融合投融资规则 促进“一带一路”可持续发展——“一带一路”经济发展报告(中英对照)电子书

书名页

版权页

编 写 人 员

序 一

序 二

执 行 摘 要

专有名词及对应缩写索引

前 言

目录

第1章　“一带一路”沿线国家投融资概况

1.1　“一带一路”倡议与《2030年可持续发展议程》之间的关系

1.2　2013—2018年“一带一路”沿线的投融资趋势回顾

1.3　“一带一路”倡议伙伴国家的投融资环境

1.4　“一带一路”倡议投融资的机遇和挑战

1.4.1　当前的风险考量

Ⅰ.经济风险

Ⅱ.法律和政治差异风险

Ⅲ.文化差异风险

Ⅳ.冲突风险

Ⅴ.债务的可持续性风险

Ⅵ.环境和社会风险

1.4.2　未来的风险考量

1.5　前进的方向：融合“一带一路”伙伴国家投融资规则

第2章　参与“一带一路”倡议的主要投融资机构

2.1　为“一带一路”倡议提供资金支持的主要金融机构

2.1.1　中国的金融机构

Ⅰ.中国的开发性和政策性金融机构

Ⅱ.商业金融机构

Ⅲ.专项投资基金

Ⅳ.出口信用保险机构

2.1.2　海外金融机构

2.1.3　中国金融机构和国际金融机构之间的合作

2.2　“一带一路”建设主要投融资工具与机制

2.2.1　贷款

Ⅰ.中资银行的贷款

Ⅱ.多边开发银行的贷款

2.2.2　债券

Ⅰ.中国金融机构发行的债券

Ⅱ.私人机构和政府部门发行的债券

2.2.3　股权

Ⅰ.中国的海外直接投资

Ⅱ.兼并与收购（M&A）

Ⅲ.组合投资与联合投资

2.2.4　基于赠款的资金

2.2.5　公私合作伙伴关系

2.3　“一带一路”倡议与全球范围的主要投融资实践对比

第3章　东南亚地区投融资分析

3.1　东南亚投融资趋势及背景

3.1.1　东南亚外商直接投资概况

3.1.2　东南亚国家营商环境

3.1.3　东南亚社会、政治和法律环境

3.2　东南亚投融资面临的挑战和风险

3.2.1　银行业的开放水平

3.2.2　担保体系

3.2.3　争议的解决和仲裁机制

3.2.4　外汇管制条例

3.3　东南亚可持续投融资的经典案例

3.3.1　马来西亚槟城第二跨海大桥

Ⅰ.经济可持续

Ⅱ.质量控制

Ⅲ.环境可持续

Ⅳ.治理可持续

Ⅴ.应急管理可持续

3.3.2　老挝南瓯江流域梯级水电开发项目

Ⅰ.项目概况

Ⅱ.融资条件

Ⅲ.社会与环境影响

Ⅳ.创新方式和可借鉴模式

Ⅴ.项目意义

第4章　“一带一路”基础设施投融资分析

4.1　可持续发展目标与基础设施投融资之间的联系

4.2　“一带一路”伙伴国家基础设施投融资趋势

4.2.1　能源

4.2.2　交通运输

4.2.3　工业园区

4.3　“一带一路”倡议基础设施投资的主要融资机制

4.4　“一带一路”基础设施投融资项目案例

4.4.1　肯尼亚蒙内铁路项目

Ⅰ.项目概况

Ⅱ.环境可持续

Ⅲ.经济可持续

4.4.2　巴基斯坦卡洛特水电站项目

Ⅰ.项目概况

Ⅱ.风险管理措施

Ⅲ.经济、社会和环境影响

第5章　可持续发展的全球投融资规则

5.1　环境与社会框架

5.1.1　多边机构的环境与社会框架

5.1.2　国别开发银行和其他环境与社会框架

Ⅰ.国别开发银行的环境与社会框架

Ⅱ.其他公共或私人机构

5.1.3　环境与社会框架下的监测和评估机制

5.2　债务可持续性框架

5.2.1　联合国贸易和发展会议（UNCTAD）原则：负责任的主权借贷

5.2.2　国际货币基金组织/世界银行：债务可持续性框架（DSF）

5.2.3　债务重组：巴黎俱乐部

5.3　主要的全球采购原则

5.3.1　世界贸易组织（WTO）政府采购协议（GPA）

5.3.2　世界银行采购规则

5.3.3　欧盟公共采购规则

5.3.4　瑞士挑战制度（Swiss Challenge）

5.4　与国家优先事项和制度保持一致

5.5　可持续风险评估和管理框架

5.5.1　《经济学人》智库（EIU）风险识别体系

5.5.2　多边投资担保机构（MIGA）：政治风险保险

5.6　全球规则的实施和最佳实践

5.6.1　多边开发银行的最佳实践

Ⅰ.影子碳定价

Ⅱ.欧洲复兴开发银行的脱碳战略

Ⅲ.亚洲基础设施投资银行：改善中国空气质量

Ⅳ.亚洲开发银行：保护生物多样性

Ⅴ.亚洲开发银行和亚洲基础设施投资银行：问责机制

5.6.2　国别开发银行和其他金融机构的最佳实践

Ⅰ.南部非洲开发银行：建设包容和资源高效的约翰内斯堡

Ⅱ.德国复兴信贷银行（KfW）：转向绿色低碳贷款

Ⅲ.日本国际协力银行（JBIC）：温室气体（GHG）排放的测量、报告和验证指南

Ⅳ.全球报告倡议组织（GRI）规则

第6章　中国“一带一路”可持续发展投融资规则

6.1　中国的可持续投融资政策发展

6.1.1　中国的指导方针及最佳实践

6.1.2　中国绿色债券发展

6.2　中国“一带一路”可持续投融资

6.2.1　中国对外投融资的基本法律法规

6.2.2　中国在“一带一路”绿色可持续投融资领域的原则及规定

6.3　中国金融机构可持续投融资的最佳实践

6.3.1　中国工商银行

Ⅰ.绿色金融

