"Four-Wheel Drive"Mechanism for Promoting Belt and Road Cooperation
The large-scale infrastructure construction along the Belt and Road has achieved remarkable results in improving connectivity.Exploring and revealing the economic logic of the rapid expansion of cooperation in this field for many years and relevant adjustment in recent years has significance for China to deepen the Belt and Road cooperation.According to the observation on policy demands and practical constraints of host countries,China's comprehensive capabilities in engineering contracting,equipment and materials supporting,diversified equity financing and large-scale debt financing constitute a"four-wheel drive"mechanism to promote the development of infrastructure along the Belt and Road.The actual situation shows that engineering contracting capacity and equipment and materials supporting capacity are easier to alternative supply in the international market,while the capability to provide financing through equity and creditor's rights is less alternative and scarcer in reality.China's capability to systematically match relevant necessary conditions is key to rapidly promoting the Belt and Road cooperation.Due to the changes in the global economic environment and the rise of sovereign debt risks in recent years,China's external debt financing has slowed down,with the moderate slowdown of contracting projects,and new issues regarding deepening the Belt and Road cooperation have appeared.It is necessary to further innovate and improve the investment and financing models given changes in the real situation,and promote the stable and long-term development of the Belt and Road cooperation.
Belt and Road Initiativeforeign contracted projectsdebt financingsovereign debtsystematic match
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