China’s Xi promises open markets and billions in new investments for ‘Belt and Road’ projects

By SIMINA MISTREANU
Associated Press

BEIJING (AP) — Chinese President Xi Jinping is promising foreign companies more access to China’s huge market and more than $100 billion in new financing for other developing economies. He spoke at a forum Wednesday in Beijing on Xi’s signature Belt and Road infrastructure program. The BRI initiative has financed construction of power plants, roads, railroads and ports. But massive loans for projects are burdening poorer countries with debt. Xi said two Chinese-backed development banks will set up new financing windows and more money will be put into the Silk Road Fund to support BRI projects. Russia’s Vladimir Putin is among leaders from more than 130 countries attending the forum. He said BRI was leading to a “fairer, multipolar world.”