Ⅱ.绿色债券

Ⅲ.可持续投资的技术层面

Ⅳ.“一带一路”可持续投资

6.3.2　国家开发银行

Ⅰ.可持续投融资制度建设

Ⅱ.全流程管理环境和社会风险

6.4　融合“一带一路”投融资规则对中国投资者的机遇和挑战

6.4.1　中国金融机构的机遇

6.4.2　中国金融机构的挑战

第7章　建设协调融合的“一带一路”投融资规则

7.1　国际通用投融资规则

7.2　采取协调融合规则的优点与益处

7.3　融合投融资规则的挑战

案例研究：孟加拉国B地区煤电厂项目

● 背景

● 规则、政策、执行和结果间的差距

7.4　“一带一路”投融资规则的原则与能力提升方式

7.4.1　融合的原则

Ⅰ.尊重伙伴国家的发展权利和诉求，与伙伴国家的优先发展事项和国家规划保持一致

Ⅱ.遵守国际公约，与2030年可持续发展议程保持一致

Ⅲ.参考国际规则的共同内容

Ⅳ.确保实施的可行性

Ⅴ.平等适用“一带一路”投融资规则

7.4.2　融合标准的实践：能力提升方式

第8章　融合“一带一路”投融资规则的主要建议

原则1：尊重“一带一路”伙伴国家现有的制约因素和法律背景，根据联合国可持续发展的环境要求协调环境评估规则

原则2：支持共同繁荣并促进参与国的就业增长，以推动减贫和包容发展

原则3：促进与国家发展优先事项及计划保持战略一致，并确保项目的经济和社会效益

原则4：协调伙伴国家债务可持续性评估的计划和管理系统；加强债务治理的有效性

原则5：确保“一带一路”建设项目投融资的全周期可持续性，并建立有效的多层次金融和投资体系

原则6：坚持公开透明、标准化、国际化的采购

原则7：遵守通行的国际金融风险管理要求，并在整个项目中建立识别和降低风险的框架

原则8：通过建立评估机制实施客观严格的项目评估程序，监督项目融资和实施过程的效果

结论

附件

附件1：“一带一路”投融资问卷调查分析

附件2：多边开发银行环境和社会框架对比

附件3：可供参考的相关国际公约、协定和准则

Acknowledgement

Foreword Ⅰ

Foreword Ⅱ

Preface

Executive Summary

Abbreviations and acronyms

Chapter 1　Overview of the landscape of BRI financing and investment

1.1　Linkages between the BRI and the 20.0　Agenda

1.2　Financing and investment trends along the Belt and Road （2013-2018）

1.3　Investment and financing environment along the Belt and Road

1.4　Opportunities and challenges for investment and financing along the Belt and Road

1.5　The role of harmonized standards in the BRI as a way forward

Chapter 2　BRI participating institutions， major financing and investment mechanisms

2.1　Main participating institutions in BRI financing

2.1.1　Chinese financial institutions

2.1.2　Non-Chinese financial institutions

2.1.3　Collaboration between Chinese and international financial institutions

2.2　Major financing and investment mechanisms along the Belt and Road

2.2.1　Loans

2.2.2　Bonds

2.2.3　Equity

2.2.4　Grant-based funds

2.2.5　Public-Private Partnerships （PPPs）

2.3　Main investment and financing practices along the Belt and Road in comparison with global practices

Chapter 3　Analysis of investment and financing in Southeast Asia

3.1　Investment and financing trends，background context in Southeast Asia

3.1.1　FDI in Southeast Asia

3.1.2　Economic，social，and legal environment in Southeast Asia

3.1.3　Social，political and legal environment in Southeast Asia

