Download

David Lubin

Edward L Morse

Johanna Chua

Tracy Xian Liao

Michel Nies

David Cowan

Wei Zheng Kit

Piotr Kalisz

Ernesto Revilla

Ivan Tchakarov

Artem Zaigrin

A Progress Report China’s Belt and Road Initiative (BRI) marked its fifth birthday in September 2018, though there was probably less to celebrate than the Chinese authorities might have wished. Five years after President Xi presented the initiative to the world in a speech in Kazakhstan, the BRI is facing pressures on three fronts. The first is what might be called a ‘dollar constraint’. Since the renminbi is not a fully functioning global currency, the BRI largely requires dollar-denominated financial resources to fulfill its objectives: it is significant that the major financing announcements made to kick-start the BRI in 2014 — recapitalizations of the China Development Bank, China Export-Import Bank, as well as new capital for Silk Road Fund, the AIIB, and the New Development Bank — were all made in dollars. And since China lacks an infinite supply of dollars, it therefore lacks an infinite capacity to meet its goals. The second is the increasingly loud accusation from recipient countries that the initiative is too little ‘win-win’ and too much ‘China-win’. This summer the Malaysian prime minister Mahathir Mohamad described a “new colonialism” — a phrase that captures the idea that the BRI has led to the accumulation of liabilities on receiving countries’ balance sheets to pay for projects of uncertain value, built mostly by Chinese contractors on opaque terms, allowing China’s regional influence to grow in ways that are out of proportion to the benefits that countries can expect to enjoy. This kind of concern led to Malaysia’s suspension last month of the $20 billion East Coast Rail Link, one of the biggest-ticket projects in the entire BRI. Even Pakistan, whose people and governments routinely express the world’s most amiable view of China, recently cut down the scale and cost of the Karachi-Peshawar railroad project. The IMF’s Managing Director has called for ‘absolute transparency’ in the nature of the liabilities the BRI is creating. A third source of unease now facing the BRI is the explicit opposition of the United States, made clear in recent speeches by the U.S. Vice President, who has warned recipient countries against what he described as a ‘constricting belt’ and a ‘one-way road’. What started off as an unwelcoming but tolerant U.S. response to the BRI five years ago has now turned into outright hostility. The BRI should be understood as in the context of a shift in Chinese foreign policy that has become evident in the past few years. The Deng-era concept of tao guang yang hui — ‘hide your light and make the most of your obscurity’ — was replaced in late 2013, shortly after Xi’s Kazakhstan speech, with a more assertive principle: fen fa you wei, or ‘exert yourself and get things done’. The BRI can be seen as an extension of this principle into the economic sphere. As with any new foreign policy strategy, a period of reassessment will follow the initial implementation. In broad terms, Chinese scholars are already debating whether China has been guilty of ‘strategic overstretch’ in recent years. Given some of the constraints that the BRI has faced since its launch, the question can similarly be posed about the initiative itself. Perhaps what will emerge from this debate is a ‘kinder, gentler’ BRI, one that is more sensitive to the international criticisms described above, and one that more obviously meets China’s objective of becoming a ‘many-to-many’ platform for international cooperation that links countries through the development of infrastructure, trade agreements, a simplification of customs procedures, and cultural exchange. One indication that this might be the case lies in China’s growing interest in co-financing BRI projects with multilateral developments banks. Since these banks require open tendering and adherence to strict governance standards, their involvement could create a more multilateral-looking BRI. Though it might change shape, the BRI is certainly not going away. This report aims to set out its contours and to provide an assessment of where the initiative stands, what the economic effects have been, and some of the policy issues that have been raised by China’s remarkable foray into international economic leadership. Authors: David Lubin,Johanna Chua,Piotr Kalisz,Edward L Morse,Ernesto Revilla,Wei Zheng Kit,David Cowan,Tracy Xian Liao,Michel Nies,Ivan Tchakarov,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,

