China: One Belt One Road

As ever, China is leading the way on all things construction following the news that China’s largest state-owned commercial banks are raising billions to fund investment for Beijing’s One Belt and One Road project. China Construction Bank (the country’s second-biggest bank by assets) has been carrying out roadshows to raise at least 100 billion yuan (US$15 billion) from onshore and offshore investors. Bank of China, the smallest of the country’s “big four” lenders, aims to raise around 20 billion yuan. One Belt One Road is a bold initiative proposed by President Xi Jinping, which will link China to a number of Eurasian countries via massive joint construction and infrastructure projects, but with China ultimately holding the purse strings. This is all part of a wider ambition to revive ancient Silk Road trade routes and internationalise the Chinese yuan.

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