Publications
Partners
Brussels - China will pledge a multi-billion dollar investment in Europe's new infrastructure fund at a summit to be held in Brussels on June 29, according to a draft communique - Beijing's latest round of chequebook diplomacy to win greater influence.
While the exact amount is still to be decided, the pledge will mark the latest step in China's efforts to shape global economic governance at the expense of the United States and follows major European Union governments' decision to join the Chinese-led Asian Infrastructure Investment Bank in defiance of Washington.
Technology projects
It is expected to come with a request for return investment in China's westward infrastructure drive - the "One Belt, One Road" initiative - constructing major energy and communications links across central, west and south Asia to as far as Greece.
"China announced that it would make (X amount) available for co-financing strategic investment of common interest across the EU," the draft final statement says, adding that agreements will be finalised at another meeting in September.
An EU diplomat said the Chinese contribution was likely to be "in the billions".
EU and Chinese officials speculated that Chinese banks are looking mainly at telecoms and technology projects.
Chinese Premier Li Keqiang, who will attend the summit in Brussels, will agree with EU leaders that the €315bn fund will "create opportunities for China to invest in the EU, in particular in infrastructure and innovation sectors".
Initial list
If sealed, the deal will be a success for European Commission president Jean-Claude Juncker, who faced scepticism last year when he proposed the European Fund for Strategic Investment because EU governments are putting in little seed money.
France, Germany, Italy and Poland have each announced they will contribute €8bn, while Spain and Luxembourg have pledged smaller contributions.
The bloc is relying mainly on private investors and development banks to fund projects selected from an initial list of almost 2 000 submitted by the 28 member states, from airports to flood defences that are together worth €1.3 trillion.
