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China Looks To Up Investment In Eastern Europe

China says it will create a new investment fund of $3 billion targeting Central and Eastern Europe, seeking to strengthen its presence in the region.

Chinese Prime Minister Li Keqiang made the announcement on December 16 at a summit in Belgrade with leaders of 16 Central and Eastern European countries.

Li is accompanied by 200 Chinese corporate executives.

"On the Chinese side we can create a new investment fund with a total value of $3 billion," Li told the summit.

During his three-day visit, Li is also expected to ratify a deal with Hungary and Serbia for Chinese construction of a high-speed rail link between Belgrade and Budapest.

On December 18, Li will inaugurate a 170-million-euro Chinese-built bridge completing a highway ring-road around Belgrade.

Based on reporting by AP and AFP