Featured Photo: The Sino-Singapore Dialogue speakers. From left: My Douglas Foo (moderator), Chairman, Sakae Holdings, Dr Zhong Feiteng (钟飞腾) (panelist), Director of Great Power Relations Institute at Chinese Academy of Social Sciences, Mr Ho Chee Hin (panelist), CEO, Business China, Mr Chen Xiang (陈翔) (panelist), Deputy General Manager, Bank of China (Singapore Branch) and Dr Pham Sy Thanh (panelist), Director, Mekong-China Strategic Studies Program.

‍

BRI 2.0: Reboot, Re-Ernergise and Re-Strategise (6 April 2023)

The 13th Stratagem Group-Nanyang Technological University (NTU) Sino-Singapore Dialogue, held on April 6, 2023, in conjunction with the Lien Fellows Reunion Dinner, provided a comprehensive assessment of the Belt and Road Initiative (BRI).  Themed "BRI 2.0: Reboot, Re-energise, Re-strategise," the dialogue, held at the Shangri-La Tower Ballroom, featured speakers from China, Vietnam, and Singapore, and drew an audience of approximately 150 guests.

Background and Context

Moderator Douglas Foo, Chairman of Sakae Holdings, framed the discussion by highlighting the BRI's 10th anniversary and the need to reflect on its achievements, challenges, and future direction. He outlined key questions, including the BRI's unique propositions, lessons learned, potential improvements, and the balance between economic development and sustainability.

Taking Stock of the Past Ten Years

• Dr. Zhong Feiteng (钟飞腾), Director of the Great Power Relations Institute at the Chinese Academy of Social Sciences, emphasized the BRI's role in helping developing countries narrow gaps in productivity, technology, and jobs. He acknowledged the existence of "externality costs" to local communities and stressed the need for comprehensive project feasibility studies.
• Mr. Ho Chee Hin, CEO of Business China, highlighted the BRI's role in promoting trade and infrastructure development, citing the New International Land-Sea Trade Corridor and the China-Laos high-speed rail as examples. He also noted growing environmental concerns and the need for BRI projects to meet international green standards.
• Dr. Pham Sy Thanh, Director of the Mekong-China Strategic Studies Program, acknowledged the BRI's contribution to infrastructure development in countries like Vietnam. However, he pointed out challenges arising from differing management styles and cultures between Chinese enterprises and local governments, attributing these to a lack of overseas experience and familiarity with local laws.
• Mr. Chen Xiang (陈翔), Deputy General Manager of the Bank of China (Singapore Branch), emphasized the BRI's inclusivity and its benefits for regional supplier diversity, SME opportunities, and connectivity. He addressed the issue of "debt traps" objectively, highlighting both the necessity of financial loans for development and the risks of mismanagement and corruption.

BRI 2.0: The Next Ten Years

• Dr. Zhong advocated for a more localized approach to project evaluation and management, leveraging big data and understanding local governance systems.
• Mr. Chen suggested reviving and reinterpreting the original "five connectivities" (五通) of the BRI: policy, trade, infrastructure, financial, and people-to-people connectivity.
• Dr. Pham called for a project management framework to reduce miscommunications and suggested seeking synergy with US and G7 initiatives.
• Mr. Ho highlighted Singapore's potential contributions to BRI 2.0 in finance, legal, and advisory services, positioning Singapore as a hub for project management and dispute mediation.