This year marks the 10th anniversary of the Belt and Road Initiative. Over the past decade, the BRI has been pursued across Asia, Europe and Africa with solid foundation and sustained momentum. While remarkable achievements have been made in enhancing policy, infrastructure, financial and people-to-people connectivity, the BRI has become both an international cooperation platform and a widely-recognized global public good committed to mutual benefits and win-win outcomes with an open and inclusive manner. Taking this opportunity, we launch the “BRI Review and Preview” column to share the insights of scholars at home and abroad.
Fang Qiuchen--“Built-by-China” Endeavors for High-Quality Belt and Road Cooperation
Dennis Munene--BRI Has Facilitated Kenya’s Infrastructure Development
Luo Changyuan--BRI and Global Supply Chain
World Bank--Belt and Road Economics: Opportunities and Risks of Transport Corridors
Yao Yixin, Mi Jie--Reflections on the BRI in Green Financing for SMEs
For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 5-10.
Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, in particular Xi Jinping Thought on Diplomacy, the Belt and Road Initiative has delivered fruitful outcomes over the past decade in promoting common development, reforming the system of global economic governance and fostering world economic recovery. By meeting the trends of the times and following a people-centered development philosophy as well as the Silk Road spirit, valuable experience was accumulated in high-quality Belt and Road cooperation. Looking ahead, we should take solid and result-oriented steps towards a community with a shared future for mankind. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 11-16.
Over the past decade, remarkable achievements have been made in implementing the Belt and Road Initiative, which has become a new and widely-welcomed international cooperation platform, and new dimensions were added to global economic governance system. The BRI, featuring openness and inclusiveness, fairness and equality, as well as consultation and cooperation for shared benefits, has pushed forward institutional changes in economic globalization in terms of driving forces, governance and sharing mechanism, facilitated the building of a new type of international relations, and made economic globalization truly beneficial to all countries. Theoretically, the BRI has provided a feasible solution to the globalization paradox, reflecting its significance in innovation.For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 17-21.
Along with the advancement of Belt and Road cooperation, the connectivity of infrastructure, synergy of rules and standards, and people-to-people bonds between China and Belt and Road participating countries have been further strengthened, which creates broad space for the development of cross-border e-commerce. Cross-border e-commerce plays an important role in improving the efficiency of factor and resource flow as well as promoting international cooperation on digital economy. In the new stage of development, it is key to intensify synergy of Belt and Road cooperation and unleash the vitality of cross-border e-commerce, so as to make new progress in promoting the mutually beneficial development of high-quality Belt and Road cooperation and high-level cross-border e-commerce. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 22-26.
This paper identifies the risk factors of the Karot Hydropower Project in different financing phases according to the Life Cycle Theory, and studies the financing risks of the project in its life cycle by adopting the evaluation model of FCE and AHP. It sums up the experience in controlling different risks in order to make references to the future cooperation of overseas energy projects.For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 27-32.
China and Europe have cooperated in a number of projects in third-party markets under the Belt and Road framework. Those typical projects are of distinctive characteristics in terms of sectors, regions and means of cooperation. Meanwhile, China and Europe have seen challenges causing by such factors as different emphasize of cooperation and insufficient experience of Chinese contractors in undertaking third-party market projects. It is suggested that China and Europe focus on enhancing trilateral coordination, building mutual trust, improving the capabilities of enterprises, expanding cooperation fields and upgrading ways of cooperation. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 33-36.
The Mombasa-Nairobi Railway is a flagship project of China-Africa cooperation under the BRI, and a new modern railway using Chinese finance, equipment, technologies and standards. The build-operate business model of the project has promoted the export of the whole Chinese railway industry chain. Moreover, it is the strong operation capacity and targeted and efficient services provided by Chinese enterprises through the form of synergy that has won reputation for Chinese railway industry in overseas market.The successful experience in the construction, operation and management of the Mombasa-Nairobi railway has been a pioneering exploration for the transformation and upgrading of China-Africa cooperation at the micro level, and set a good example for further collaboration.For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 37-39.
The Budapest-Belgrade Railway is one of the major BRI projects and a flagship project under China-CEEC cooperation, which contributes to the development of railway infrastructure in CEE countries. Considering the differences between China and Serbia in tax rate, taxonomy and tax administration, it is necessary for Chinese enterprises to get prepared for contract management, accounting, cost management, subcontractor management and tax payment and declaration, and pay attention to tax planning and risk control when conducting overseas projects in Serbia.For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 40-44.
Contract Management plays an important part in ensuring smooth implementation of projects and protecting the interests of all stakeholders. Due to the differences in geography, culture and law, there are a lot of challenges and risks in the management of overseas contracts. This paper, based on the Photovoltaic Power Plant Project in Jujuy, Argentina, discusses the practices, experiences, risks and challenges in contract management, and puts forward solutions and suggestions on improvement. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2023, pages 45-48.