The China Academy of Translation, a research institute affiliated with the China International Publishing Group, the country's leading international publisher, has analyzed prevailing terms concerning the China-proposed Belt and Road Initiative and translated them into a number of foreign languages. In each issue, Beijing Review presents some of these keywords to help readers know more about the initiative.

Spirit of the Silk Road

More than just a trade route, the Silk Road has been a platform for people-to-people and cultural exchanges, where ethnic, racial, religious and cultural convergence has taken place. Throughout millennia, interaction along these routes has shaped the Silk Road spirit, which is embodied in solidarity and mutual trust, equality and mutual benefit, inclusiveness, a disposition to learn from each other, and cooperation in finding win-win solutions. Underpinning the Silk Road spirit is the understanding that nations with different dominant ethnic groups and different religious and cultural traditions can work together to achieve peace and shared prosperity. Such an understanding also informs one of the fundamental principles for international interaction today.

Silk Road Fund

The Silk Road Fund was established in Beijing on December 29, 2014, following President Xi Jinping's announcement on November 8 that China would contribute $40 billion for this purpose. The fund will support infrastructure and resource development and industrial cooperation in the countries along the land and sea Silk Roads. It will complement rather than serve as a substitute for other global and regional multilateral development banks, and will operate under the existing international economic and financial order.

Instead of simply dispensing economic aid, the fund will exploit increased connectivity to create major development opportunities for all. It is an open scheme and welcomes the participation of investors from Asia and beyond.

Asian Infrastructure Investment Bank

The idea of creating a new multilateral bank, the Asian Infrastructure Investment Bank (AIIB), was first put forward by China's President Xi Jinping in October 2013. After more than 800 days of joint preparatory efforts by 57 countries, the AIIB was formally established in accordance with China's proposal on December 25, 2015 in Beijing. The bank held its opening ceremony on January 16, 2016, at which President Xi delivered a speech.

The AIIB is a regional, inter-governmental development institution focused on supporting infrastructure development. It is the first multinational financial institution sponsored by China. By the end of March 2017, the AIIB had a total of 70 members—including five G7 members, 15 G20 members and four UN Security Council permanent members—placing it second only to the World Bank in terms of membership scale.

Among other sectors, the bank will initially invest in energy, transport, telecommunications, rural and agricultural infrastructure, water supply and sewerage, environmental protection, urban development, and logistics. The first batch of its loans was approved in June 2016.

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