OneBeltandOneRoad2021/3/251授课：XXX“OneBeltandOneRoad”“OneBeltandOneRoadshortforSilkRoadEconomicBeltand21stCenturyMaritimeSilkRoad2021/3/252授课：XXXEssenceOBORisnotanentityandthemechanism,itisaeconomiccooperationconcept,andbelongstothemultinationaleconomicbelt.OBOR is a development strategy and framework that focuses onconnectivity and cooperation among countries primarily in Eurasia,which consists of two main components, the land-based Silk RoadEconomicBelt(SREB)andoceangoingMaritimeSilkRoad(MSR).OBOR aims at borrow the ancient symbolsilk road,and carry thebanner of peaceful development, actively develop an economicpartnership with countries along the Silk Road and regions,to buildcommunityofinterest,fatecommunityandcommunityinresponsibilityofpoliticalmutualtrust,economicintegration,culturallytolerant2021/3/253授课：XXXCountriesandregionsalongthe“OneBelt,OneRoad”datasuchaspopulationandeconomicscale2021/3/254授课：XXXDevelopregionaleconomyAbsorbexcesscapacityReduceforeignexchangereserveWhydoChinawanttocarryoutOneBelt,OneRoad?Forthenation2021/3/255授课：XXX123DrivecapacityoutputbycapitaloutputStrengtheninternationalcooperationReversebalanceofpaymentssituationFortheword:2021/3/256授课：XXXInfrastructureNetworks2021/3/257授课：XXXSourcesoffundsAIIBisaproposedinternationalfinancialinstitutionwhichisfocusedonsupportinginfrastructureconstructionintheAsia-Pacificregion.SCODBismultilateraldevelopmentfinanceinstitution,anditexpandcooperationinthesettlementinlocalcurrenciesandpromotetheeconomyandtradecommunionofregionsbyjointcontributionandjointbenefitNewDevelopmentBankisaproposedinternationalfinancialinstitutionwhichisfocusedonsupportinginfrastructureconstructionofthese5BRICSandotherdevelopingcountries.SIFisastateownedinvestmentfundoftheChinesegovernmenttofosterincreasedinvestmentincountriesalongtheOneBelt,OneRoad,aneconomicdevelopmentinitiativeprimarilycoveringEurasia.2021/3/258授课：XXXThefivemajorCo-operationpolicycoordinationunimpededtradefinancialintegrationfacilitiesconnectivitypeople-to-peoplebondsimportantcontentpriorityareasimportantsupportingimportantguaranteesocialfoundation2021/3/259授课：XXXTheBack-upForceofOBOR123456land silk roadmaritime Silk Road1.High-speeddiplomacy2.ShanghaiCooperationOrganizationDevelopmentBank3.SilkRoadfund4.AsianInfrastructureInvestmentBank(AIIB)5.Nucleardiplomacy6.BRICSBank2021/3/2510授课：XXXOBOR“ construction”RelationshipbetweenOBORandAIIBTheimplementationofOneBeltandOneRoadstratgyrequiresalargenumberofinvestmentfromfinancialinstitutions,includingAIIB.TheaidprogramofAIIB,whichtargetstheconstructionofinfrastructureinAsian-Pacificregion,overlapswithOBORstrategy.2021/3/2511授课：XXXISSUESOvercapacityProblemResourcesAquisitionNationalSecurityTradeInitiativeTransportationNetwork2021/3/2512授课：XXXOvercapacityProblem2021/3/2513授课：XXXOvercapacityProblem1.OBORopensupnewexportmarketstocompetewithAmericaandJapan.2.Ithelpsemergingmarketcountriesandlessdevelopedcountriesininfrastructureconstruction,usingthesufficientforeignexchangereservestosolvetheovercapacityproblem2021/3/2514授课：XXXResourcesAquisitionChinasoilandgasresourcesarehighlydependentonoverseasmineralresources.OBORwillbuildsomeeffectivechannelstogetresouces.Itcontributestotheresourcesdiversification.2021/3/2515授课：XXXNationalSecurityTheindustryandinfrastructureofcoastalregion,