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China's Xi announces over US$100 billion in new Belt and Road funding
Beijing will inject over US$100 billion of new funding into its Belt and Road initiative, President Xi Jinping said on Wednesday (Oct 18) at a summit marking the vast infrastructure project's tenth anniversary. The Belt and Road is a central pillar of Xi's bid to expand China's clout overseas, with Beijing saying it has now inked over two trillion dollars in contracts around the world. Proponents hail it for bringing resources and economic growth to the Global South. But the initiative has also been slammed for saddling poor countries with enormous debt. Xi announced on Wednesday that key Belt and Road lenders, the ... (full story)