Research On International Financial Cooperation In Infrastructure Construction-based On "One Belt And One Road"

"the Belt and Road "is the big strategy of China,is a new international regional economic cooperation platform,in the current global economic recovery is still weak,the trend of globalization of the world,"the Belt and Road "will play to promote regional economic stability and prosperity and promote global economic development Important role.As a top-level initiative in China under the new global economic landscape,"the Belt and Road "not only breaks through the traditional concept and mode of regional economic cooperation with the theme of trade and investment facilitation,but also provides a common line for the countries and regions along the"the Belt and Road "Benefiting international public goods,providing new impetus for sustained global economic growth and providing new solutions and solutions for the current global economic and trade development dilemma and maintaining the status of multilateral trading systems.In the“the Belt and Road“policy communication,facilities Unicom,trade flow,capital integration,popular heart of the five main lines,facilities Unicom is "the Belt and Road "building an important foundation,capital integration is "the Belt and Road" construction of important support."the Belt and Road "on the financial needs,mainly in the financing of infrastructure construction needs.Throughout the country and the region along the way,despite the rich resources,but due to lack of funds,traffic and other reasons,the development and utilization of resources has been greatly limited,the primary work and the task is to strengthen its infrastructure Investment and construction.According to the "the Belt and Road "initiative,infrastructure construction will be China's future for a period of time in the“the Belt and Road“along the country and region direct investment in the first industry and key industries,but also for Chinese enterprises and banking and other financial institutions,Creating new opportunities.However,due to the huge demand for infrastructure funds,the construction period and the long payback period and the low rate of return on capital and other characteristics,coupled with "the Belt and Road“along the country and region for emerging economies and developing countries,financial strength and Financing capacity is relatively weak,the problem of insufficient supply of funds is very serious,the urgent need for a lot of money to enter.At present,financial institutions such as multilateral development banks dominated by Europe and the United States are not interested in infrastructure investment projects,or in the process of investing with many political and economic conditions that are difficult to accept for the countries and regions where the project is located,Facilities investment and financing can not be effectively used.In order to meet the financing needs of "the Belt and Road“infrastructure,China has led the establishment of the Asian Capital Investment Bank,the Silk Road Fund,the BRIC Development Bank and the Shanghai Cooperation Organization Development Bank and other major financial platforms to the multilateral development agency situation as“the Belt and Road“infrastructure construction into a lot of liquidity.However,infrastructure as a "the Belt and Road" strategy under the framework of the international project,relying on China's unilateral forces difficult to advance,the need for multilateral negotiations along the country and region,synergies,active participation and close cooperation.China's leading new multilateral development agencies focus on infrastructure "the Belt and Road”along the national and regional infrastructure construction financing,and the Asian Development Bank,the European Bank for Reconstruction and Development,the World Bank and the International Monetary Fund and other traditional multilateral financial institutions to achieve complementary functions,Is becoming a new and important international financing and financial services platform to provide financial support for the long-term development of countries and regions along the "the Belt and Road "to promote the improvement of infrastructure in the region and promote interconnection.Based on this,how can we make effective use of the capital invested by China along the countries and regions along the way,strengthen the China-led new multilateral development financial institutions and traditional multilateral development financial institutions to achieve complementary advantages and cooperation to build based on infrastructure Of the international financial cooperation system,is to promote the "the Belt and Road" to build,to alleviate the bottleneck of infrastructure financing needs to focus on solving the problem,which is the original intention of this study.This paper mainly studies the following aspects:First,"the Belt and Road "infrastructure development status and interoperability effectiveness and development trends.According to the World Bank's 2015 Global Infrastructure Development Indicators and other available data,this paper chooses four major infrastructure areas for railway aviation port engineering,water engineering,power generation engineering and communications engineering,including "the Belt and Road“including China 65 countries and regions have been assessed for the level of infrastructure development.The study found that "the Belt and Road"along the country and the region's infrastructure development is relatively backward,the level of development uneven and uneven.Since the introduction of the "the Belt and Road" initiative in 2013,infrastructure and interconnection between railways,highways,aviation and pipelines have made great achievements,but still faced with a series of low levels of overall transport and a serious shortage of infrastructure problem In order to solve these problems,we must strengthen the docking of the infrastructure construction and investment planning from the strategic level,clarify the government and market boundaries,strengthen the interconnection policy communication,pay attention to innovation infrastructure interconnection investment and operation mode.At the same time,to promote the "the Belt and Road "interconnection construction should also focus on the interests of countries and regions along the line,the interests of the various investors,the interests of various financial institutions,coordination of private capital and the role of the parties.There is reason to believe that with the "the Belt and Road"geographical advantages and the depth of economic and trade relations between the development of deep,and regional soft connectivity and industry complementary and tourism cooperation potential will further promote the "the Belt and Road" infrastructure interconnection to a higher level and higher Level upgrade.Second,“the Belt and Road“infrastructure financing needs and financing platform and financing model.Financial support "the Belt and Road" infrastructure construction mechanism,mainly in the financial function of the play,and financial function is by the monetary funds,financial institutions,financial capital and financial markets and other financial elements to support.The World Bank,the Asian Development Bank,and domestic research institutions and academics have measured the financing needs of infrastructure construction in Asia.Through comparative analysis,the study argues that "infrastructure" along the national and regional infrastructure construction is facing the shortage of funds and the lack of experience and technical difficulties,seriously restricting the interconnection of infrastructure.Faced with the huge capital needs of infrastructure,relying heavily on financial resources in the region is not enough,but also in the use of existing internal financial resources,based on the integration of world financial resources to obtain