“一带一路”合作的“四轮驱动”推进机制

"Four-Wheel Drive"Mechanism for Promoting Belt and Road Cooperation

“一带一路”大规模基建提升互联互通水平成效彰显,探究揭示该领域合作规模多年快速扩大与近年调整的经济逻辑,对中国深化“一带一路”合作具有借鉴意义。依据对东道国政策诉求与现实制约的观察,中国在承包工程合作、设备材料配套、多样化股权融资和大规模债务融资等方面拥有的综合能力,构成“一带一路”基建成效彰显的“四轮驱动”推进机制。从实际情况看,工程承包能力和设备材料配套能力在国际市场上较容易获得替代供给,通过股权和债权提供融资能力则替代性较低和现实稀缺度较高,中国对相关必要条件的系统性匹配能力是快速推进“一带一路”合作的密码。随着近年来全球经济环境变化与主权债务风险释放,中国对外债务融资节奏有所放缓并伴随承包工程适度减速,对深化“一带一路”合作提出新问题。需针对现实形势演变进一步创新完善投融资方式,推动“一带一路”合作行稳致远。

The large-scale infrastructure construction along the Belt and Road has achieved remarkable results in improving connectivity.Exploring and revealing the economic logic of the rapid expansion of cooperation in this field for many years and relevant adjustment in recent years has significance for China to deepen the Belt and Road cooperation.According to the observation on policy demands and practical constraints of host countries,China's comprehensive capabilities in engineering contracting,equipment and materials supporting,diversified equity financing and large-scale debt financing constitute a"four-wheel drive"mechanism to promote the development of infrastructure along the Belt and Road.The actual situation shows that engineering contracting capacity and equipment and materials supporting capacity are easier to alternative supply in the international market,while the capability to provide financing through equity and creditor's rights is less alternative and scarcer in reality.China's capability to systematically match relevant necessary conditions is key to rapidly promoting the Belt and Road cooperation.Due to the changes in the global economic environment and the rise of sovereign debt risks in recent years,China's external debt financing has slowed down,with the moderate slowdown of contracting projects,and new issues regarding deepening the Belt and Road cooperation have appeared.It is necessary to further innovate and improve the investment and financing models given changes in the real situation,and promote the stable and long-term development of the Belt and Road cooperation.