China to establish $40bn Silk Road Fund

Beijing: China’s president Xi Jinping announced at the Asia-Pacific Economic Cooperation conference that China will invest $40bn to set up a Silk Road Fund to improve trade links with Asian countries.

The fund will primarily be used to revive intercontinental land routes and develop maritime links to expand commerce.

China’s Ministry of Transport is now working on various policies to modernise the shipping sector in an effort to increase the market share for Chinese shipping companies. Currently Chinese shipping companies only carry a quarter of the country’s trade. [11/11/14]

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