Astana Finance Days Forum: China's Belt & Road Initiative is in the spotlight

World
Europe

02:55

The hottest topics in global finance are being discussed at the Astana Finance Days forum in Kazakhstan. We've got topics ranging from fin-tech, to Islamic finance, and all the way to crypto-currencies. --But as our Michal Bardavid reports from Astana, China's Belt and Road Initiative also took center stage.

Business leaders, economists and experts from around the world gathered at the Astana International Financial Center in Kazakhstan to discuss global economic issues and ways to cooperate in the financial world.

MICHAL BARDAVID ASTANA "China's One Belt One Road initiative was among the main topics of the event here in Astana. The benefits of financial cooperation among Belt and Road countries was emphasized during several panel discussions."

The Chinese initiative aims to connect and to support the economic development of the countries involved. Experts say financial collaboration between China and Kazakhstan is critical.

LEUNG CHUN-YING, CHAIRMAN BELT AND ROAD HONG KONG OFFICE "The Shanghai stock exchange also has a strategic holding at the Kazakhstan stock exchange, so the sector of financial services is actually very broad, multifaceted, therefore there are many areas in which China, in particular Hong Kong would work with Kazakhstan."

Economists also point to the significance of China's bilateral currency swap agreements in the region.

ZHANG LIQING, DIRECTOR CENTER FOR INT'L FINANCIAL STUDIES, CUFE "Two thirds of bilateral currency swaps stem from BRI countries. Through this kind of liquidity support and framework, China will have better, closer monetary relations with these countries."

Another important factor is China's relations with the United States. The recent tariffs imposed by Washington on China could push Beijing to diversify.

ZHANG LIQING, DIRECTOR CENTER FOR INT'L FINANCIAL STUDIES, CUFE "I think if the US imposes tariffs on Chinese goods, it actually provides a good opportunity to strengthen the economic and trade relations between China and the Belt and Road countries because China will export more to its Belt and Road partners."

China is already heavily invested in Kazakhstan with projects like the Atasu-Alashankou pipeline that transfers Kazakh oil to China and the Khorgos dry port that transfers Chinese goods through Kazakhstan. And with Kazakhstan aspiring to become a new global financial hub, China's support via the One Belt one Road project could provide the springboard to help it happen. Michal Bardavid, CGTN, Astana.