Dongsheng Zang Associate Professor of Law UW School of Law Email: zangd@uw.edu October 5, 2019, Saturday Who Rules the New Silk Road? Seattle, WA
The Asian Infrastructure Investment Bank On January 16, 2016, the China-backed AIIB (Asian Infrastructure Investment Bank) starts business. President Xi Jinping gave the keynote speech. Photos from People’s Daily , January 17, 2016, A1.
Other Financing Sources ▪ BRICS Development Bank ▪ China Development Bank ▪ China Import-Export Bank ▪ China’s domestic players: central SOEs People’s Daily , February 22, 2017.
Financing • China’s policy banks have provided loans worth of $200 billion; • Bank of China, $100 billion, on 420 projects; • China Bank of Industry and Commerce, $337 billion total investment, on 410 projects; • China Construction Bank, $90 billion, and 180 projects;
CDB Overseas Capital Market Operations Issuer Time Amount Capital Market China December 20, US$350 million, 5-year fixed interest Hong Kong Stock Exchange Development 2017 rate “Belt and Road Bonds” Bank (CDB) December 4, US$2.4 billion, both U.S. dollar and Not specified. Likely Hong 2018 Euro denominated bonds Kong Stock Exchange. January 2019 US1.5 billion, in U.S. dollars, Euro Hong Kong Stock Exchange and Hong Kong dollars.
Eximbank Overseas Capital Market Operations China Export- April 19, 2016 US$3.0 billion in total. Singapore Stock Exchange Import Bank (Eximbank) 5-year US$1.25 billion, and 10-year US$1.0 billion, 3-year Euro 650 million November 23, Euro 2 billion. Singapore Stock Exchange 2016 3-year and 5-year March 7, 2017 US$3.0 billion bonds in total. Singapore Stock Exchange 5-year US$ 1.15 billion 10-year US$850 million 3-year Euro 1.0 billion
A Case in Atlantica Baltica New York Atlantica Holdings v. Sovereign Wealth Fund, 813 F.3d 98 (2nd SK Fund Cir. 2016): ▪ Section 10(b) of the Securities Exchange Act of 1934 ▪ Outside the United States ▪ a sovereign wealth fund owned by BTA Bank Kazakhstan government ▪ Foreign Sovereign Immunity Act of 1976
China’s Dilemma ▪ BRI and Major Financial Centers • Hong Kong • Singapore • London ▪ Domestic Reform • Domestic capital market ▪ China and BRI-Participating Countries • China’s commitment to BRI Countries
Comments? Email: zangd@uw.edu William H. Gates Hall #427 University of Washington School of Law Seattle, WA 98195
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