Chinese financial institutions support "Belt and Road" initiative
The event, "2017 Belt and Road Investing and Financing Forum," was put on by China Minsheng Bank and Caixin Media in Beijing.
"There are 65 countries along the 'Belt and Road,' and the potential of the initiative to promote infrastructure development as well as other industries including logistics and trade will also have great impact on global investment," said Hong Qi, chairman of China Minsheng Bank.
Hong Qi, chairman of China Minsheng Bank, speaks during Belt and Road Investing and Financing Forum in Beijing, on Nov. 30, 2017. [Photo provided to China Plus]
"Currently a global network of financial institutions has been built, but it's unable to meet the urgent needs of various projects due to the large scale of funding. That's where China's financial institutions should come in," he added.
China is working with 65 countries along the "Belt and Road" in the fields of infrastructure construction, production capacity, tourism and culture, all of which require a huge amount of funding.
He Yafei, former Vice Foreign Affairs Minister says Chinese commercial banks will play an important role in sustainable development, especially in the developing countries.
An advantage that Chinese financial institutions have is that they hold substantial foreign exchange reserves that can be used to invest in the projects, said Lin Yifu, professor of economics at Peking University.