China sets up $10b fund for Asean
Chinese Premier Wen Jiabao Saturday announced the establishment of a $10-billion fund to help promote infrastructure projects in Southeast Asia, reported AFP.
Speaking at the opening of the Boao Forum on the tropical island of Hainan in south China, Wen stressed the importance of developing infrastructure in the region in the face of the global financial crisis.
“We should accelerate the development of regional and sub-regional transport, power and communication infrastructure to gradually achieve interconnectivity and form a network," he said in a speech broadcast live on state television.
The annual Boao Forum aims to promote regional economic integration.
Wen had planned to announce the new fund at an Asian summit in Thailand last week but it was cancelled due to violent demonstrations.
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