financing.The current bottleneck of infrastructure financing is not only reflected in the lack of communication at the national level and the imperfect international financial cooperation mechanism,but also in the infrastructure financing itself,such as the lack of investment subjects,the lack of sustainable profit model,high investment and financing costs,financing A single model,as well as the relevant laws are not sound,there are risks of institutional barriers and other issues.From the existing infrastructure financing channels,there are traditional multilateral development of financial institutions such as the World Bank,the Asian Development Bank,as well as the BRIC Development Bank,the Shanghai Cooperation Organization Development Bank,the Asian Infrastructure Investment Bank and other emerging multilateral development banks and Silk Road Funds,these financing institutions are both complementary and competitive.In order to further explore the effect of infrastructure on economic growth,this paper uses the Global Computable General Equilibrium Model(GTAP)as the main object of analysis in the "Asian Highway Network" program to explore whether the Asian Infrastructure Investment Bank can assist the Asian region to reduce the road Building investment demand gap,thereby enhancing the regional and regional transport efficiency,will likely bring the impact of the global economy.Analysis,that is,whether it is industrial trade or the overall economy,infrastructure construction will play a positive role in promoting it,should further learn from other countries and regions,the experience of infrastructure financing to actively carry out the "the Belt and Road"countries and regions Facility investment.Third,Islamic finance and "the Belt and Road" infrastructure."the Belt and Road "along the country and the region has a large number of Islamic financial assets,especially in West Asia is the most concentrated areas of Islamic financial assets.The expansion of the Islamic banking business into the "the Belt and Road" infrastructure construction can serve as an important financing channel in the field of infrastructure construction,which not only reduces the uncertainty of investment and financing to a certain extent,but also reduces the overseas investment of Chinese enterprises In the risk.To this end,to promote "the Belt and Road" along the national and regional infrastructure construction,should actively play the advantages and role of Islamic banking.Fourth,China and the "the Belt and Road" along the national and regional economic cooperation.Many studies suggest that infrastructure has an important influence on international economic and trade activities,such as transport infrastructure can affect the transport costs and trade of trade products,thus affecting the bilateral or multilateral trade scale,and ultimately to economic development."the Belt and Road "along the country and region is China's important economic partners,strengthen the interconnection construction will further promote China and the countries and regions along the economic and trade growth.This paper analyzes the three aspects of trade development,foreign investment and financial cooperation.The results show that in recent years,China's“the Belt and Road“along the country and regional investment scale is increasing,the speed of trade is accelerating,financial cooperation continues to deepen.In particular,financial cooperation,in the "the Belt and Road "initiative,China and the countries along the country and financial cooperation to show some new features,such as open and inclusive,based on real economic development,loose constraints under the multi-level and dynamic,and RMB international development complement each other,highlighting China's global financial governance system in the prominent role of reform and so on.But also faced with various sources of funding uncertainty,investment income,environmental safety and debt scale is too large and other risks.Fifth,the empirical study of the impact of international financial cooperation on infrastructure construction along"the Belt and Road”.In this paper,sovereign fund investment is taken as a key indicator of "the Belt and Road" international financial cooperation.Based on a large amount of data collection and careful comparison,the impact of international financial cooperation on the"the Belt and Road" infrastructure is tested empirically.The results show that international financial cooperation with sovereign fund investment,especially to infrastructure investment representatives,has a steady and significant positive impact on infrastructure construction of "the Belt and Road" country,which is statistically significant or economically significant.Among them,the number of international financial cooperation in infrastructure sector has the greatest impact on the level of infrastructure development.In order to verify the difference between investment projects in infrastructure and investment projects in infrastructure-related energy,water conservancy,construction and other fields,this paper examines the impact of other factors on infrastructure development step by step.The results show that GDP per capita has the greatest impact on infrastructure,whether it is the number of international financial cooperation projects on infrastructure index or the amount of international financial cooperation on infrastructure.In addition,this paper also examines the differences between the "Silk Road Economic Belt" and the "Maritime Silk Road" countries.The results show that the infrastructure index of the Silk Road Economic Belt countries is more affected by the total number of international financial cooperation projects than that of the maritime Silk Road countries.Sixth,is to promote the "the Belt and Road "infrastructure construction of international financial cooperation proposals.In order to promote the construction of "the Belt and Road "and alleviate the bottleneck of infrastructure financing along the country and region,China should play the role of great power and global economic governance,and take the lead in organizing the international financial cooperation system in the area of infrastructure.To this end,this paper from the cooperation concept,the principle of cooperation,cooperation,cooperation strategy,cooperation path and cooperation system and other six aspects of the "the Belt and Road"infrastructure in the field of international financial cooperation system.In the concept of cooperation should adhere to the principle of market-oriented,adhere to the principle of sustainability,adhere to the principle of common construction,adhere to the principle of planning and adhere to the principle of focusing on priorities.In the main body of cooperation,we must strengthen the cooperation with the host government,to strengthen the cooperation with the host enterprises and to strengthen the financial cooperation with the residents of the host country,give foll play to the host country infrastructure construction financing an important channel role.In the cooperation strategy,"the Belt and Road"infrastructure projects to be consistent with the overall strategy of China's development,to meet the development needs of the host country,to achieve the project risk and profit balance.In the cooperation strategy,the domestic funds and international funds should be combined,should the main country funds and social funds together,to the government funds and local currency funds together,to the financing channels and management mechanisms together.In the cooperation system,we should give full play to the investment and financing functions of various types of financial institutions,establish a bank monetary cooperation system,establish a capital market cooperation system,establish a public-private partnership system,establish a financial market cooperation system and improve the investment supervision and cooperation system.