Belt and Road Initiative -2H2019
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Read more about the latest developments of the “Belt & Road” Initiative (BRI) and its potential impact on the re/insurance industry.
Overview of Belt and Road Initiative (BRI) progress
- From January to November 2019, the value of newly-signed Chinese outward project contracts (OPC) with BRI countries grew to USD 127.7 billion, up 41.2% year-on-year, accounting for 61.2% of China's total OPC.
- In 2019, energy and power projects accounted for 43.5% of announced BRI investments. By region, Southeast Asia and South Asia attracted most (46.7%) of total investments.
Special topic: build the digital Silk Road
Globally, all industries and economies will be more digitally connected which will further drive BRI projects forward. New trade models such as cross-border e-commerce are gaining momentum, and we expect China's E-commerce Law, effective since early 2019, to support further growth in these areas. Development of cross-border e-commerce will play an increasing role in trade and bilateral economic integration. So far, China has signed 198 BRI cooperation documents with 167 countries and international organisations, including construction of a digital Silk Road, and jointly launched the Belt and Road Digital Economy International Cooperation Initiative with seven countries. The digital Silk Road will promote digital development in traditional manufacturing sectors while enhancing in-depth integration between China and countries along the BRI.