ALMOST 30 world leaders are attending a two-day summit promoting China’s ‘One Belt, One Road” initiative that Beijing hopes will revive ancient trade routes from Asia to Europe and Africa – and breathe new life into its own economy. 

At the opening of the meeting on Sunday, Chinese President Xi Jinping pledged to pump an extra US$124 billion (RM546 billion) into the China-bankrolled project, which involves a huge network of ports, railways, roads and industrial parks.

If Xi’s plan is enacted, the initiative could lead to a global building spree as China has promised more than US$1 trillion of investment over the long term.

Western companies are angling for a piece of the action, reports the New York Times. From Citibank to General Electric and Caterpillar, non-Chinese companies are set to gain a slice of the action.

The American daily said these companies are also tweaking their businesses to win more orders related to Beijing’s plan, and GE has rearranged its marketing staff for global power equipment to give them priority. – May 15, 2017.