Chinese President Xi Jinping’s colossal program is 11 times the size of the U. S. Marshall Plan that reconstructed Europe after World War II.
BEIJING — China is aiming to re-create Marco Polo’s ancient “Silk Road” that connected Europe to Asia.
But instead of the camels and caravans that transported spices and silk hundreds of years ago, a $1.4 trillion network of modern trading routes would be built.
On Sunday, Chinese President Xi Jinping will host 28 heads of state at the opening of a two-day summit focusing on the so-called “Belt and Road” initiative.
Analysts suggest the project could shift the center of global economy and challenge the U. S.-led world order.
Beijing hopes the gathering will rally international support for the plan.
Xi’s colossal program is 11 times the size of the U. S. Marshall Plan, which reconstructed Europe after World War II.
It envisions new roads, high-speed rail, power plants, pipelines, ports and airports and telecommunications links that would boost commerce between China and 60 countries in Asia, Europe, the Middle East and North Africa.
Among Xi’s guests will be Russian President Vladimir Putin, as well as the leaders of Turkey, Italy, Pakistan and the Philippines. A minister from reclusive North Korea will also attend.
The U. S. delegation is led by Matt Pottinger, a special assistant to President Donald Trump and senior director for East Asia on the National Security Council. His visit to observe the summit was only announced Friday. And surrounded by heads of state, Pottinger’s relatively low position raises questions about how seriously the Trump administration is taking the project.
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Belt and Road can “solve global woes, ” according to state-run Global Times newspaper.
“The ambitious plan is not empty talk, ” the official Xinhua News Agency declared, highlighting that China has already invested more than $50 billion in 20 countries along the routes.
That total includes:
Former U. S. Assistant Defense Secretary Chas Freeman described the Belt and Road project as “potentially the most transformative engineering effort in human history.”
He highlighted that the countries involved boast about 55 percent of global economic output, 70 percent of the world’s population and an estimated 75 percent of known energy reserves.
