摘要Speech by IMF Managing Director Christine Lagarde at the 2018 IMF-PBC Conference

Belt and Road Initiative: Strategies to Deliver in the Next Phase



Christine Lagarde, IMF Managing Director文章源自英文巴士-https://www.en84.com/5080.html

国际货币基金组织总裁  克里斯蒂娜·拉加德文章源自英文巴士-https://www.en84.com/5080.html


IMF-PBC Conference, Beijing文章源自英文巴士-https://www.en84.com/5080.html



April 12, 2018文章源自英文巴士-https://www.en84.com/5080.html



1. Introduction



Governor Yi, Excellencies, distinguished guests, ladies and gentlemen – good morning! Zao Shang Hao!




Thank you for the kind introduction.




One year ago, here in Beijing, I spoke about the promise of the Belt and Road Initiative.




It is quite appropriate that we are gathered again at the beginning of the spring season, just when flowers start to bloom, to see how the Belt and Road Initiative (BRI) is developing.




This is what I would like to discuss with you today: first, the early indications of progress under the Belt and Road Initiative – the blossoms – and then, equally important, how to make sure this endeavor can fully deliver in bearing fruit.




2. Belt and Road Potential



In 2013, when President Xi announced the Belt and Road Initiative, he described it as a platform for international cooperation. From promoting trade, to fostering financial inclusion, to facilitating people-to-people exchanges, this initiative seeks to bring the world closer together.




One of the examples of how the Belt and Road can connect communities is through infrastructure investment.




We know that good infrastructure can help achieve more inclusive growth, attract more foreign direct investment, and create more jobs.




A major project can transform the economic fortunes of a city or even an entire region.




The Thailand-China high-speed railway is one example of infrastructure’s transformative impact. When completed, the new line will be the first of its kind in Thailand and could enhance the economy’s integration into regional supply chains.




Another example is in Kazakhstan, where a recently constructed manufacturing development zone is already stimulating trade and linking previously isolated areas.




Given the more than 70 BRI participating countries, it is difficult to estimate precisely the overall investment needs. But they will be in the hundreds of billions of dollars annually.




Clearly, there is a pressing need for infrastructure and already there are signs of progress. In other words, blooms are starting to appear.




But there is a concern that some investments – if not properly tended – could wither on the vine.




So allow me to highlight two challenges facing the Belt and Road Initiative.




3. Addressing Challenges in the Next Phase of Belt and Road



The first challenge is ensuring that Belt and Road only travels where it is needed.




With any large-scale spending there is sometimes the temptation to take advantage of the project selection and bidding process.




Experiences from across the globe show that there is always a risk of potentially failed projects and the misuse of funds.




Even when the right project is picked, difficulties often arise during implementation.




If Chinese and other companies assist with construction overseas, they may face new political, legal, and environmental obstacles.




Preparing for these situations, selecting projects that fill true infrastructure gaps, and implementing them in the most efficient way should be top priorities moving forward.




This is related to the second challenge – focusing on sound fiscal policies.




The Belt and Road Initiative can provide much-needed infrastructure financing to partner countries.




However, these ventures can also lead to a problematic increase in debt, potentially limiting other spending as debt service rises, and creating balance of payment challenges.




In countries where public debt is already high, careful management of financing terms is critical. This will protect both China and partner governments from entering into agreements that will cause financial difficulties in the future.


公共债务已然很高的国家,应该对融资条款进行谨慎管理。这将防止中国与其伙伴国政府 签署那些未来将有可能引发财政困难的协议。


Fortunately, we know that China’s leadership is aware of these potential risks – as well as the proven strategies that can help address the challenges.




A good starting point is ensuring transparent decision-making. An overarching framework between the various agencies involved in the Belt and Road Initiative would help provide clarity to all stakeholders.


一个好的起点是确保决策透明 。在“一带一路”倡议内,各机构之间建立起一个总体框架,将帮助为所有利益相关方提供清晰的信息。


A “one-stop shop” for the BRI could provide such a framework. The recently established International Development Cooperation Agency, which will be in charge of China’s foreign aid as well as the BRI, could potentially play this role.




Digital tools can help as well.




In Kenya, for example, the government recently launched an e-procurement system that made the review process more efficient and accessible.




Innovations like these can also help foster an open process and level playing field for project selection, which is essential for strong private sector participation.


此类创新也有利于为项目选择建立公开的流程并营造公平的环境, 而这对鼓励私人部门密切参与至关重要。


For projects that have already been approved, dispute resolution systems can prevent small problems from turning into major complications.


对于已获批准的项目,建立争议解决机制 将能防止小问题演变成为大麻烦。


As projects are designed and implemented, meeting environmental standards can build trust within the community and allow investments to become sustainable building blocks for growth.




These policies can enable success under the Belt and Road Initiative.




The IMF remains well-positioned to provide guidance in these areas, particularly by helping countries improve their overall public financial management.




Through regular reviews of all IMF member economies – “surveillance” in IMF parlance – we offer policy advice to help countries maintain macroeconomic stability and debt sustainability, including for scenarios such as stepped-up investment.




Through our capacity development, we assist our members, including China, in modernizing economic institutions, building human capital, and maintaining sound macroeconomic policies.


通过开展能力建设,我们将帮助包括中国在内的各成员国 实现经济体制现代化,建设人力资本,维持稳健的宏观经济政策。


While much of our focus is on the Belt and Road Initiative today, I am also pleased to announce the launch of the new China-IMF Capacity Development Center (CICDC). This center will soon begin offering a series of activities, including macro-financial training courses, to officials from many of our member countries, including China.




4. Conclusion



Let me conclude by looking to the promise of the season.




The steps taken today can help secure the expected gains from the Belt and Road Initiative and allow the buds we see to reach full bloom.




Working together, we can ensure there is a good harvest for many years to come.




Thank you, and I wish you a successful conference.







  • 版权声明 本文源自 国际货币基金组织, sisu04 整理 发表于 2018年4月15日 09:24:17