(Bloomberg) -- 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.
Xi repeated his call for multilateral trade, describing his initiative as a force for peace in "a world fraught with challenges." He told the almost two dozen world leaders gathered at the forum that countries should "uphold and grow an open world economy."
The speech built on an image of Xi as a champion of global free trade that he’s sought to hone since President Donald Trump’s election, most notably in a January speech in Davos. It set the tone for a major two-day forum starting Sunday to discuss the Belt and Road plan, which aims to connect China with Europe, Asia and Africa through infrastructure and investment.
Read More: Chinese Largesse Lures Countries to Its Belt and Road Initiative
"They see an opportunity to fill the vacuum and take advantage of perceptions globally," said Andrew Gilholm, director of analysis for North Asia at Control Risks Group, referring to changing perceptions of U.S. leadership in the Trump era. The presence of major leaders in Beijing to hear China’s plans "fits with the kind of image China has been trying to project."
Assembled delegates included representatives from more than 100 countries and heads of state including Russian President Vladimir Putin, Turkish President Recep Tayyip Erdogan and Pakistani Prime Minister Nawaz Sharif. Representation from India, however, was conspicuously absent as were all Group of Seven heads of state except Italy’s.
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