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China plans $10b ASEAN infrastructure fund

(Xinhua)
Updated: 2009-04-18 14:12

BOAO - China will set up a $10 billion China-ASEAN investment cooperation fund to support infrastructure projects in the region, Premier Wen Jiabao said on Saturday.

Wen was speaking at the annual Boao Forum for Asia in south China's island province of Hainan.

All countries should follow an open approach when expanding investment and allow equal participation of enterprises from other countries, Wen said.

China's foreign minister said last Saturday that China had planned to establish a $10 billion infrastructure fund for the Association of Southeast Asian Nations during last weekend's East Asia Summit.

The summit was cancelled, however, after protesters denouncing the Thai prime minister blocked hotels where visiting leaders were staying.