China pledges US$124b for new Silk Road as champion of globalisation

Beijing

CHINESE President Xi Jinping pledged US$124 billion on Sunday for his ambitious new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.

Mr Xi used a summit on the initiative, attended by leaders and top officials from around the globe, to bolster China's global leadership ambitions as US President Donald Trump promotes "America First" and questions existing global free trade deals.