinping speaks during the opening ceremony of the Belt and Road Forum t the China National Convention Center (CNCC) in Beijing, Sunday, May 14, 2017.

Photographer: Mark Schiefelbein/Pool via Getty Images

President Xi Jinping laid the framework for Chinese-style globalization and his ambition to lead it during a speech inaugurating his cornerstone diplomatic trade initiative for a new Silk Road.

Grounding the plan in China’s history, Xi described the Belt and Road Initiative as a “project of the century” that had its inspiration in the ancient trade routes linking the country with the world. He pledged 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.

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