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Which Countries Have Benefited the Most from China’s Belt and Road Initiative?

Author

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  • Albert Park

    (Director, HKUST Institute for Emerging Market Studies
    Chair Professor, Department of Economics, Division of Social Science and Division of Public Policy, Hong Kong University of Science and Technology)

Abstract

Analysis of project-level data on China’s outbound FDI and construction projects finds that the Belt and Road Initiative (BRI) has led to a large increase in China’s outbound FDI in Belt and Road (B&R) countries compared to non-B&R countries, especially for greenfield FDI projects and in the energy sector. The importance of economic fundamentals in allocating Chinese investment to different countries has declined substantially under the BRI, raising concerns that the expected returns to such investments has declined. The importance of governance quality in explaining China’s outbound FDI increased significantly under the BRI, dispelling concerns that under the BRI China targets investments toward corrupt, poorly governed countries

Suggested Citation

  • Albert Park, 2019. "Which Countries Have Benefited the Most from China’s Belt and Road Initiative?," HKUST IEMS Thought Leadership Brief Series 2019-32, HKUST Institute for Emerging Market Studies, revised Sep 2019.
    • Handle: RePEc:hku:briefs:201932
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    More about this item

    Keywords

    Belt and Road; China; Financial Development; Firms; Jobs;
    All these keywords.

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