REPORT: Joint People’s Bank of China-International Monetary Fund
High-Level Conference on the Belt and Road Initiative (BRI)
April 12, 2018
Beijing, China
The Silk Road Economic Belt and 21st Century Maritime Silk Road, often referred to as the “Belt and Road
Initiative” was launched by President Xi Jinping in 2013. The Belt and Road Initiative (BRI) aims to promote
policy dialogues, foster connectivity and cooperation in infrastructure, trade, finance, and ‘people-topeople
exchanges’. It aims to connect Asia with Europe and Africa, through the Middle East and reaching
Latin American countries. It is expected to raise significant resources from China and various other sources,
including the private sector, to support development, mainly infrastructure development, and improve
growth prospects.
The BRI has the potential to bring much-needed infrastructure to countries and facilitate trade and financial
flows, thus acting as a source of growth and fostering international cooperation. Achieving these goals
will require strong policy frameworks to ensure high-quality projects and sufficient macroeconomic and
institutional capacity in partner countries to absorb investment flows, reap the benefits and manage the
associated risks.
China has been working with its partners, including participating countries and international organizations,
to make sure the BRI reaches its full potential and the benefits are shared as widely as possible. In particular,
close cooperation with the IMF will help in promoting strong policy frameworks as an important pillar for the
success of the BRI.
The conference is sponsored by the China-IMF Capacity Development Center (CICDC), Tsinghua University
PBC School of Finance and the International Financial Corporation. The CICDC is a new IMF center funded
by the Chinese government to provide training and other capacity development events for China and other
IMF member countries, including those participating in the BRI.
2
Macroeconomic and Financial Frameworks for
Successful Implementation of the Belt and Road Initiative
Ritz Carlton, Financial Street
Grand Ballroom (2nd Floor)
APRIL 11, 2018
6:30 PM WELCOME DINNER HOSTED BY THE PBC AND THE IMF
VENUE: Temple of Heaven (2nd Floor)
Welcome Remarks
• ZHU Jun, Director-General, International Department, People’s Bank of China
• Changyong RHEE, Director, Asia and Pacific Department, IMF
• Sharmini COOREY, Director, Institute for Capacity Development, IMF
• XING Yujing, President, Shenzhen Sub-branch, People’s Bank of China
• ZHANG Yuanjun, President, Dalian Sub-branch, People’s Bank of China
APRIL 12, 2018
8:15 AM REGISTRATION
8:45 AM WELCOME AND OPENING REMARKS
YI Gang, Governor, PBC
Christine Lagarde, Managing Director, IMF
9:15 AM Inauguration of China-IMF Capacity Development Center (CICDC)
9:20–9:30 AM COFFEE BREAK
9:30–10:45 AM SESSION I. What Can the BRI Do to Help Participating Countries?
The BRI has the potential to boost growth and foster global integration through higher
investment in infrastructure, greater trade integration (including integration into global
value chains), and enhanced financial connectivity. As the Initiative moves forward,
three key questions arise: (i) what are the main objectives and desirable outcomes,
(ii) what are the possible risks or impediments, and (iii) what can policymakers do to
enhance the benefits while minimizing potential risks, including by strengthening domestic
institutions. This session will take stock of the experience so far and set the stage for the
discussions that follow on specific policy frameworks.
Moderator
Markus RODLAUER, Deputy Director, Asia and Pacific Department, IMF
High-Level Panelists
• FAN Hengshan, Deputy Secretary-General, National Development and Reform
Commission, China
• Dimitry KUMSISHVILI, First Vice Prime Minister, Georgia
• Ahsan Iqbal CHAUDHARY, Minister of Planning/Interior, Pakistan
• Dusan VUJOVIC, Minister of Finance, Serbia
• WANG Yongsheng, Executive Vice President, China Development Bank
3
10:45–11:00 AM COFFEE BREAK
11:00 AM –12:15 PM SESSION II. Macro-Financial Policy Implications of the BRI
The BRI can enhance financial connectivity and help bridge the gap between infrastructure
needs in emerging markets/low income countries and China’s surplus savings and
investment capacity. In low-income countries, greater connectivity can foster financial
development and inclusion, including by using fintech. However, there is a need to be
conscious of debt sustainability risks, given the size of participating government BRI
commitments, when scaled against current GDP, fiscal space, and foreign currency
reserves. Rapid increases in financial flows could pose challenges to the typical pace
and sequencing of financial deepening. Key questions include: (i) what types of financing
arrangements would best mitigate macro-financial risks; (ii) what can authorities do to
monitor effectively the buildup of risks to financial stability; and (iii) which micro- and
macroprudential tools can effectively ameliorate the destabilizing impact of large-scale
financial flows in shallow financial systems.
