中国的“一带一路”：9个容易被忽视的事实
China’s Belt and Road: 9 overlooked facts
With investment in China’s Belt and Road Initiative reshaping global commerce, our recent forum in Singapore highlighted nine facts that are often overlooked when evaluating the opportunities and challenges.
1. The financial and economic impact of China’s Belt and Road Initiative was discussed by industry experts at a recent Refinitiv event in Singapore.
2. The forum highlighted nine facts often overlooked when considering investment in China’s Belt and Road, including financial connectivity.
3. Co-operation and collaboration are key if businesses are to deliver on the socio-economic potential of China’s Belt and Road Initiative.
Since the announcement of China’s Belt and Road Initiative (BRI) in 2013, much has been written about its vast size and scale, and its ability to transform developing countries through the building of new infrastructure.
在投资中国的“一带一路”倡议重塑全球商业的同时，我们最近在新加坡举办的论坛中强调了在评估机遇和挑战时常常忽略的九大事实。
1. 业内专家近期在新加坡的Refinitiv活动对中国“一带一路”倡议的经济和金融影响进行了讨论。
2. 论坛强调了在考虑投资中国“一带一路”时经常被忽视的九大事实，包括金融互联互通性。
3. 如果企业要实现中国“一带一路”倡议预期的社会经济潜力，则合作和协作是关键。
自2013年中国“一带一路”倡议提出以来，关于其庞大的规模和体量以及有能力通过修建基础设施助力发展中国家转型的文章屡见报端。
Over 100 senior professionals from both financial institutions and corporates attended the forum
来自金融机构和公司的100多名资深专业人士出席了论坛
At a recent Refinitiv forum in Singapore, industry and governmental leaders gave first-hand insight into the initiative’s progress, including the current opportunities and challenges.
Below are nine often overlooked facts shaping BRI investment, as discussed at the event:
在最近新加坡举行的Refinitiv论坛上，业界领导人和政府官员对该倡议的进展给出了直观的洞察意见，其中包括当前的机遇和挑战。
以下是在本次论坛上讨论的“一带一路”倡议投资中往往被忽视的九大事实：
1. BRI is not a China-only story
“一带一路”倡议并不是中国的“独角戏”
The initiative nonetheless encompasses more than 80 countries in Asia, Africa and Europe, impacting an estimated 4.4 billion people, and amounting to one-third of the world’s economic output.
一带一路倡议覆盖了亚洲、非洲和欧洲的80多个国家，影响人口预计达44亿，占涉及世界经济产出的三分之一。
Furthermore, it is also reliant on private sector participation and not just involvement from sovereign states. “For BRI to be successful, and deliver the socio-economic changes that it has the potential to do, co-operation and interconnectedness are essential,” explains Refinitiv CEO David Craig.
此外，它还依赖于私营部门的参与，而不仅仅是主权国家的参与。 Refinitiv首席执行官David Craig解释说：“‘一带一路’倡议要想取得成功，达到其预期的社会经济变化，合作和互通是必不可少的。”
2. Quality of information is key to bringing all parties together
信息质量是各方团结一致的关键。
Access to timely and accurate information is needed to realize international collaboration and connectivity. This can only be achieved through access to transparent, consistent and trusted information; independent and objective media coverage; and global benchmarks and standards.
“Participants need to understand the risks involved from a country and project perspective, and access in-depth insights in an easy-to-understand manner,” says Phil Low, Refinitiv’s Regional Lead for the Belt and Road Initiative.
为了实现国际合作与互通，需要及时、准确地获取信息。 这只能通过获得透明、一致和可信的信息、独立和客观的媒体报道以及全球基准和标准得以实现。
Refinitiv“一带一路”倡议区域负责人Phil Low说：“参与者需要从国家和项目的角度来理解风险，并以易于理解的方式获得深入的了解”。
3.BRI is live and contributing to economic growth
“一带一路”倡议活跃性高，且有助于经济增长。
Beyond the many macro discussions on BRI, the initiative is up and running with several projects either completed or underway. In Greece, for instance, COSCO’s investment in the Port of Piraeus has seen container flow increase from 1.5 million twenty-foot equivalent units (TEUs) to 3.7 million TEUs, adding over US$700 million to the Greek economy and creating 10,000 jobs.
除了关于“一带一路”倡议的许多宏观讨论之外，该倡议已经启动，有多个项目已经竣工或者尚在进行中。 例如，在希腊，中国远洋运输集团在比雷埃夫斯港投资之后，集装箱流量从150万只标箱（TEU）增长到370万只，为希腊经济创收7亿多美元，并创造了1万个就业机会。
4. Digital connectivity is as important as financial connectivity as well as physical connectivity
数字互联连通性与金融互联连通性以及物理互联连通性具有同样重要的作用。
The success of BRI projects will depend on their bankability, explains Roy Teo, MAS’s Executive Director of Financial Centre Development. To achieve this, project sponsors, investors and operators must make cross-border payments with ease; leverage the latest fintech innovation that includes digital connectivity in the region, such as in payments, trade finance and exchange of innovative solutions, to facilitate the flow of ideas and capital.
