CHINA will contribute US$40 billion to set up a Silk Road infrastructure fund to boost connectivity across Asia, President Xi Jinping announced Saturday, the latest Chinese project to spread the largesse of its own economic growth.

    China has offered financial and trade incentives before, mostly to Central Asia but also to countries in South Asia, backing efforts to resurrect the old Silk Road trading route that once carried treasures between China and the Mediterranean.

    The fund will be for investing in infrastructure, resources and industrial and financial cooperation, among other projects, Xi said when making a five-point proposal on promoting interconnected development in the Asia-Pacific region as he met with leaders of Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan in Beijing.

    The Silk Road fund will be “open” and welcome investors from Asia and beyond to “actively” take part in the project, Xi said, ahead of a separate meeting of the Asia Pacific Economic Cooperation (APEC) grouping, also being held in the Chinese capital.

    It was not immediately clear precisely how the fund would work, when it would start operations or where it would be based, though in all likelihood it would be China.

    But Xinhua said it would focus on China’s Silk Road Economic Belt and the 21st Century Maritime Silk Road initiative, which aim to build roads, railways, ports and airports across Central Asia and South Asia.

    “Such a framework accommodates the needs of various countries and covers both land and sea-related projects,” Xi said, adding China is ready to welcome its neighbors “to get on board the train of China’s development.”

    China will also provide neighboring countries with 20,000 places for training “connectivity professionals” over the next five years, Xi said.

    Last month, Xi unveiled the US$50 billion China-backed Asian Infrastructure Investment Bank.(SD-Xinhua)