What’s the role of the Belt and Road amidst the global uncertainty?

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Amidst all the uncertainty plaguing global trade, the Belt and Road Initiative (BRI) is regarded as a symbol of multilateralism. Business leaders share their best practices on getting the most out of BRI projects and mitigating the risks with CGTN at the APEC CEO China Forum in Beijing.

The Belt and Road Initiative needs interconnectivity

Rachel Duan, the vice president of General Electric (GE) emphasized the importance of interconnectivity. She said that in “new normal” of volatility, the way to overcome impediments is to go beyond a single country or single company, and leverage resources among the whole ecosystem.

Rachel Duan, General Electric (GE) Senior VP, shares with CGTN /CGTN screenshot

For example, last year GE not only built up plants but also invested in Africa. The company is going to “invest then you gain return,” Duan said.

Meanwhile, the company is exploring partnerships along the Belt and Road Initiative. The financing from the traditional sovereign fund is not enough for projects in the area, based on Duan, addressing that the reality is that projects along the Belt and Road Initiative are looking for money and capital, and on the other hand, capital is looking for projects.

Therefore, GE is transferring from a traditional equipment supplier to “a more long-term, sustainable partnership in joint market development, joint financing and joint project execution.”

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The Belt and Road Initiative enables shared prosperity through technology

Alex Yung, the corporate vice president of Amazon Web Services, believed that technology would enable shared prosperity along the route.

Based on Yung’s words, many China’s startups focus on taking their Chinese technologies into those foreign markets when they started businesses. But eventually, they begin to realize that they need to meet the needs of local customers. Then they start building and expanding R&D center abroad.

Alex Yung, the corporate vice president of Amazon Web Services, shares his thoughts on technology with CGTN. /CGTN's Global Business

“The good thing we have seen in the last couple of years is that there is a lot of technology innovation, international research, and development coming back into China. This makes more sustainable and more competitive in the whole market,” Yung added.

The Belt and Road Initiative opens more opportunities to Hong Kong

Hong Kong has been benefiting from the mix of Chinese and Western systems. Thanks to its unique characteristic, the city can play a significant role in the Belt and Road Initiative, according to Jonathan Choi, the chairman of the HK-based Sunwah Group.

Jonathan Choi, the chairman of the HK-based Sunwah Group, shares how Hong Kong has benefited from the mix of Chinese and western systems with CGTN. /CGTN's Global Business

In the past 40 years, Hong Kong is the biggest investor in the mainland, based on Choi. Meanwhile, Hong Kong has joint with Guangdong Province to build up the so-called “world factory.”

Choi used CIO to describe Hong Kong’s role in the Belt and Road Initiative, noting that Hong Kong is not only a super connector linking China and the world but also a big investor and an experienced operator.