“一带一路”倡议项目的成功将取决于其可融资性， MAS金融中心发展执行主任Roy Teo如是说。 为了实现这一目标，项目赞助商、投资者和运营商必须轻松地进行跨境支付；利用最新的金融科技（Fintech）创新，包括区域内的数字互联互通，如支付、贸易融资和创新解决方案的交换，以促进创意以及资本的流动。
5. The Asia Infrastructure Investment Bank is not a policy bank, nor is it mandated by BRI
亚洲基础设施投资银行不是政策性银行，也不是“一带一路”倡议的委托银行。
The multilateral institution is owned by a membership of 87 countries, and not just China, explains Pang Yee Ean, Director General of Investment Operations at the Asia Infrastructure Investment Bank (AIIB). While not mandated to fund BRI, AIIB nonetheless shares many synergies with the initiative, principally to invest in projects within Asia. Since January 2016, the bank has committed US$5.4 billion to 31 projects.
亚洲基础设施投资银行（AIIB）投资业务部部长Pang Yee Ean说道，作为多边机构，亚洲基础设施投资银行一共有87个成员国，中国只是其中之一。 尽管亚洲基础设施投资银行（AIIB）没有获权为“一带一路”倡议提供资金，但它与该倡议有许多协同效应，主要面向的是投资亚洲境内的项目。 自2016年1月以来，亚洲基础设施投资银行已承诺为31个项目贷款54亿美元。
6. BRI is the only initiative that fills the ‘infrastructure gap’ necessary to spur economic growth and inclusivity on a truly global scale
“一带一路”倡议是唯一能填补“基础设施缺口”的举措，这对于在全球范围内真正刺激经济增长和促进包容性是十分必要的。
Against the backdrop of market volatility and geopolitical tensions across the world, BRI provides investors and businesses with genuine opportunities to grow, as well for nations to ensure sustained economic stability to achieve the desired inclusive growth rates, according to Yaseen Anwar, Senior Advisor at ICBC Singapore.
工商银行新加坡分行高级顾问Yaseen Anwar认为，在全球市场动荡和地缘政治紧张的背景下，“一带一路”倡议为投资人和企业提供了真正的增长机会，也为各国确保持续的经济稳定以实现预期的包容性增长率提供了真正的机会。
7. Use of RMB to facilitate trade and investment in Belt and Road countries is growing
人民币越来越多地参与促进一带一路国家的贸易和投资
Carmen Ling, Global Head of RMB Internationalization / Belt and Road, Corporate and Institutional Banking, highlights countries in Africa and South Asia where bilateral swap agreements with China have facilitated more RMB trade settlement, albeit at a low base. She adds that investment from China into some Belt and Road countries is increasingly being transacted in RMB.
企业和机构银行人民币国际化/一带一路金融全球负责人Carmen Ling强调非洲和南亚国家在与中国签订双边互换协议后，促进了更多的人民币贸易结算，虽然基数仍然很小。 她补充说，中国对部分“一带一路”国家的投资越来越多地开始以人民币进行交易。
8. Exchanges have a part to play in BRI beyond capital financing
证券交易所在“一带一路”倡议中不仅仅只有资本融资的作用
While exchanges across Asia have an important role in raising capital, whether through equity or debt, they also have a part to play in helping corporates hedge against risks through derivative products linked to equities, commodities and FX. “Popular examples include iron ore contracts, and CNH contracts,” explains Lionel Lin, Vice President at Singapore Exchange.
尽管亚洲各地的证券交易所在筹资方面（无论是通过股权还是通过债务）发挥着重要作用，但它们在帮助企业通过与股权、商品和外汇挂钩的衍生品实现公司的风险对冲。 新加坡证券交易所副总裁Lionel Lin解释说：“最活跃的融资行业包括铁矿石交易和离岸人民币交易（CNH）”。
9. BRI is boosting services and manufacturing
“一带一路”倡议正在推动服务业和制造业的发展
DBS Economist Ma Tieying highlights how other industries, aside from infrastructure, are benefiting from BRI. Services, ranging from management consulting to tax and legal advisories, are prospering, as too are manufacturers who are benefiting from increased physical and digital interconnectivity, robust supply chains, and more efficient and profitable operations.
新加坡星展银行经济学家马铁英强调了除基础设施之外的其他行业如何从“一带一路”倡议中受益。 从管理咨询到税务和法律咨询等服务正在蓬勃发展，同样制造商也由于物理和数字互联互通行的强化、强健的供应链以及更加有效经营和高利润而从中受益。
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