<h2 class="CIRFPHeadline" style="tab-stops: .05pt;">A Progress Report</h2> <h3>China’s Belt and Road Initiative (BRI) marked its fifth birthday in September 2018, though there was probably less to celebrate than the Chinese authorities might have wished. Five years after President Xi presented the initiative to the world in a speech in Kazakhstan, the BRI is facing pressures on three fronts. The first is what might be called a ‘dollar constraint’. Since the renminbi is not a fully functioning global currency, the BRI largely requires dollar-denominated financial resources to fulfill its objectives: it is significant that the major financing announcements made to kick-start the BRI in 2014 — recapitalizations of the China Development Bank, China Export-Import Bank, as well as new capital for Silk Road Fund, the AIIB, and the New Development Bank — were all made in dollars. And since China lacks an infinite supply of dollars, it therefore lacks an infinite capacity to meet its goals.</h3> The second is the increasingly loud accusation from recipient countries that the initiative is too little ‘win-win’ and too much ‘China-win’. This summer the Malaysian prime minister Mahathir Mohamad described a “new colonialism” — a phrase that captures the idea that the BRI has led to the accumulation of liabilities on receiving countries’ balance sheets to pay for projects of uncertain value, built mostly by Chinese contractors on opaque terms, allowing China’s regional influence to grow in ways that are out of proportion to the benefits that countries can expect to enjoy. This kind of concern led to Malaysia’s suspension last month of the $20 billion East Coast Rail Link, one of the biggest-ticket projects in the entire BRI. Even Pakistan, whose people and governments routinely express the world’s most amiable view of China, recently cut down the scale and cost of the Karachi-Peshawar railroad project. The IMF’s Managing Director has called for ‘absolute transparency’ in the nature of the liabilities the BRI is creating. A third source of unease now facing the BRI is the explicit opposition of the United States, made clear in recent speeches by the U.S. Vice President, who has warned recipient countries against what he described as a ‘constricting belt’ and a ‘one-way road’. What started off as an unwelcoming but tolerant U.S. response to the BRI five years ago has now turned into outright hostility. The BRI should be understood as in the context of a shift in Chinese foreign policy that has become evident in the past few years. The Deng-era concept of tao guang yang hui — ‘hide your light and make the most of your obscurity’ — was replaced in late 2013, shortly after Xi’s Kazakhstan speech, with a more assertive principle: fen fa you wei, or ‘exert yourself and get things done’. The BRI can be seen as an extension of this principle into the economic sphere. As with any new foreign policy strategy, a period of reassessment will follow the initial implementation. In broad terms, Chinese scholars are already debating whether China has been guilty of ‘strategic overstretch’ in recent years. Given some of the constraints that the BRI has faced since its launch, the question can similarly be posed about the initiative itself. Perhaps what will emerge from this debate is a ‘kinder, gentler’ BRI, one that is more sensitive to the international criticisms described above, and one that more obviously meets China’s objective of becoming a ‘many-to-many’ platform for international cooperation that links countries through the development of infrastructure, trade agreements, a simplification of customs procedures, and cultural exchange. One indication that this might be the case lies in China’s growing interest in co-financing BRI projects with multilateral developments banks. Since these banks require open tendering and adherence to strict governance standards, their involvement could create a more multilateral-looking BRI. Though it might change shape, the BRI is certainly not going away. This report aims to set out its contours and to provide an assessment of where the initiative stands, what the economic effects have been, and some of the policy issues that have been raised by China’s remarkable foray into international economic leadership. Authors: David Lubin,Johanna Chua,Piotr Kalisz,Edward L Morse,Ernesto Revilla,Wei Zheng Kit,David Cowan,Tracy Xian Liao,Michel Nies,Ivan Tchakarov,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,Authors: David Lubin,Johanna Chua,David Cowan,Piotr Kalisz,Tracy Xian Liao,Edward L Morse,Michel Nies,Ernesto Revilla,Ivan Tchakarov,Wei Zheng Kit,Artem Zaigrin,

