China's President Xi Jinping has outlined an ambitious project to regenerate global growth. His government has pledged massive $124 billion to bolster global trade along old Silk Road route. President Xi spoke about initiative on Sunday at summit attended by leaders from 29 countries, as well as the heads of United Nations, International Monetary Fund and World Bank. President stated that new initiative aimed to expand trading links between Asia, Africa, Europe and beyond. He said project would invest billions of dollars in infrastructure to help facilitate free flow of goods. He told attendees at summit that: "Trade is the important engine of economic development."
President Xi said increased global trade would make world more peaceful. He said: "We should build open platform of cooperation, and uphold and grow open world economy….We will not re-tread old path of games between foes. Instead we will create new model of cooperation and mutual benefit." Pakistan's Prime Minister Nawaz Sharif was impressed with President Xi's "vision and ingenuity". He said: "Such broad sweep and scale of interlocking economic partnerships and investments is unprecedented in history. We stand at cusp of geo-economic revolution." Britain's finance minister told summit his country was a "natural partner" of project.
