On March 28, China unveiled its vision for the Silk Road Economic Belt and the 21st-Century Maritime Silk Road Initiatives (the Belt and Road Initiatives).
The National Development and Reform Commission along with the Ministry of Foreign Affairs and the Ministry of Commerce released the initiatives jointly. The information released shows that the Belt and Road initiatives route runs through Asia, Europe, and Africa, connecting the East Asia economic circle at one end with the developed European economic region at the other.
In the past year or so, Chinese leaders visited over 20 countries to build a consensus on the impact of the Belt and Road Initiatives. China has since signed an MOU and other agreements with neighboring countries on cooperation to build the Belt and Road. A few joint projects have been established.
Domestically, the authorities have adopted policies to raise the financial resources needed to fund the initiatives; they have also promoted banks in funding cross-border settlement and payment transactions. A number of forums, summits, and expos have been held to deepen the understanding of the significance of the Belt and Road Initiatives.
Source: Xinhua, March 28, 2015