A Progress Report

CHINA’S BELT & ROAD AT FIVE

Elizabeth Curmi

Jason B Bazinet

Ashwin Shirvaikar

Anthony Yuen

Graeme McDonald

Thomas A Singlehurst

Andrew S Baum

Jim Suva

Michael Rollins

Martin Wilkie

Dennis Chan

Amit B Harchandani

Dan F Homan

Arthur Lai

Yigal Nochomovitz

Ten More Things to Stop and Think About Every morning my inbox is filled with a mixture of emails – request emails that require me to take action and informational emails to keep me up to date about what’s new in the world. My strategy with request emails is the same as my strategy playing tennis – when one comes into my court the best thing to do is to reply quickly and ‘get it back over the net’ into the senders court. But the information emails are different. Sometimes they’re read right away, sometimes they’re skimmed and deleted and sometimes they’re read and filed. Whatever happens to those emails, the information in them gets tucked somewhere in my brain. One thing that’s different about my daily inbox over the past four years is that the informational emails are more and more filled with stories about disruptive innovation and even more excitingly, about the disruptive innovations that we’ve highlighted in past Citi GPS reports. Whether it be 3D printing, virtual reality gaming, immunotherapy or digital banking, disruption and accelerating technological change is increasingly part of our everyday conversation. So where is all of this innovation happening? With innovation clusters scattered throughout the world, in places like Silicon Valley, Boston, London, Stockholm, and China we wanted to see if there was a recipe for success that other regions could follow. In the first chapter of the report, we look at the factors affecting different regions and find that the majority of the successful clusters thrive in an open, global environment where knowledge sharing is at the core of their activities. In our new report, we once again look at some of the newest concepts across sectors and identify new products which could potentially disrupt the marketplace. Some of the concepts are familiar, i.e. big data, robotics and on-line retailing, but the application of these concepts is very different than in the past. Big data is playing a significant role in the energy sector and being used across the entire energy value-chain, from finding energy faster and producing it more inexpensively in the upstream, to more customized energy at the downstream user level. Robots are not just being built and utilized in the automotive industry, but are now being produced with open source software which will boost collaborative development and potentially shifts the use of robots in a much wider range of end markets. And in retail, beyond the shift from physical retail to online retail, we are now exploring direct-to-consumer marketplace for fashion where consumers can order direct from the manufacturer and bypass the retailer. Contextual Commerce is also changing the nature of e-commerce by introducing content and intent to the online experience and could lower the rate of online shopping cart abandonment. Immunotherapy was the newest disruptive treatment for cancer treatment but now epigenetics are being developed to increase the effectiveness of immunotherapy as well as become another tool in a doctor’s cancer toolbox. Doctor’s will also be helped by new delivery systems for the eye – next gen ocular drug delivery – which increase effectiveness of eye treatments and the ease of delivery. New innovations in smart box technology to create Home Hubs and innovations in screen materials that will allow mobile phones to move away from their current shape and potentially have no shape are both looked at in the pages that follow. Finally, we look at new advances in subsea pipes that will reduce the cost of deepwater drilling and new developments in wideband semiconductors which will increase performance with every smaller sized devices. Can’t wait for these to hit my inbox! Authors: Andrew S Baum,Jason B Bazinet,Dennis Chan,Elizabeth Curmi, PhD.,Amit B Harchandani,Dan F Homan,Arthur Lai,Graeme McDonald,Yigal Nochomovitz, Ph.D.,Michael Rollins, CFA,Ashwin Shirvaikar, CFA,Thomas A Singlehurst, CFA,Jim Suva, CPA,Martin Wilkie,Anthony Yuen,

<h2>Ten More Things to Stop and Think About</h2> <h3>Every morning my inbox is filled with a mixture of emails – request emails that require me to take action and informational emails to keep me up to date about what’s new in the world. My strategy with request emails is the same as my strategy playing tennis – when one comes into my court the best thing to do is to reply quickly and ‘get it back over the net’ into the senders court. But the information emails are different. Sometimes they’re read right away, sometimes they’re skimmed and deleted and sometimes they’re read and filed. Whatever happens to those emails, the information in them gets tucked somewhere in my brain.</h3> One thing that’s different about my daily inbox over the past four years is that the informational emails are more and more filled with stories about disruptive innovation and even more excitingly, about the disruptive innovations that we’ve highlighted in past Citi GPS reports. Whether it be 3D printing, virtual reality gaming, immunotherapy or digital banking, disruption and accelerating technological change is increasingly part of our everyday conversation. So where is all of this innovation happening? With innovation clusters scattered throughout the world, in places like Silicon Valley, Boston, London, Stockholm, and China we wanted to see if there was a recipe for success that other regions could follow. In the first chapter of the report, we look at the factors affecting different regions and find that the majority of the successful clusters thrive in an open, global environment where knowledge sharing is at the core of their activities. In our new report, we once again look at some of the newest concepts across sectors and identify new products which could potentially disrupt the marketplace. Some of the concepts are familiar, i.e. big data, robotics and on-line retailing, but the application of these concepts is very different than in the past. Big data is playing a significant role in the energy sector and being used across the entire energy value-chain, from finding energy faster and producing it more inexpensively in the upstream, to more customized energy at the downstream user level. Robots are not just being built and utilized in the automotive industry, but are now being produced with open source software which will boost collaborative development and potentially shifts the use of robots in a much wider range of end markets. And in retail, beyond the shift from physical retail to online retail, we are now exploring direct-to-consumer marketplace for fashion where consumers can order direct from the manufacturer and bypass the retailer. Contextual Commerce is also changing the nature of e-commerce by introducing content and intent to the online experience and could lower the rate of online shopping cart abandonment. Immunotherapy was the newest disruptive treatment for cancer treatment but now epigenetics are being developed to increase the effectiveness of immunotherapy as well as become another tool in a doctor’s cancer toolbox. Doctor’s will also be helped by new delivery systems for the eye – next gen ocular drug delivery – which increase effectiveness of eye treatments and the ease of delivery. New innovations in smart box technology to create Home Hubs and innovations in screen materials that will allow mobile phones to move away from their current shape and potentially have no shape are both looked at in the pages that follow. Finally, we look at new advances in subsea pipes that will reduce the cost of deepwater drilling and new developments in wideband semiconductors which will increase performance with every smaller sized devices. Can’t wait for these to hit my inbox! Authors: Andrew S Baum,Jason B Bazinet,Dennis Chan,Elizabeth Curmi, PhD.,Amit B Harchandani,Dan F Homan,Arthur Lai,Graeme McDonald,Yigal Nochomovitz, Ph.D.,Michael Rollins, CFA,Ashwin Shirvaikar, CFA,Thomas A Singlehurst, CFA,Jim Suva, CPA,Martin Wilkie,Anthony Yuen,

