Bloomberg:

Many projects around the world do not get funding because they are sub-parts, they don’t have good oversight, or they don’t have the prospects of returns that will pay off for the original course. What oversight do you have to prevent these kinds of projects from being dusted off and refunded during the Belt and Road Initiative in order to make it successful. And are there central reviews or general guidelines to prevent these parts of the projects from being refunded? Thank you.

Ning Jizhe:

Your question is very important. In the field of international investment, there are many examples of success. While investing in a project, investors have to make decisions and take risks by themselves, so they are all very concerned about the feasibility study of the invested project. Currently, most countries in the world are market economy-oriented ones who abide by the market rules and international practice and promote the construction of their projects under the protection of the law. This approach necessarily includes careful and serious evaluation and research of the project in the early phase to ensure the feasibility of the project. In the construction phase of the project, the supervision must be strengthened, during which a set of systems is available in the market economy conditions. In the operational phase of the project, market regulation still plays an important role. Therefore, thanks to the necessary guarantees in the whole process, the project can be constructed and operated smoothly so as to achieve corresponding economic and social benefits. This is an international practice as well as an important guideline which China must follow in promoting international capacity cooperation and in implementing the Belt and Road Initiative. Taking enterprises as the main body, we promote the market-oriented Belt and Road Initiative and international capacity cooperation in accordance with commercial principles and international practice.

It can be said that, currently in the process of promoting the key projects of the Belt and Road Initiative, the Chinese government and the governments of other countries concerned have attached great importance to this issue. The enterprises concerned also have carried out careful evaluation and deliberation for projects.

Some projects, particularly large railway projects, must go through repeated evaluations. In the course of operation and construction, we will continue to abide by this principle and conform to the international laws as well. As I mentioned just now, we have signed mutual investment agreements with the countries along the Belt and Road. Meanwhile, we must work together to comply with the international investment agreements so as to ensure that the Belt and Road Initiative and international capacity cooperative projects will achieve corresponding economic and social benefits, and bring benefits to local people and thus promote local economic development and social progress. Thank you.

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