China will pledge a multibillion-dollar investment in Europe's new infrastructure fund at a summit on June 29 in Brussels, according to a draft communique seen by Reuters — Beijing's latest round of checkbook 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 EU governments' decision to join the Chinese-led Asian Infrastructure Investment Bank (AIIB) in defiance of Washington.
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.