One Belt, One Road Benefits All Parties Involved, PBOC Vice Governor Says

Yicai

2017-05-11

(Yicai Global) May 11 -- Implementation of the One Belt, One Road initiative bonds China and other participating countries together by common interests,People’s Bank of China Vice Governor Yi Gang said.

The Belt and Road will conduce to infrastructure construction in the countries, and help Chinese equipment manufacturers export their technology and products for a profit, so the initiative is beneficial to all parties involved, Yi said. 

As one of the objectives of the One Belt, One Road program, financial integration should be achieved through consultation, collaboration, and resource sharing between the countries, Yi told People’s Daily. China is committed to building a funding platform to facilitate financial integration under the One Belt, One Road framework, but it does not mean that China will provide nonreciprocal, unilateral funding or price concessions.

Belt and Road projects generally have a long construction period, but most of them will bring commercial returns, said Yi. Financial institutions will operate relevant businesses using a market-based approach just as with other ventures, following the ‘self-sustaining and self-discipline’ principles, he said.

China will continue to strengthen financial cooperation with participants, and lower or lift market access barriers, Yi said. By the end of last year, nine Chinese banks had set up 61 first-tier branches in 25 countries along the Belt and Road and 54 commercial banks from 20 Belt-and-Road countries had established Chinese branches or representative offices.

Follow Yicai Global on Facebook @yicaiglobal and Twitter @yicaichina.