Moody’s positive on ‘One Belt, One Road’
Print Edition
China’s “One Belt, One Road” initiative will boost internationalization of the yuan and promote Chinese industries, especially construction and large financial institutions, Moody’s Investors Services said in a report yesterday.
The initiative, put forward by Chinese President Xi Jinping in 2013, will be a positive one for China as it will improve intra-regional commercial and financial links, Moody’s said.
It aims to deepen the country’s integration with about 60 countries in Central and South Asia, the Middle East, and Eastern and Western Europe, by creating an unbroken transport and infrastructure network, the report said.
“The provision of intra-regional investment and lending will encourage greater international use of the yuan, which is one of the government’s stated economic reform objectives,” Michael Taylor, a Moody’s managing director and chief credit officer for Asia-Pacific, said in the report.
The agency said large companies operating in industries such as steel, building materials, maritime transportation, power and construction will benefit most from the initiative, which will help develop new export outlets overseas and address overcapacity issues.
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