The Belt and Road (the Belt and Road Initiative, or B&R) research project was jointly initiated by ACCA and Shanghai Stock Exchange (SSE).
In 2013 Chinese President Xi Jinping started an ambitious initiative to develop the ancient silk routes over land and sea, the Belt and Road initiative (BRI).
Belt and Road initiative: five priorities of cooperation
1. Policy coordination
- Promote intergovernmental cooperation
- Build a multilevel intergovernmental mechanism for macro policy exchange and communication
2. Connecting infrastructure
- Plan and build connected infrastructure
- Align technical standards
- Create an infrastructure network that connects all sub-regions in Asia, and connects the continents of Asia, Europe and Africa
3. Unimpeded trade
- Remove barriers for investment and trade
- Discuss free trade areas with countries and regions along the Belt and Road
4. Financial integration
- Deepen financial cooperation
- Promote systems for monetary stability system, investment and financing, and credit construction across Asia
5. People-to-people bonds
- Inherit and promote the spirit of friendship and cooperation along the Silk Road
- Carry out extensive cultural, academic and talent exchanges
Broad implications of the Belt and Road initiative
- With over 60 countries identified along the route and USD 800 billion invested by the China Development bank the implications of the project are far reaching and significant.
- Already engineering projects are booming, 6,877 new contracts for projects in 61 countries / Consumer demand in China has risen and the country’s outbound investment is up 18.3% year on year.
- Not all smooth sailing
- Other countries have similar initiatives for example; the US New Silk Road strategy, Russian Eurasian Economic Union strategy and Japan’s Silk Road Diplomacy strategy. In addition the diverse countries along the B&R routes bring with them a diverse collection of problems, and this includes national trade protection.
ACCA’s Belt & Road research project was conceived in August 2016. It explores the opportunities and challenges for B&R countries (including China) in politics, economics, society and culture through desk research, roundtable conferences and workshops.
This approach considers local experiences and international vision, historical achievements and future development.
The report is divided into three areas:
- Desk research - an exhaustive review of B&R-related policies
- Case studies - based on interviews with seven enterprises that are deeply engaged with B&R: China Communications Construction, Power China, Bank of China, Sany, Shanghai Electric, Conch Cement and Changjiang Electronics Technology
- The third are explores the integration and innovation of B&R. These findings are based on roundtable and workshop discussion with those who are working close to the B&R Initiative.