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Harmonizing Investment and Financing Standards Towards Sustainable Development Along the Belt and Road

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Harmonizing Investment and Financing Standards Towards Sustainable Development Along the Belt and Road Harmonizing Investment and Financing Standards towards Sustainable Development along the Belt and Road Economic Development along the Belt and Road (2019) China Development Bank United Nations Development Programme Acknowledgement This report was jointly authored and published by UNDP China and China Development Bank (CDB). We would like to acknowledge the work done by the UNDP drafting team led by Bal zs Horv th and Lufei Yang, with significant contributions by Weiran Shang, Cecilia Pallares, Pingzhen Hu, Tianxiang Fang, Carlotta Clivio, Bill Bikales, Renfei Liu, Cristina Pinna, Yixuan Shao, Rene Zou, Chongwen Liu Kevin P. Gallagher and Gregory Chin. We would also like to recognize the work done by CDB drafting team led by Yijun Li, supported Hao Wen, Yan Long, Xiao Li, Yanfei Yin, Xu Liang, and Guanzhong Xia. Special thanks go to Yong Liu, Wenbin Zhu for their valuable guidance and insights. Disclaimer The designations and the presentation of the materials used in this publication, including their respective citations, tables and bibliography, do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. The views expressed in this publication are those of the authors and do not necessarily represent the work’s basis of those of the China Development Bank, the United Nations, including UNDP, or UN member States, including China. The authors have made every effort to guarantee the accuracy of the data included in this publication and accept no responsibility or liability for any consequence of their use. Foreword Under the cooperative framework of jointly building the Belt and Road, the United Nations Development Programme (UNDP) and China Development Bank (CDB) jointly conducted research and developed this report on Harmonizing Investment and Financing Standards towards Sustainable Development along the Belt and Road. The report summarizes the investment and financing practices of all parties involved in jointly building the Belt and Road from an objective and rational perspective, and proposes forward-looking policy recommendations. It is an important measure to implement the outcome of the 2nd Belt and Road Forum for International Cooperation; it is not only the result of a useful process of professional knowledge and experience sharing in international investment and financing cooperation, but also a positive exploration for both sides to contribute to the high-quality development of Belt and Road. I believe that the publication of this report will further enhance society’s understanding of the joint pursuit of the Belt and Road, while providing useful guidance to all parties jointly working towards the implementation of the Belt and Road. In the fall of 2013, Chinese President Xi Jinping announced the Belt and Road Initiative (BRI), which is designed to mobilize more resources, strengthen connectivity links, leverage potential growth drivers, and connect the markets with a view to integrating more countries and regions into economic globalization and achieving shared prosperity through mutually beneficial cooperation. Although the BRI originated in China, it belongs to the world. It opens up new space for global economic growth, produces new platforms for international trade and investment and offers new ways for improving global economic governance. Indeed, this initiative has helped improve people’s lives in countries involved and created more opportunities for common prosperity. Aligning the BRI with the UN 2030 Agenda for Sustainable Development adds to the momentum of achieving inclusive development and sustainable growth. The Initiative’s goals, principles, and implementation plans are highly consistent with those of the United Nations 2030 Agenda for Sustainable Development. The BRI has received the positive response and broad support of the international community. It has become an important driving force for promoting global economic recovery, a key carrier for all countries · · 1 to share development opportunities and accomplishments, and a crucial platform for building a community of shared future for mankind. The report found that the BRI’s vision is to fully respect and align with the development strategies and practical needs and concerns of participating countries; improve the quality of investment; promote sustainable job creation and environmental sustainability; and introduce new models of cooperation for sustainable development of the global economy. The BRI adheres to the principle of achieving shared growth through dialogue and collaboration, and provides opportunities for countries and international organizations around the world to carry out practical cooperation. So far, China has signed 197 cooperation agreements with 137 countries and 30 international organizations, including more than ten UN agencies. The BRI and its core concepts have been incorporated into many important documents of the UN and other international organizations. Over the past six years, total imports and exports between China and other nations along the Belt and Road has exceeded USD 6 trillion. A general connectivity framework consisting of six corridors, six connectivity routes and multiple countries and ports has been put in place. A large number of infrastructure and cooperation projects have been launched. These efforts have stimulated local economies, improved people’s livelihood, and created a path of win-win cooperation. Also promoting “soft connectivity”, the BRI attaches great importance to connectivity-related standards and regulations, and contributes to strengthening the global governance system. The Chinese government has issued the Action Plan on the Belt and Road Standard Connectivity and signed more than 80 standardization cooperation framework documents with about 50 countries and regions. It has also issued the Guiding Principles on Financing the Development of the Belt and Road and the Debt Sustainability Framework for Participating Countries of the Belt and Road Initiative to provide long-term, stable, sustainable and risk-controllable financing support for the building of the BRI. China has always been a participant, builder and contributor to the existing international system. It adheres to its solemn commitment to the purposes and principles of the United Nations Charter and resolutely safeguards the current international system with the UN as its core. The international community will give us credit for that. At present, in advancing the Belt and Road Initiative, like architects refining the blueprint, we should enter a phase of high-quality development. We are willing to continue to gather consensus among all parties, outline a vision for cooperation, and further opening up to the outside world. We will strengthen communication, consultation and cooperation with UN agencies, adhere to the concepts of openness, greenness, and integrity, adhere to a · · 2 vision for development that is people-centered, and actively align with universally accepted international standards and regulations. We will strive to maintain high standards, benefit people’s livelihood and achieve sustainability and make unremitting efforts to build a community of shared future for mankind. Ning Jizhe Vice Chairman, National Development and Reform Commission. October, 2019 · · 3 Foreword It is a great pleasure to present this analytical report developed in cooperation between UNDP and the China Development Bank (CDB). The 2030 Sustainable Development Agenda, with its 17 Sustainable Development Goals (SDGs), has created the framework for an unprecedented global effort to eliminate poverty, protect our environment, and create a peaceful and prosperous world for all of humanity. The stakes in this effort could not be higher; the very habitability of the planet that future generations will inherit will be determined by our success. The SDGs were created as an extension and expansion of the previous eight Millennium Development Goals, or MDGs. China’s contribution to the MDGs by the target date of 2015 has been widely noted—most notably the target of halving global poverty incidence (MDG1) by lifting more than 750 million people out of poverty. China’s performance in other core MDGs such as health and education also underpinned successful global outcomes. Having emerged as a global economic power, China has the potential to make an equally important contribution to SDG attainment. In addition to pursuing the SDGs at home, China is becoming a major source of financing and investment to development in other developing countries. A key mechanism in China’s cooperation is the Belt and Road Initiative (BRI), with its vision of enhanced global connectivity and facilitation of global flows of finance, trade, innovation, knowledge and cultural exchanges. Economic growth is very important for sustainable development. However, growth alone is far from all that is needed. Indeed, the wrong kind of growth, i.e., growth that harms the environment or exacerbates gaps between wealthy and poor population groups, risks directly undermining SDG attainment. China’s own national agenda and aspiration of pursuing high quality growth and an ecological civilization are a direct response to that risk. The purpose of this report is to help manage sustainability risks along the Belt and Road through the development and effective implementation of harmonized standards to guide
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