China Daily Global Edition (USA)
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Beijing-headquartered conglomerate China Poly Group Corp said it will continuously promote its business in both developing and developed countries, further expanding its reach abroad.
The company will increase its investment in Western markets while also carrying out investment opportunity studies in economies involved in the Belt and Road Initiative, as a new growth point for its business.
“Poly sees investment projects in numerous Western markets as well as economies involved in the Belt and Road Initiative,” said Xu Niansha, chairman of the conglomerate.
“Our overseas projects generate profits and help Poly build a good image there.”
Poly currently does business in two thirds of the economies involved in the Belt and Road Initiative, helping local economies in infrastructure construction and livelihood projects.
According to Poly, the initiative gives the company more opportunities for business expansion and Poly will focus more on diversified real estate sectors, including real estate projects in elderly care, commercial retail and tourism, sectors that are all experiencing substantial growth momentum.
China’s real estate sector profit margin has slowed down as the industry enters a more balanced supply-demand situation.
Xu said the company has been carrying out cooperation in the cultural sector with the United States, Aus- Xu Niansha,
Our overseas projects generate profits and help Poly build a good image there.” chairman of China Poly Group Corp
tralia, Europe, Southeast Asia.
The company has also been pushing forward cooperation in performance and theater management and the arts business, as well as auctions and cinema investment, exporting Chinese cultural products to Western markets, while introducing Western classics to the Chinese market.
“Culture export undertakes the responsibility of cultural communication between different countries and also bears economic significance, helping enhance the soft power of a country,” he said.
Xu said the company has great confidence in the prospects for China’s economic growth.
“China’s determination to further open itself to outside investment shows that China will be an open economy and has more confidence in international markets,” he said.
“We are willing to have more extensive cooperation with our international partners.” Africa and
The Asian Development Bank is planning to invest in 31 projects in China from 2018 to 2020 for a total value of $6.17 billion, with about $2 billion planned for 2018, according to its newly proposed sovereign lending program.
“ADB aims to increase its sovereign lending to China in line with the expansion of the bank’s total lending capacity. The 2017 sovereign lending will reach $1.98 billion,” said Indu Bhushan, director general of ADB’s East Asia Department.
The international development finance institution headquartered in Manila, the Philippines, is currently financing 90 ongoing projects in China amounting to $12.3 billion. In the last two years, ADB approved new projects worth more than $1.7 billion annually in China.
Recently, its support has been moving from infrastructure-oriented projects to environmental and social sector support, thus improving the quality of growth. All new projects in China will have innovation elements, according to the bank.
It also put great emphasis on knowledge solutions, which are regarded as powerful catalysts for propelling development in China. The creation, management and sharing of knowledge is an important pillar of ADB’s operations in this country.
From the time China joined ADB in 1986 through Sept 30 of this year, the financial institution has approved a total of $37.7 billion in loans to China. This comprised $33.9 billion for sovereign operations and $3.9 billion for private sector operations.
Half of the total assistance was for the transport sector, 16 percent for the energy sector, 15 percent for water and other urban infrastructure and services, and 13 percent for agriculture, natural resources and rural development.
In 2017, the bank’s private sector operations department financed seven projects worth $790 million in total, excluding loans offered by commercial banks based premise that ADB credit guarantees.
For the coming years, as previously requested by China’s Ministry of Finance, the bank aims to expand private sector and nonsovereign operations, with a focus on inclusive environmental projects in infrastructure, agribusiness and financial institutions, reflecting China’s greater role in promoting environmentally sustainable development.
“We have been looking into on the provided public-private partnership opportunities with new concession scope, such as water, energy and food security nexus, crossjurisdiction along the Belt and Road Initiative,” Bhushan said.
ADB’s country partnership strategy for China, covering 2016–20, will help the country in major areas of investments, such as managing climate change and the environment, supporting inclusive growth and promoting regional cooperation and integration.
The bank will also collaborate closely with the China-led Belt and Road Initiative and other development partners, including the Asian Infrastructure Investment Bank and the New Development Bank, to promote regional connectivity, trade and investment, and regional public goods.