KPMG and EY: BRI creates win-win situation for all parties involved
CGTN Global Business
In Chinese President Xi Jinping's keynote speech at the opening of the second Belt and Road Forum, he identified high-quality development of initiatives as being essential for the future.
Nowadays massive infrastructure projects have also moved into the digital sphere, known as the Digital Silk Road. Chinese tech firms have expanded their footprint abroad as President Xi stressed that China will continue to carry out Belt and Road Science, Technology and Innovation Action Plan.
Honson To, chairman of KPMG Asia Pacific, cited digitalization is one of the biggest trends and a major force for leading technology companies.
"What would not be digitalized? China is where we see that the most if we look at the way we shop, we pay our bills, travel and go for eating or sees a doctor… I would actually argue that everything in the world is becoming digitalized," he said.
Honson pointed out that the BRI is always inclusive, and the Chinese company is not the only goods or services supplier.
"The project is not just being China-led, for example, developing countries in the BRI need to be given assistance in terms of developing a railway project and metro subway project. And lots of companies from other countries including the more developed countries can come and join the BRI," he added.
An innovative idea coming from China called Third Party Collaboration is creating a win-win situation for all parties involved. Loletta Chow, Global China Overseas Investment Network Leader of EY said the concept represented the importance of green development and innovation in BRI projects.
"From the China perspective, BRI gives opportunities to expand globally and also export products and services to the Belt and Road countries. And for developed countries, it could also be one of the growth drivers as well and also an avenue for the capital investment. For the developing countries in the Belt and Road, it helps to boost industrialization and economy development," she said.
Honson also talked about the concept of bankable in selecting quality projects, describing it as the balance between risks and rewards so that investors can justify the investment projects.
"That is initial to look into what about the risk management, what about security, what about the investment environment these projects are located," he said.