“一带一路”投融资机制建设：中国如何更有效地参与

Investment and Financing Mechanism for the Belt and Road Initiative:China's Role

"一带一路"倡议已进入具体推进、落地阶段。在此过程中,"一带一路"沿线国家的投资需求巨大,但潜在风险也值得关注。本文提供了三个角度,对中国参与建设共赢、可持续的"一带一路"投融资机制提出了建议。第一,投资主体借力借势布局。中资银行业在非洲的布局分析,说明了中资金融机构的布局还可以利用现有国际金融中心之间的竞争关系,为拓展布局找到新空间。第二,绑定各方投资伙伴的利益。马歇尔计划特殊账户机制的启示,就是要将相关方的利益进行绑定,推动"一带一路"线上的双边合作、第三方合作。其三,对投资对象需要约法三章。以津巴布韦使用人民币提议为例,相关思考的启示是:投资对象国必须整肃金融纪律,改善营商环境,培育具有国际竞争力的有效产能。

The Belt and Road Initiative has entered the stage of implementation.In the process,the financing needs of countries involved in the initiative are very large.Meanwhile,attention must be paid to the potential risks in carrying out the initiative.This article provides three dimensions for rethinking how China can play a more effective role in the investment and financing mechanism of the initiative.First,Chinese banks can take advantage of the competition among existing international financial centers to expand their foothold in Africa or other regions.Second,interests of investors and partners should be bundled together to facilitate bilateral and trilateral cooperation.Third,investee countries must obey certain disciplines.They must tighten their fiscal discipline,improve their business-doing environment and foster internationally competitive industries.