What’s new: Chinese financial institutions extended more than 5 trillion yuan ($687 billion) in loans to support projects under the Belt and Road Initiative over the past decade, China’s top financial regulator said Tuesday.
China is hosting the Third Belt and Road Forum for International Cooperation in Beijing. The event kicked off Tuesday and marks the 10th anniversary of China’s global infrastructure development initiative.
As of the end of 2022, Chinese policy lenders made 3.1 trillion yuan in loans for Belt and Road projects, up 6.6% from a year earlier. Meanwhile, large Chinese banks issued 2.3 trillion yuan of credit to support initiatives including a mega port in Chancay, Peru, and a large-scale wind power project in Uzbekistan, according to China’s National Administration of Financial Regulation (NAFR).
Chinese insurers also expanded services under the initiative. As of the end of June, a consortium of Chinese and overseas insurers provided coverage for 74 Belt and Road projects, insuring 57 billion yuan of overseas assets, the NAFR said.
Background: The Belt and Road Initiative was first proposed by Chinese President Xi Jinping in 2013 to build a Silk Road Economic Belt and a 21st Century Maritime Silk Road. During the past decade, China has signed more than 200 cooperation agreements with 150 countries and 30 international organizations, official data showed.
Representatives from more than 140 countries and 30 international organizations are gathering in Beijing for the Belt and Road forum. Among them are Russian President Vladimir Putin and United Nations Secretary-General Antonio Guterres.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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