China and BRI countries have more room for cooperation: KPMG head

(ECNS) -- There is still room for China and the countries along the Belt and Road Initiative (BRI) to further deepen industrial and supply chain cooperation, said Michael Jiang, head of Clients and Markets of KPMG in China in an interview with China News Service during the Boao Forum for Asia Annual Conference 2023.

Jiang suggested that all parties steadily expand new cooperation fields on the premise of controllable risks.

Jiang has witnessed the fruitful cooperation achieved over the past decade under the framework of BRI.

A number of projects have been constructed, covering railways, highways, ports, energy, communications, parks, and public utilities, such as the China-Laos Railway, the Mongolia-Myanmar Railway, the Jakarta-Bandung High-Speed Rail, and the China-Belarus Industrial Park.

These projects have provided guarantees for infrastructure connectivity, energy and power supply, commercial circulation, and urban operations, and have also contributed to local employment and economic development, he said.

Jiang noticed that in the past, Chinese companies' projects in countries along the Belt and Road Initiative mainly focused on energy and infrastructure. With the significant increase in global attention to ESG (environmental, social, and governance) issues, the focus would be shifted on optimizing the global layout of the industrial chain, thereby enhancing the resilience of the industrial and supply chains, and implementing green, healthy, and digital projects to promote sustainable and high-quality development.

Jiang pointed out that most of the BRI countries have abundant renewable resources and strong demand for new energy development. China's leading technologies and cost control in photovoltaics and wind power have laid a good foundation for related investment and construction.

In recent years, China's investment in renewable energy projects in BRI countries have shown an overall growth trend, which is expected to continue and strengthen, he added.

Jiang expected that in the next decade, China will continue to promote cooperation and exchanges with BRI countries in areas such as green energy, green transportation, green industry, green trade, green infrastructure, and green technology, creating a new pattern of green development for the BRI.