CITIC deepens backing for B&R

State-owned CITIC Group Corporation said it will continue to boost financing of and investment in, infrastructure projects related to the Belt and Road Initiative.

Chang Zhenming, chairman of the group, said that the Belt and Road Initiative is a "new force of promoting the development of the world economy" which will further push China's opening-up and serve as a "rare opportunity" for Chinese companies.

CITIC Group has financed projects related to the Belt and Road Initiative. In 2015, CITIC Bank, the group's banking subsidiary, and other subsidiaries, declared they would provide investment and financing totalling 700 billion ($102 billion).