westernareaandcentralareaneedtobeprotectedfromexternalconcealedthreats.OBORwillimprovethecapabilitytostrengthenthenationalsecurityatriskofconflict.2021/3/2516授课：XXXTradeInitiativeOBORwillmakeChinahaveagreatersayinglobalmarketandregionaleconomy.2021/3/2517授课：XXXTransportationNetworkWithbuildingatransportationnetworkintheneighboringarea,OBORwillpromotetheexporttradeandmobilizationofresouces.2021/3/2518授课：XXXChinasRegionsinPursuingOpening-Up2021/3/2519授课：XXXChinainActionHigh-levelguidanceandfacilitation.Signingcooperationframework.Promotingprojectcooperation.Improvingpoliciesandmeasures.Boostingtheroleofcooperationplatforms.2021/3/2520授课：XXX2021/3/2521授课：XXXFund- June 29th, 2015.- 57 countries- Legal capital: $100bn- Dec 29th, 2014.- Beijing, China.- Legal capital: $40bn- Supported by four national organization- July 21st, 2015.- Five countries- In Shanghai, China.- Sep 11th, 2014.- Discussed. 14th Summit- Not officially founded yet.2021/3/2522授课：XXX2021/3/2523授课：XXX2021/3/2524授课：XXX2021/3/2525授课：XXX-57 members-$100billion-China (30.3%) 1st-Korea (3.8%) 5th“to build better infrastructure in developing countries”- The Netherlands, Germany, France, and other many countries are favorable to the foundation of AIIBNewsArticles2021/3/2526授课：XXX30.3% 30.3% 26% of votes26% of votes 75%75% 25%25%2021/3/2527授课：XXX1.Fourfinancialplatformswillsolveexistingmoneyproblemsolveexistingmoneyproblem.2.Fourfinancialplatformswillpromoteeconomicdevelopmentpromoteeconomicdevelopmentofnumerouscountries.3.Asthefourplatformspursueopen-doorpolicyenoughfinancialbackupenoughfinancialbackupforOBOR4.Fourfinancialplatformswillenablesustainableinvestmentsustainableinvestment.5.Fourfinancialplatformswillenabledevelopingcountriestohaveloudervoicehaveloudervoice.AIIB1.AIIBwillplaythemainroleplaythemainroleinOneBeltOneRoadproject.- -SolveinequalityproblemSolveinequalityproblemamongnationsbyredistributingresourcesandbetterbetterinvestmentconditionsinvestmentconditions- -ParticipationofprivatecompaniesaredesperateParticipationofprivatecompaniesaredesperateaswell,butastheinvestmentvehiclesaredevelopingcountries,privatecompaniesmaynotbeattractedmaynotbeattractedtoinvestmentproposals.-Toaddresstheissue,AIIBshouldguaranteeAIIBshouldguaranteesafeinvestmentandminimizedloss.AssessmentofFinancialPlatform2021/3/2528授课：XXXToChina:1.Todigestovercapacity:Chinastotalcapacityutilizationdoesnotexceed65%,buttraditionalexportmarkethasopenedupinamorefullbyUnitedStatesandEurope.Meanwhile,thecountriesalongtherouteofOneBeltOneRoadlacktheinfrastructure,whojustneedcost-effectiveChineseconstructionbusiness.China also has the excess of foreign exchange assets. China uses its huge foreign exchange reservesaccumulatedasacapitaltoboostglobalgrowthandusesitsexportofcapitaltodigestitsexcesscapacity.2.Torevitalizethestockoftheeconomy:ThepromotionofOBORisconducivetotheexpansionofcross-borderuseofRMBintheperipheralregion,RMBpaymentsystemandtheutilizationofthehugeforeignexchangereserves.Aftertheabolishofgeographicrestrictions,ChinesedomesticenterprisesandcommercialbankscouldissueRMBbondsinoffshoretohelpthecirculationofRMBintheinternationalmarket.3.TostrengthenNationalSecurity:OBOR can not only hedge the US-led TPP (Trans-Pacific relations agreement), TTIP (trans-Atlanticpartnerstonegotiate),whichattempttoisolateChina,butalsoprovidetheopportunityforChinatoparticipateinthedevelopmentofnewglobaltraderules.ShanghaiFTAShanghaiFreeTradeZone-InternationaltransferportChinasindustrialandinfrastructureareconcentratedincoastalareas,andthereisagreatpotentialfortheirdevelopmentincentralandwesternregions.Significant2021/3/2529授课：XXXTotheWorld:1.Neweconomicgrowthstimulation:Theglobaleconomicrecoveryisslowdownandmonetarypolicyindevelopedeconomiestrends to differentiation. Economies of many countries face difficulties and need a neweconomicgrowthenginetodrivetheworldeconomy.TheprojectionofOBORbenefitsChinaandmostcountries,becauseitseeksnewimpetusto the global economic recovery and mobilizes new investment to achieve the win-winsituation.2.RegionalCollaboration:OBORbreakstheoriginaldevelopmentmodelofspotandblockpatternsandextendsverticallyandhorizontally,connectingAsia-PacificEconomicCircleintheeasttheEuropeaneconomiczoneinthewest,consideredastheworldslongest,mostdevelopmentpotentialeconomiccorridor.ThisstrategyhelpsthefurtherdeepenChina-ASEANcooperationandregionaleconomicintegration,buildingclosercommunity,andseekingthecoordinateddevelopmentinlinewiththestrategicinterestsofAsia-Pacific,Asia-Europeandmostmemberstates.Significant2021/3/2530授课：XXXChallengesOBORstrategyisaninevitableoutcomeofcurrentglobalstatus,anditalsofacesdifficulties.a.Specificdifficultiesduringtheimplementationofinvestmentprojects:1.Theenvironmentalimpactoflarge-scaleinvestment2.Changingrisksofforeignpolicy3. Breaking-in with various foreign countries cultures, customs,eveninstitutionsb.Howtodealwithrelationsofbigpowers:theUnitedStates,Russia,Indiac.Howtodealwithrelationsofsmallcountries:Scruples:NotThreaten-JointDevelopment2021/3/2531授课：XXXHotDiscussion“NewNormal”TrapWorld:SinceSubprimeCrisis:the8thyearofloweconomicgrowth,lowinterestratesandexpandinggovernmentinterventionKeynesianstimulus:UnconventionalMonetaryPolicy(UMP):(Liquiditymanagement:short-termnominalinterestrate-centralbanksbalancesheetstructure,content)ZeroInterestRatePolicy(ZIRP)QuantitativeEasing(QE)NewNormal:aTrapofDebtandMoneyFinancialmarketbubbleSoaringdebts-economicslowdownAstheNewNormalTrapdeepens,therecanbeadesperatecallforbreakthroughChinapresentsnewglobalfinancial&economicparadigm2021/3/2532授课：XXXIfbankloansstop,moneysupplyshrinksandcausesdeflationwhichmeanslessmoneytogoaround(liquiditycrisis),causingmassivedefaultondebtSource:FRBofST.Louis2021/3/2533授课：XXXHotDiscussion“NewNormal”TrapChina:OROB:StimulateRealEconomicGrowthAnewwheelofgrowthtoovercomeNewNormalConnectingAsiatoEuropethroughnewcontinentalandmaritimesilkroadsNewinvestmentsineconomic&socialinfrastructuresoftheregionwillraiseproductivityNewinfra-connectedareaswillformnewmarketsandboostdemandandgrowthReconnectingmoney&investmentwithgrowthofproductivity&demandChinesestyleNewMarshallPlanwithwin-winstrategyProvidesnewglobaleconomicgrowthopportunitiesNewglobalfinancialandeconomicparadigmispossibleOROBisChinasmessagetotheworldaboutbuildingnewgrowthplatformApackageofcomprehensivestrategies:AIIB,OROBandRMBInternationalizationAIIBtooffernewmodelofinvestment,cooperationandfinancialalternativeRapidRMBinternationalizationboostAIIBandOROBprospectsChinapresentsnewglobalfinancial&economicparadigm2021/3/2534授课：XXX2021/3/2535授课：XXXThank you!2021/3/2536