B&R by the Numbers: Enterprises need to be prepared for B&R projects
Editor’s Note: This is the twentieth installment of Belt and Road Portal's special series on the Belt and Road Big Data Report 2017.
The Belt and Road Initiative brings about unprecedented opportunities for Chinese enterprises - the main executors of projects. Yet, with their growing influence in the Initiative, their weaknesses in communication and risk management and control are increasingly becoming obstacles which are hindering their further development in the Belt and Road market, according to a report.
The Belt and Road Big Data Report 2017 recently published by the State Information Center lists the top 50 Chinese enterprises taking part in the Belt and Road projects, as measured by their scale, input and management. The top 10 enterprises on the list are the State Grid Corporation of China, State Power Investment Corporation, China National Petroleum Corporation, Sinopec Corporation, Alibaba Group, China Railway Construction Corporation Limited, CRRC Corporation Limited, Huawei Technologies Co.,Ltd., Bank of China and China Mobile Communications Corporation.
The report’s scoring system indicates that Chinese enterprises’ influence on the Belt and Road has increased by 53.66 percent from 2014 to 2017.
By the end of 2016, Chinese enterprises had built 56 economic and trade cooperation zones in more than 20 countries along the Belt and Road routes, with an accumulated investment of over US$18.5 billion, creating nearly US$1.1 billion in tax revenue and 180,000 jobs for the host countries.
The main problems with Chinese enterprises as pointed out in the report are their inadequacies in staff internationalization, communication with overseas non-governmental organizations, ability to deal with risks and participation in making international standards.The report suggests that Chinese enterprises should utilize better public relations, actively fulfill their corporate social responsibilities, make systematic preparation for internationalized development, strengthen risk prevention consciousness and improve risk management abilities.