3.2　Challenges and risks of investment and financing in Southeast Asia

3.2.1　Banking sector openness

3.2.2　Guarantee system

3.2.3　Dispute resolution and arbitration

3.2.4　Foreign exchange control regulations

3.3　Best practice of sustainable investment and financing in Southeast Asia

3.3.1　Sultan Abdul Halim Muadzam Shah Bridge （Second Penang Bridge）

3.3.2　Nam Ou River Cascade Hydropower Project

Chapter 4　Analysis of infrastructure investment along the Belt and Road

4.1　Linkages between the SDGs and infrastructure financing along the Belt and Road

4.2　Major trends in infrastructure investment along the Belt and Road

4.2.1　Energy

4.2.2　Transport

4.2.3　Industrial parks

4.3　Major financing mechanisms for BRI infrastructure investment

4.4　Cases studies of BRI infrastructure investment projects

4.4.1　Mombasa-Nairobi Standard Gauge Railway （SGR）

4.4.2　Karot Hydropower Project，Pakistan

Chapter 5　Global investment and financing standards towards sustainability

5.1　Environmental and social frameworks

5.1.1　Environmental and social frameworks of multilateral institutions

5.1.2　Environmental and social frameworks of NDBs and other financial institutions

5.1.3　ESF monitoring and evaluation mechanisms

5.2　Debt sustainability frameworks

5.2.1　UNCTAD Principles for responsible sovereign lending and borrowing

5.2.2　World Bank-International Monetary Fund Debt Sustainability Framework （DSF）

5.2.3　Debt restructuring: The Paris Club

5.3　Main global procurement principles

5.3.1　World Trade Organization （WTO） Government Procurement Agreement （GPA）

5.3.2　World Bank procurement rules

5.3.3　European Union public procurement

5.3.4　The Swiss challenge system

5.4　Alignment with national priorities and systems

5.5　Sustainable risk assessment and management frameworks

5.5.1　The Economist Intelligence Unit risk identification system

5.5.2　The Multilateral Insurance Agency （MIGA） political risk insurance

5.6　Implementation of global standards and best practices

5.6.1　MDBs best practices

5.6.2　NDBs and other financial institutions' best practices

Chapter 6　Chinese investment and financing standards for sustainable development along the Belt and Road

