BEIJING, July 25, 2023 – China International Capital Corporation (CICC) held a forum under the theme “Belt and Road Initiative (BRI) at Ten” in Beijing. Nearly 400 attendees from the public and private sectors participated in the forum in person.

The forum invited dozens of senior experts from the public sector as well as leading figures from industry and academia in China and around the world. In-depth discussions at the forum covered a wide range of topics, such as cross-border financial cooperation, industrial sustainability of BRI projects, green development and infrastructure connectivity. At the forum, CICC Research Department and CICC Global Institute released their thematic report titled Belt and Road Initiative at Ten – Macro, Financial, and Industrial Trends.

SHEN Rujun, Chairman of CICC, remarked in his welcome speech: “Over the past decade, the BRI has evolved from concepts and visions into specific policies and actions, adhering to the Silk Road spirit of peace, cooperation, openness, inclusiveness, mutual learning, and mutual benefit. By leveraging its Chinese roots and international reach, CICC will cooperate with all partners to facilitate investment and financing to provide multidimensional support for the high-quality development of the BRI.”

HUANG Zhaohui, CEO of CICC, commented: "Since 2013, China has signed over 200 BRI cooperation documents with 152 countries and 32 international organizations[1].Significant achievements have been made in areas such as trade, investment, infrastructure connectivity, joint formulation of rules and regulations, contributing to the economic growth and development of participating countries. CICC Research Department and CICC Global Institute have collaborated to produce an in-depth report titled Belt and Road Initiative at Ten – Macro, Financial, and Industrial Trends. The report sheds light on the BRI’s achievements and challenges from perspectives of macroeconomy and industries, the real economy and finance, as well as domestic and international levels. We hope to share our research findings with all delegates at this forum, to facilitate the analysis and discussions of relevant issues.”

Distinguished guests from China and around the globe shared insights into the accomplishments of the Belt and Road Initiative

During the keynote speeches and roundtable discussions, prominent guests from both China and abroad shared their views from different perspectives, covering the BRI’s overall progress, financial connectivity, as well as participation of and support from various BRI countries. 

In addition, the forum features four parallel sessions, focusing on specific topics of cross-border financial cooperation, industrial sustainability of BRI projects, building consensus on green development to support sustainable growth, and building BRI infrastructure to drive common development. These sessions aim to explore new paths of joint development.

In the special session titled “Belt and Road Initiative Youth Talk”, four international students from different BRI countries studying in China were invited to share their personal experiences and thoughts about the BRI.

CICC releases thematic report on the Belt and Road Initiative

Over the past decade, the BRI has become a widely welcomed international public good and cooperation platform with many remarkable accomplishments, such as fostering connectivity, cooperation, and development among China and BRI countries. Compared with ten years ago, profound changes have occurred in the global landscape due to adjustments in the global economy, geopolitical dynamics, industry chain restructuring, and green transition, among other new trends and constraints following the pandemic. 

Against such a backdrop, CICC Research Department and CICC Global Institute collaborated to produce an in-depth report, titled Belt and Road Initiative at Ten – Macro, Financial, and Industrial Trends. The report analyzes the BRI’s role in boosting development and cooperation under new circumstances and discusses future opportunities and public policies for BRI development.

The BRI covers a wide range of areas, among which infrastructure development has drawn the greatest attention. The report stresses that the BRI provides opportunities to explore and create new paradigms of economic development and international economic cooperation which go beyond the construction of infrastructures. In particular, it highlights that the analysis of internalizing the externality of infrastructure projects should consider many other factors besides infrastructure. The BRI can raise the total trade volume and help ensure balanced development. 

In addition, the BRI can help participating countries better respond to climate change by exploring new areas of cooperation and capturing new development opportunities. Moreover, the BRI implements the development philosophy that the financial sector should serve the real economy. Under the BRI, infrastructure connectivity is the foundation for international economic cooperation, and the primary driving force of growth is physical capital instead of financial capital.

The report highlights the tremendous potential for further BRI cooperation in the next decade lies in economies of scale and innovation-driven development. Economies of scale imply that larger scale leads to lower unit costs and higher efficiency. As China has a sizable population and is the world’s second-largest economy, the country’s immense markets and strong manufacturing capacity form the largest cornerstone for future cooperation with BRI countries. Moreover, economies of scale foster innovation, which is essential to enhancing efficiency and security. Since the launch of the BRI a decade ago, infrastructure investment has built a solid foundation for economies of scale.

Note：[1] As of June 2023, statistics from Belt and Road Portal.