| In recent years,emerging countries have risen rapidly,resulting in a more multi-polarized world trend.Against this background,China proposed the Belt and Road Initiative(BRI)in 2013,aimed at strengthening economic cooperation with countries along the Initiative route.In accordance with the principle of helping each other,China strides to build a community with a shared future for all countries participating.The gist of the Belt and Road Initiative is to achieve interconnection among countries by promoting infrastructure construction in the countries along the route.To this end,China has continued to increase spendings on infrastructure construction in these countries in recent years to meet the needs of constructing infrastructure of the host countries and also of their economic development.However,with the progress of BRI,the international community's started to pay more attention to the Initiative.Some countries believe that the Belt and Road Initiative is a timely undertaking that meets the expectations of the global economy for development;some countries believe that the BRI is,in fact,a kind of "debt trap" and that China's investment in the infrastructure of countries along the route is to provide them with high loans,which makes the host country unable to repay and thereby suspend the project,finally forcing the host country to cede control of the project to obtain debt relief.Against the implementation of the Belt and Road policy,this article first analyzes the basic situation of the countries along the route,the current situation of infrastructure development in the countries along the route and the current situation of Chinese infrastructure investment in these countries and reveal the impact of infrastructure investment on the economic development of countries along the route.In terms of empirical analysis,this article uses a triple-difference measuring model to obtain the "country-industry-year" three-dimensional data of the large-scale foreign investment of Chinese enterprises from 2005 to 2019 by collating the "China Global Investment Tracker" database.The number of investments,the number of questioned investments and the proportion of questioned investments to the total number ofinvestments are set as explained variables,while whether they are countries along the route,belong to the infrastructure industry,or implemented the BRI policy are set as explanatory variables of the triple-difference model.These variables are incorporated into the model to conduct regression.In order to ensure the accuracy of the results,the model also includes whether the country is a member of WTO and its GDP per capita and its resources endowment as three control variables in the equation.The fixed effects of these two variables are also included to add control.Finally,based on the theoretical analysis and empirical results,combined with the current situation of infrastructure construction in countries along the route and previous theoretical analysis,it provides reasonable suggestions for Chinese enterprises to further invest in infrastructure of countries along the line Under the “Belt and Road” policy.This article finds that the “Belt and Road” policy didn't increase the number and proportion of problem investments when Chinese enterprises increased their infrastructure investment in countries along the route.Therefore,it shows that the policy effect mainly embodied by the “Belt and Road” policy is development effect.Therefore,China should continue to improve the investment mechanism under the“Belt and Road” policy,strengthen exchanges and cooperation with the governments of the countries along the route and control the risks of Chinese enterprises' foreign infrastructure investment.On the other hand,it should encourage other countries to participate in the infrastructure of the countries along the route to make a real contribution to the development of infrastructure in these countrie. |
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