6.1　Sustainable investment development in China

6.1.1　Guidelines and best practices in China

6.1.2　Green bond development in China

6.2　Chinese sustainable investment and financing along the Belt and Road

6.2.1　China's fundamental laws and regulations on overseas investment and financing

6.2.2　China's special policies，principles，and standards for investment and financing along the Belt and Road

6.3　Chinese best practice in sustainable investment

6.3.1　Industrial and Commercial Bank of China

6.3.2　China Development Bank

6.4　Opportunities and challenges for Chinese investors for harmonizing investment and financing standards along the BRI

6.4.1　Opportunities for Chinese financial institutions

6.4.2　Challenges faced by Chinese financial institutions

Chapter 7　Toward harmonized standards for the BRI

7.1　Taking stock of common norms for investment and financing

7.2　The benefits of harmonizing standards for financing and investment practices along the Belt and Road

7.3　Potential challenges ahead in harmonizing standards

7.4　Fundamental considerations for the harmonization of standards along the Belt and Road，and the Capability Enhancement approach

7.4.1　Fundamental considerations

7.4.2　Practice in harmonizing standards: the Capability Enhancement approach

Chapter 8　Summary and key recommendations for formulating the framework of investment and financing standards along the Belt and Road

Principle 1: Respecting BRI partner countries' existing constraints and legal setting，harmonize environmental assessment standards in line with the United Nations' environmental requirements for sustainable development

Principle 2: Support shared prosperity and promote employment in participating countries to support poverty alleviation and balanced development

Principle 3: Promote strategic alignment with national development priorities and plans and ensure economic and social benefits of projects

Principle 4: Harmonize programmes and management systems for debt sustainability assessments in BRI partner countries； strengthen debt management to ensure that it is carried out in an effective manner

Principle 5: Ensure full-cycle sustainability of the financing and investment for BRI projects，and establish an effective，multi-level financial and investment system

Principle 6: Adhere to openness and transparency in procurement，standardizing，and internationalizing the flow of goods

Principle 7: Adhere to general international financial risk management requirements and establish a framework for the identification and reduction of risk throughout the entire project

Principle 8: Implement rigorous and objective project evaluation procedures through the establishment of an evaluation mechanism that monitors progress throughout the project financing and implementation process

Conclusion

Annex 1　Summary and Mapping of Environmental and Social Frameworks of Multilateral Institutions

WB-Environmental and Social Framework （ESF）

IDB-Environment and Safeguards Compliance

ADB-Safeguard Policy Statement

EBRD-Environmental and Social Policy （ESP）

EIB-Environmental and Social Standards

AIIB-Environmental and Social Framework

ESF Monitoring & Evaluation Mechanisms

WB-Environmental and Social Commitment Plan

IDB-Environmental Assessment

ADB-Safeguards Assessment

EBRD-Environmental and Social Policy （ESP）

EIB-Environmental and Social Management Plan

AIIB-Environmental and Social Assessment

Annex 2　Environmental and Social Frameworks of Selected National Development Banks

KfW Development Bank （German Development Bank）

Korea Development Bank （KDB）

Japan Bank for International Cooperation （JBIC）

Development Bank of Southern Africa （DBSA）

Annex 3　International Debt Sustainability Frameworks

World Bank-IMF Debt Sustainability Framework （DSF）

UNCTAD Principles for responsible sovereign lending and borrowing

1. Responsibilities for lenders

2. Responsibilities of Sovereign Borrowers

Annex 4　BRI investment risk questionnaire，2018

Annex 5　Financing the 2030 Agenda: The Addis Ababa Action Agenda

Annex 6　SINOSURE 2018 Handbook of Country Risk

Annex 7　China's Outbound Mergers and Acquisitions （M&A） and Grant-based Funds

China's Outbound Mergers and Acquisitions （M&A）

Grant-based funds

Annex 8　International conventions，agreements and principles relevant to the BRI