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Indonesian President Joko Widodo, left, and Sheng Guangzu, general manager of China Railway Corp., at a groundbreaking ceremony for the Jakarta-Bandung high-speed railway line in 2016.   © Reuters
China People's Congress 2018

China to step up financing for Belt and Road projects

Beijing promotes bond issues to support overseas infrastructure development

CK TAN, Nikkei staff writer | China

BEIJING -- Chinese officials said on Wednesday that the government will further strengthen financial support for the country's Belt and Road Initiative, which is driving the development of infrastructure projects on trade routes between Europe and Asia.

The announcement came as Beijing's latest annual budget raised spending on foreign affairs to help boost the country's international standing, but also as a new report warned of the Belt and Road's impact on the debt levels of developing countries.

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