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China’s Vice Premier Zhang Announces up to Six Corridors in the One Belt, One Road Initiative, with $900 Billion in Investment

May 31, 2015 (EIRNS)—China is outlining a breath-taking scope of great projects for increasing the scientific platform of 60 countries in the One Belt, One Road Initiative, which could total initially above $1 trillion.

According to the May 28 China Daily, Chinese Vice Premier Zhang Gaoli, announced that China intends to invest $900 billion in the One Belt and One Road Initiative which would develop the nations lying along and between the routes. Zhang made this announcement May 27 at the opening ceremony of a two-day conference of the Asia-Europe Meeting (ASEM) held in Chongqing, under the title, Industry Dialogue on Connectivity. The ASEM represents 53 European and Asian nations and organizations.

Zhang said, according to China Daily, that China is considering developing up to six major economic corridors: China-Mongolia-Russia; New Eurasian Land Bridge; China-Central and West Asia; China-Indo-China Peninsula; China-Pakistan; and Bangladesh-China-India-Myanmar. These corridors would vector in several directions and bring about a tremendous economic transformation. According to the article, the Asian Infrastructure Investment Bank and the New Silk Road Fund, which are being brought into being, will be tapped as the source of funding. Apparently, the AIIB would deploy a multiple of its capital for the funding.

China’s trade volume in goods with the 64 countries along the designated routes, many of which are developing countries, has been growing at an average of 22% each year since 2001.

According to the May 29 World Industrial Reporter,

"The China Development Bank (CDB) too is likely to play a more active role in the Belt and Road initiatives, with its deputy governor Li Jiping stating that the bank has established a database of over 900 projects concerning 60 countries, involving investments in excess of $890 billion, reported the 21st Century Business Herald on Thursday."

EIR is investigating whether the CDB’s prospective portfolio of potential investments in 60 countries is separate from the project lending that Vice Premier Zhang envisages the future AIIB and New Silk Road Fund will be financing, or if there is some or significant overlap.

All told, China intends to initially invest likely $1 trillion or above in the One Belt, One Road initiative, with additional important funding to be supplied by the emerging BRICS New Development Bank, which would create the core of a new world economic system.