China Planned $10 Billion Invest Fund at Failed Summit
After a planned ASEAN Summit in Bangkok was canceled following protests, Chinese officials announced an extensive aid package for Asian neighbors that was to be announced at the meeting. From Reuters:
In an interview with state media on a flight back to China, Foreign minister Yang Jiechi avoided direct criticism of the Thai government while detailing measures that Chinese premier Wen Jiabao had planned to offer at the summit.
China plans to establish a $10 billion China-ASEAN investment cooperation fund to promote infrastructure that connects it to ASEAN nations, Yang said.
China has been active in building roads from its southern border through neighbouring Myanmar, Laos, and Vietnam, to ease trade.
It will also offer a credit of $15 billion to ASEAN countries, including preferential loans of $1.7 billion for cooperation projects, Yang said.
See also “China moves to modernise” from The Australian.