Ten More Things to Stop and Think About

DISRUPTIVE INNOVATIONS IV

FIND US test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1 test kaltura video
test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1

test kaltura video
test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1

FIND US test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1

FIND US test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1 test kaltura video
test KT 0520-2-1 with super scriptsm, sub scriptsub, line breaker-1

text image - kaltura video

Ireland has a rich history in music and storytelling. Citi’s Paula Dennehy tells us more about her home city, Dublin, here

Around the World with Citi: Dublin 2

wwww podcast

text image - video.citi video

test 1028

qa test season 102822332

qa test series season 1026-1

Mike test podcast season 1

Mike test podcase season 2

test sequence

test season's sequence 

Environment Social Governance (ESG)

Markets

Our Markets business provides customized solutions that support the diverse investment and transaction strategies of corporations, governments, investors and intermediaries. 

Banking, Capital Markets & Advisory

Securities Services

Commercial Bank

Citi Global Perspectives & Solutions

Global Insights

Leadership

Private Bank

Treasury & Trade Solutions

Issuer Services

Citi Digital Assets

Research

Wealth

Services

Institute

Column 1

Column 2

About Us

Programs

Knowledge Center

Apply for Funding

Column 3

Column 4

Column 5

Links

Footer

Citi Foundation

Businesses

Our Impact

News

Insights

Investors

Careers

My Account

Para Sport

Emergency

Disclosures

Privacy Notices

Hidden

Citi Gpa

yz04756@citi.com,dl.gt.cn.csts.retail.development@imcap.ap.ssmb.com

Europe, Middle East and Africa

North America

Latin America

Asia Pacific

Social Welfare Funds

Development Organizations

SOEs

Multilateral Development Bank

Central Banks

Central Governments

Ministry of Finance

Local Governments

Ministry of Foreign Affairs

Regional Development Bank

Fraud Prevention

FinTech

iBuyers

Mortgage

Origination

PropTech

Real Estate

Single-Family Rental

Data

GDPR

Privacy

Regulsyion

Auto

Demand

Food

Industrial

Metals

Russia

Shortage

Supply

Supply Chain

Tariff

Ukraine

Asteroids

Imagery

Logistics

Mining

Moon

Rockets

Satellites

Space

Space-Based Solar Power

Aware

Do No Harm

Impact

Investing

Monitoring

Risk

Sustainability

Taxonomies

Augmented Reality

Cryptocurrency

dApps

DeFi

Metaverse

Money

Virtual Reality

VR/AR

Auction

Disruption

Money Laundering

Online

Regulation

Virtual

Entrepreneur

Equal Opportunity

Equality

Global Growth

Innovation

Venture Capital

Women

Women Entrepreneurs

Education

Eliminating Poverty

Health

Multidimensional Index

Poverty

Standard of Living

Sustainability-Linked Bond

UN SDG

Inflation

Just in Case

Just in Time

Production

Transportation

Charity

Donations

Multiplier

Philanthropy

Service

Technology

Growth & Prosperity

Risk & Resilience

Sustainability & Society

Technology & Innovation

Health & Wellness

Citi Blog

Press Release

Citi Global Insights

Business Services

Consumer Products & Retail

Digital

test sequence

Markets

Sign up to receive the latest from Citi.