China pledges $124 billion for plan to forge peace, inclusiveness and free trade
The people on top in China must be feeling awfully good about themselves. In a generation, they've gone from poverty to the top echelons of the global elite. They've built a strong, proud and prosperous country.
Power in the 21st century isn't just weapons, it's money and that's how China plans to grow and cement its place in the world.
Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan.
"We should build an open platform of cooperation and uphold and grow an open world economy," Xi told the gathering.
The plan was first rolled out in 2013 but the new funding is a massive boost and signal on China's global ambitions.
At the event the PBOC's Zhou touted the use of local currencies in the project, which he said will help to mobilize local savings, lower remittance and exchange costs, and safeguard financial stability.
