Global footprint firm and steady
Amid disruptions brought about by the COVID-19 pandemic and damaged industrial chains due to geopolitical disputes, countries over the world have been increasingly aware of the significance of boosting infrastructure in reviving the economy.
The Group of Seven nations in late June announced the rollout of a global infrastructure initiative in a bid, as they described it, to promote "stability" and improve conditions in developing and middle-income countries around the globe, which, for some BRI nations cooperating with China in this area, has become a solid fact rather than plans yet to be fully reviewed.
From the 540,000-sq m Haifa Bayport handling 1.86 million containers for Israel per year; to the over 40,000 public housing units meeting living demand for more than 80 percent of residents in Singapore; from the Extension of Southern Expressway Project enhancing links in Sri Lanka; to the Dangerous Drug Abuse Treatment and Rehabilitation Center bringing hope and new life to addicted persons in the Philippines, CSCEC, as a major centrally administered State-owned builder, has been continuously seeking a bigger role with its edge in the global infrastructure market, especially in the BRI markets.
Speaking of the increasing popularity of these infrastructure builders overseas, Wei Xiaoquan, a researcher specializing in regional economic development at the University of International Business and Economics in Beijing, said that China's complete industrial and supply chains are a key factor enabling these domestic companies to flexibly leverage options in accordance with their own condition, such as exploring third-party market cooperation or being engaged in "new infrastructure"-related projects, to sharpen their edge in overseas markets, given the accelerating globalization and many economies' demand for building or upgrading infrastructure facilities.
The expert said that many such companies from China－from business areas including science and technology, photovoltaic and intelligent manufacturing, as well as businesses in other fields－have already built a strong presence in both developing and developed economies.
"They are not just paying attention to short-term financial returns, but starting to think about how to let more people know their advanced technologies and professional service capabilities, as well as their corporate cultural values," Wei added.
From 2013 to 2021, China signed new contracts worth about $1.08 trillion with countries and regions involved in the BRI for engineering projects in transportation, electricity, agriculture, public service and other areas, said the Ministry of Commerce.