Communist Tax Lawyer

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China Plans ASEAN Investment

China’s Foreign Minister Yang Jiechi recently discussed his country’s plans regarding Southeast Asia after the ASEAN summit in Pattaya, Thailand was cancelled due to anti-government protests.

Following the failed summit, Yang unveiled Chinese Premier Wen Jiabao’s plan for a US$ 10 billion investment in infrastructure as well as a US$15 billion line of credit to ASEAN members.

“China plans to establish a US$10 billion China-ASEAN investment cooperation fund to promote infrastructure that connects it to ASEAN nations,” said Yang on the flight back to China, according to state media. “It will also offer a credit of US$15 billion to ASEAN countries, including preferential loans of US$ 1.7 billion for cooperation projects.”

While China is not a member of the ASEAN, it recently appointed its first ambassador to the association and remains a very influential player in the region.

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