China to invest $124bn on Silk Road

Beijing: China on Sunday described its new Silk Road initiative as "a project of the century" with President Xi Jinping pledging to pump in a whopping $124 billion for projects that are part of the ambitious venture linking the country to much of Asia, Europe and Africa. "We should build an open platform of cooperation and uphold and grow an open world economy," Xi said in his opening address outlining China's vision. "Spanning thousands of miles and years, the ancient silk routes embody the spirit of peace and cooperation, openness and inclusiveness, mutual learning and mutual benefit," he said.