Almost five years since Chinese President Xi Jinping outlined his vision for a massive infrastructure programme to strengthen China’s trading connections, the Belt and Road initiative is beginning to make its presence felt in Asia’s financing markets. So far, BRI investments have been policy-led, mostly negotiated between governments, and the financing reflects that. The vast majority has come from China’s policy banks and state-run commercial lenders: China Development Bank has been the single biggest source of BRI financing, with US$110bn...Read more