Issue 3_The Export-Import Bank of China

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Issue 3

Overshooting of International Bond and a New Round of Debt Crisis in Developing Countries

TANG Xiaoyang

　　Since 2020, developing countries have experienced consecutive international debt defaults, causing serious economic and social unrest. There is only a small amount of international research on the main component of developing country debt, namely the role of international bonds in crises. Although the share of emerging country creditors in the debt of developing countries has increased, factors such as pro-cyclicality, concentrated maturity, exchange rate fluctuations, short-sighted ratings, and improper use of international bonds in this crisis are key threats to the debt sustainability of creditor nations. In the current severe international situation, all creditors should carry out negotiations and reforms in a flexible and gradual manner to create an international financing environment conducive to the sustainable development of developing countries.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 3-6.
　　

Debt-for-development Models and International Practices

SUN Tianshu, LIU Xian

　　In the past 40 years, the debt-for-development models have been widely applied to the treatment of bilateral debts. According to the differences in debt structure and management systems of different countries, the debt-for-development models have evolved into various models. Based on the case studies of Germany, Russia, Switzerland, Argentina and other countries, this paper summarizes different models of the debt-for-development, and extracts the correlation between different models and bilateral debt types as well as the effect of debt relief.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 7-12.
　　

Sovereign Debt Distress in Developing Countries: Status Quo, Causes and Solutions

WAN Zhihong, SHI Pengyan

　　Under the impact of the COVID-19 pandemic, the financial burden and debt issues of developing countries have further worsened, and the sovereign debt crisis has once again become an international economic and social hot issue. This paper summarizes the current situation and root causes of the sovereign debt dilemma of developing countries in the post-pandemic era, forecasts the prospects of debt difficulties in developing countries based on the trend of international multilateral and bilateral debt relief governance mechanisms, and proposes China's solutions.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 13-17.
　　

Mechanism Analysis of Debt and Economic Growth

CHENG Xu

　　The relationship between government debt and economic growth has always been an important topic in macroeconomic research. Theoretical analysis and empirical research indicate that there is a threshold effect of government debt on economic growth, demonstrating an inverted U-shaped relationship. At the same time, economic growth helps the government maintain a higher sustainable debt level. Based on this, this paper proposes suggestions for fiscal discipline and financing strategies of financial institutions in debtor countries.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 18-22.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Developing Enterprises’ IPR International Compliance System from the RCEP Perspective

YAN Chi

　　With the in-depth implementation of China’s “going global” strategy and the improvement of the rule of law in IPR protection, the building of IPR international compliance system has become a key issue that Chinese enterprises should pay attention to when conducting business. The update of the IPR chapter of the Regional Comprehensive Economic Partnership (RCEP) shows that the international community’s requirements for corporate IPR compliance are constantly improving, and Chinese enterprises should fully sort out and interpret the IPR protection rules in RCEP so as to do well in IPR international compliance.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 23-26.
　　

Security Review Mechanism for Foreign Investment in Advanced Economies: Trends, Implications and Responses

HE Yingxin, XIA Chunqiu

　　After the subprime mortgage crisis in the United States in 2007, developed economies have accelerated the introduction of a new security review mechanism for foreign investment. The essence of such mechanism was international investment protectionism on the grounds of “national security”, which brought “slow globalization” to the global economy, aggravated geopolitical risks and caused the redistribution of direct investment around the globe. As a result, China’s foreign investment cooperation is faced with severe challenges. To counter these negative impacts, China should actively participate in the discussion and formulation of international investment rules, improve the country-specific risk management system of overseas investment, optimize its business environment, guide enterprises to improve their independent innovation ability, and continue to enhance China’s resilience in the global industrial and supply chains.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 27-31.
　　

Study on Self-Determination in the Essential Security Interests Clause in International Investment Agreements

GU Chendi

　　The essential security interests clause in international investment agreements is a sharp weapon for host countries to safeguard national security interests and defend national sovereignty. According to the differences of treaty texts, different clauses have important influences on the jurisdiction and scope of review of adjudication institutions. The practice of ICSID, the Permanent Court of Arbitration and the WTO Dispute Settlement Body provides useful reference for the interpretation and application of different types of essential security interests clauses. When formulating and improving essential security interests clauses of China, the number of clauses should be further increased, relevant wordings should be standardized, and the interests of national security as well as investors should be better balanced.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 32-38.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

China’s Overseas Warehouses: Development Trends and Supporting Measures from the Banking Sector

ZHANG Wen, CHEN Wei, MA Jia, LI Chang

　　Vigorously developing new formats of foreign trade, such as overseas warehouses, is an important measure to promote the building of a trade power, which is conducive to promoting the transformation and upgrading of foreign trade while maintaining stability and quality. Overseas warehouses have outstanding advantages and distinctive features. At present, they are expanding rapidly, with obvious differences in country distribution and low market concentration. In the future, they may follow the trend of specialization, scale-development, intelligent informationization and globalization. Financial institutions in the banking sector can further enrich their supporting scenarios so as to carry out targeted financial support.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 39-43.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

SCO Energy Cooperation: Outcomes, Challenges and Solutions

NIE Xinwei, ZHANG Jixing

　　Energy is one of the key areas of economic cooperation among SCO countries. In recent years, energy cooperation of the SCO has been continuously expanded, the cooperation mechanism gradually established, and infrastructure connectivity and trade significantly enhanced. Under the influence of the Ukrainian crisis and intensification of geopolitical games, the environment of energy cooperation among SCO countries has become increasingly complex, and tensions between producing countries are intensifying in regards to market expansion and pipeline diversification. Based on the energy endowment and energy consumption situation, China needs to follow the new trend in the global energy sector where the global demand is driving the global supply eastward. It should make good use of both domestic and foreign resources as well as both Chinese and overseas markets to promote the connectivity of cross-border oil and gas pipelines on the basis of consolidating and upgrading traditional energy cooperation. Meanwhile, China should actively guide and promote the building of SCO energy governance mechanism, and focus on deepening cooperation with SCO countries in green transformation, new energy development and utilization, and science and technology innovation of the energy sector, so as to promote the development of regional economy.For details, please refer to Overseas Investment & Export Credits, Issue 2, 2023, pages 44-48.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.