Empirical Research On The Influence Of "The Belt And Road Initiative" On Participating Countries' Balance Of Payments

“The Belt and Road Initiative”is a very important national strategy and China is a special country in all participating countries because we are the main import and export market of all the rest of the countries.In the initiative,we should not only pay attention to the policy for the development of ourselves,but also to the development of other countries."The Belt and Road initiative”still has some obstacles.For example,infrastructure investment funds generally have a low rate of return because their payoff cycle usually very long and also have some geopolitical problems.So it is necessary for us to explore whether the initiative has any positive influence on the balance of payments of the countries.Therefore,this paper explores the net impact of the initiative on the international balance of payments of participated countries.First of all,analysis "The Belt and Road initiative" influence mechanism of the international balance of payments;secondly,establish a difference in difference model to verify the impact of policy on current account and capital and financial accounts.According to the analysis,we have a conclusion:"The Belt and Road Initiative" made a negative impact on the participating countries' current-account surplus,and didn't make a significant influence to the countries' capital and financial accounts.Finally,this paper puts forward some relevant policy suggestions:first of all,China should play the role of a big country in the trade network,use our advantage in capital and technology,make up for the lack of experience of other participating countries.Secondly,we should make the initiative develop with the internationalization of the RMB.Thirdly,avoid excessive concentration of business investment.Finally,if China's capital account can open further,it will help RMB's external investment and better promote China's investment and financing channels.