Moderator
MA Jun, Director, Center for Finance and Development, Tsinghua National Institute
of Financial Research
High-Level Panelists
• PAN Gongsheng, Deputy Governor, PBC
• Daniyar AKISHEV, Governor, National Bank of Kazakhstan
• Mario BERGARA, President, Central Bank of Uruguay
• Alamine OUSMANE MEY, Minister of the Economy, Planning and Regional
Development, Cameroon
• ERDEMBILEG Ochirkhuu, First Deputy Governor, Central Bank of Mongolia
• LIU Liange, President, The Export-Import Bank of China
12:30-2:00 PM LUNCHEON
VENUE: Temple of Heaven (2nd Floor)
Keynote Speech
ZHU Min, President of National Institute of Financial Research, Tsinghua University
and Former Deputy Managing Director, IMF
2:15-3:30 PM SESSION III. Strengthening Fiscal Frameworks for a Successful BRI
This session will focus on the importance of fiscal institutions and frameworks in achieving
macroeconomic stability and supporting long-term inclusive growth, and the role that
capacity building can play to strengthen institutions. A sound fiscal framework provides
the basis for governmental policies that are sustainable and transparent, leading to effective
policy decision-making. Topics to be explored include: medium-term fiscal frameworks,
fiscal rules, identification and mitigation of fiscal risks, debt sustainability, medium-term
revenue strategies (including customs and taxation of MNCs) and the scope of government
operations (for example, monitoring of PPPs and SOEs).
Moderator
Michael KEEN, Deputy Director, Fiscal Affairs Department, IMF
High-Level Panelists
• ZHU Guangyao, Vice Minister of Finance, China
• Somdy DOUANGDY, Deputy Prime Minister, Lao PDR
• Vache GABRIELYAN, Vice Prime Minister, Armenia
• Malado KABA, Minister of Economy and Finance, Guinea
• Eran WICKRAMARATNE, State Minister of Finance, Sri Lanka
4
3:30-3:45 PM COFFEE BREAK
3:45-5:15 PM SESSION IV. Bringing in Other Stakeholders (e.g. Private Sector)
to Maximize Benefits of BRI
Strong and sustainable growth requires that public investment be accompanied by rising
private investment. Indeed, to maximize the growth impact of BRI projects and ensure
commercial and financial viability, bringing in private sector participation can help.
This will foster strong project preparation, execution, and financing. Strengthening the
business environment, including the institutional and regulatory frameworks for private
sector activity, is an important objective in most BRI countries. This session will focus on
how the BRI can successfully catalyze more private investment, including in infrastructure.
The session will include IFIs experienced in managing such private sector participation,
such as the IFC.
Moderator
Hans Peter LANKES, Vice President, International Financial Corporation
High-Level Panelists
• Arkebe Oqubay METIKU, Minister and Special Advisor to the Prime Minister, Ethiopia
• Eddie YUE, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA)
and Director of the HKMA Infrastructure Financing Facilitation Office (IFFO)
• WANG Yanzhi, President, Silk Road Fund
• Enzo QUATTROCIOCCHE, Secretary General, European Bank for Reconstruction
and Development
• Michael ELLAM, Co-Head of Public Sector Banking, HSBC
• NAN Cunhui, Chairman, Chint Group
• John WOOLLACOTT, Senior Vice President, DP World
5:15-5:45 PM CLOSING DISCUSSION
ZHU Jun, Director-General, International Department, PBC
Jihad AZOUR, Director, Middle East and Central Asia Department, IMF