China’s Xi promises more market openness and new investments for Belt and Road projects

By SIMINA MISTREANU
Associated Press

BEIJING (AP) — Chinese President Xi Jinping is promising greater access to China’s market for international firms and new financing exceeding $100 billion for other developing economies. He made the remarks at a forum on his signature Belt and Road infrastructure policy Wednesday. The initiative has built power plants, roads, railroads and ports and deepened China’s relations with other regions. But the massive loans that funded the projects have burdened poorer countries with debts. Xi promised two Chinese-backed development banks will set new financing windows and more funds will be injected into the Silk Road Fund to support BRI projects. Representatives from more than 130 countries are attending, including Russia’s Vladimir Putin. He praised BRI as leading to a “fairer, multipolar world.”