Officials say $16.3b will be raised to improve links with foreign markets

China plans a $16.3 billion fund to finance construction of infrastructure linking its markets to foreign countries as President Xi Jinping pushes forward with his plans to revive the centuries-old Silk Road trading route.

The fund, overseen by Chinese policy banks, will be used to build and expand railways, roads and pipelines in Chinese provinces that are part of the strategy to facilitate trade over land and shipping routes, according to government officials who participated in drafting the plan.