China pledges $40bn for new 'Silk Road'

Chinese President Xi Jinping is promising $40 billion to help Asian nations improve trade links in a new effort to assert Beijing's ambitions as a regional leader, AP reported.
Xi made the pledge in a meeting with leaders of Pakistan, Bangladesh and five other Asian nations ahead of this week's Asia-Pacific economic summit, state media reported Sunday.
The Asia-Pacific Economic Cooperation gathering brings together leaders of the United States, China, Japan and 18 other economies, giving Beijing a prominent platform to assert its ambitions for a regional leadership role to match its status as the world's second-largest economy.