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China is planning a considerable expansion of its foreign aid programs with a particular focus on infrastructure projects in countries along the land and maritime Silk Road trading routes, government officials said on Monday. The country is planning to initiate a number of strategically important aid projects to help improve transportation, energy and telecommunications in those countries, according to the Ministry of Commerce, which is responsible for administrating the country's foreign aid programs. Projects involving construction and improvement of roads, railways, ports and airports are already being implemented in countries including Laos, Myanmar, Nepal and in Central Asia, Yu Zirong, deputy director-general of the foreign aid department at the ministry, told a news conference in Beijing. "China's growing future foreign aid program will be tilted toward neighboring countries and those in the Silk Road region," Yu said. The planned shift in direction for Chinese foreign aid is a direct result of President Xi Jinping's proposed national strategy to revive the centuries-old trading routes connecting Asia and Europe, experts said. The newly created 40 billion yuan ($6.5 billion) Silk Road fund and the Beijing-initiated Asian Infrastructure Investment Bank are expected to facilitate China's foreign aid programs in the future, they said. "Such a shift indicates that China will be more inclined to offer assistance to Asia and neighboring countries," said Wang Luo, a researcher at the Chinese Academy of International Trade and Economic Cooperation. "It does not mean that the percentage of China's foreign aid to Africa will drop. It just means that Asia and countries along the Silk Road will get a greater share as China grows its aid spending," she said. Africa has been the largest recipient of China's foreign aid with more than half of spending directed at the continent between 2010 and 2012, according to a policy paper issued in June. China spent 89.34 bill

Hong Kong's Hang Seng Index opened 100 points higher, but worries over possible fund raising by Chinese banks helped drive the index sharply lower in the late afternoon.

Hong Kong opened higher, but gains were capped at 21,000 by worries over a weak Chinese economy and stocks retreated to end slightly lower.

Europe's struggles with its debt crisis continue to pre-occupy Chinese stocks investors, while expected credit loosening in China offers a ray of hope. However, one analyst cautions that there is uncertainty surrounding Chinese economic growth.

Standard & Poor's downgraded the credit ratings of 37 financial institutions after adjusting its criteria to better reflect the effects of a more intertwined global economy.

Investors are embracing financials today following the positive earnings announcement from Bank of America. The results are more mixed than the numbers reveal but investors are acting optimistically.

Hong Kong opened higher after the U.S. Federal Reserve Board indicated it was open to using monetary policy to help the struggling U.S. economy.

Hong Kong blue chips opened higher on speculation there would be progress in Greek debt negotiations and broke through the 21,000 resistance level in the afternoon following a rally in Shanghai.

The global lead acid battery market is expected to reach USD 84.46 billion by 2025, according to a new report by Grand View Research, Inc. Expansion of the automotive industry in China, India, Brazil, Mexico, South Africa, Indonesia, and Germany is anticipated to drive industry growth. Furthermore, increasing utilization of energy storage systems and UPS in industries including mining, oil & gas, nuclear power, electricity generation, gas turbine, construction, hospitality, banking, manufacturing, and off-grid renewable is anticipated to drive lead acid battery demand over the forecast period.