Illustration: Tang Tengfei/Global Times

The Belt and Road Initiative (BRI) has received positive feedback from developing countries along the route since it was launched in 2013. Over the past ten years, China has combined its own development experience and technological advantages to support developing countries along the route to build a large number of transportation infrastructure projects, helping these countries achieve interconnectivity and embed into the global value chain, so as to effectively share in global economic development dividends.

In terms of land transportation, China has assisted in the construction of a series of major projects, which have greatly promoted the development of local transportation and logistics. For example, Ethiopia's Ababa-Adama expressway, Cambodia's national road 57B, Mauritania's Hope Delta Highway, Mali's Bamako-Segou expressway upgrade project, Namibia's northern highway, Pakistan's Peshawar-Karachi motorway, and upgrade and reconstruction of Fiji's Nabouwalu road.

In terms of aviation and airport construction, China has supported the construction of the Antigua and Barbuda Airport Terminal, the reconstruction and expansion of Ethiopia International Airport and Zambia Lusaka International Airport. A series of aviation hub projects covering both upgrades and reconstruction have met the growing air transportation needs of these countries, improved the operational capacity and safety of airports, promoted the development of the tourism industry, and enhanced the national image of these countries.

In terms of sea port construction, China supported the Mauritania Friendship Port expansion project with preferential loans, greatly improving the port's handling capacity and making it into a lifeline for Mauritania's economic development. The second phase of Sri Lanka's Hambantota Port project has solved the backlog of cargo ships stuck in the port and added vitality to Sri Lanka's economic and social development.

Participating in BRI construction with the inclusive development philosophy for more than a decade, China has accumulated abundant experience in fund management and project delivery in the infrastructure field, building entrenched advantages.

First, the multilateral platforms like Asian Infrastructure Investment Bank (AIIB) initiated by China are playing an important supportive role. The AIIB aims to provide fund supports and services for sustainable infrastructure construction in Asia and promote regional interconnectivity and economic integration. Since January 2016, the AIIB's international influence has been increasingly supporting economic development of Asia and infrastructure financing for developing countries.

In total, the AIIB has provided $4.39 billion worth of loans for 25 projects covering highways, rural roads and electricity infrastructure. The members of AIIB have expanded to 86 member states, the most among multilateral banks outside the World Bank. The AIIB has effectively eased funds shortage of Asian infrastructure and raised China's saying in infrastructure financing.

Second, emphasizing technology cooperation and promoting developing countries to build up capacity. China has been providing assistance to promote sustainable development and strengthen the capacity for infrastructure construction for countries along the Belt and Road in various ways. China has sent experts to train managing and technical personnel for projects and provide technical supports and guidance for the operation and upgrade of existing infrastructure. 

China supports projects personnel to come to China to undertake short-term training. China also invites officials and personnel from the infrastructure sector across developing countries to China to take part in human resource development projects, which provide training linked to infrastructure planning, financing, as well as equipment standardization. China has shared the fruits of sustainable development to developing countries through technical cooperation and training.

Third, China's outbound investment continues to grow steadily while financing capacity continues to improve. Developing countries' infrastructure construction requires significant investment. China proactively explores channels for financing and work with other parties to fill the investment gap. According to the statistics of the latest white paper "China's International Development Cooperation in the New Era," from 2013 to 2018, China provided 127.8 billion yuan ($17.9 billion) in grants to developing countries, accounting for 47.3 percent of total foreign aid.

Meanwhile, since the BRI was first proposed, China's foreign aid funds have also been tilted toward countries along the route. According to data from the Commerce Ministry, since 2019, the amount of non-financial direct investment by Chinese companies in countries along the Belt and Road has continued to grow. In addition, China encourages cooperation with development financial institutions in various countries, and promotes the infrastructure construction, production capacity and financial cooperation of countries along the Belt and Road through various methods such as loans, equity investment, guarantees and joint financing.

Over the past ten years, under the BRI, China has greatly supported the construction of transportation infrastructure in countries along the route, met the growing transportation needs of these emerging economies, not only benefitting living standards, but also boosting local tourism, further enhancing these countries' status in global value chain.

Looking forward, international infrastructure construction still requires investment and attention. Given the impact of the COVID-19 pandemic throughout the global economy, BRI infrastructure projects still face severe challenge in financing in the future. However, China will be dedicated to innovation in financing and development cooperation, sustainable promotion of the construction of transportation infrastructure along the Belt and Road, and helping to promote the interconnection of large developing countries.

Song Wei is professor with School of International Relations and Diplomacy, Beijing Foreign Studies University and Shu Mei is a Master's student of Beijing Foreign Studies University. bizopinion@globaltimes.com.cn