Silk Road fund starts operations
A Silk Road Fund designed to finance China-proposed “Belt and Road” initiatives has begun operation, the central bank said.
The Silk Road Fund Co Ltd was established on Dec 29, 2014, in Beijing, after President Xi Jinping announced the creation of the $40-billion fund in November, according to the People’s Bank of China.
The company was jointly funded by China’s foreign exchange reserves, China Investment Corporation, the Export-Import Bank of China and China Development Bank.
“The priority (of the company) is to seek investment opportunities and provide investment and financing services during the progress of the Belt and Road Initiatives,” a central bank statement said.
The Lunar New Year celebration in New York City started Tuesday with the first major fireworks show in the city’s history to celebrate the event. The 20 minutes of fireworks shot from three barges in the Hudson River was put on by Grucci, the New York-based company that produced the 2008 Beijing Olympics fireworks show.