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Beijing will set aside US$70 billion in capital for international ventures by Chinese enterprises as the country steps up infrastructure investment abroad amid an economic downturn and production over capacity.

Premier Li Keqiang announced yesterday during his visit to Brazil there would be a US$30 billion fund for promoting international cooperation in ventures that export China’s industrial capacity. In addition, China’s sovereign wealth fund, China Investment Corporation, would set up an overseas investment vehicle with a capitalisation possibly greater than the US$40 billion Silk Road Fund to support the strategy.

Li said the US$30 billion fund would be open to cooperation projects with no political strings attached. He said Chinese enterprises were willing to participate in railway construction, high-voltage electrical power transmission, internet technology and next-generation mobile telecommunications technology, Xinhua reported.
SCMP: US$70 billion plan to export China’s spare industrial capacity

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