China can ensure the success and sustainability of the Belt and Road initiative by working more closely with multinational organizations, according to a latest research report by global consultancy PwC.
A fresh round of opportunities in the "transformative initiative" would emerge for global businesses, as China starts to place a high premium on people's connectivity and multilateral cooperation, the report said.
"The new opportunities from the Belt and Road will be unprecedented, as China works to build diverse, multidisciplinary partnerships with Western countries and BRI recipient economies," said Raymund Chao, chairman of the PwC Asia-Pacific and Greater China.
Chinese businesses are projected to continue growing their BRI business. The volume of Chinese outbound merger and acquisition transactions in BRI countries has continued to rise, with the announced deal volume having reached 160 in 2018, according to the consultancy.
As the BRI moves into its next phase, China will seek partners in the developed economies of Europe and elsewhere to shore up critical gaps in expertise and capital. This new phase will be defined by multilateral initiatives rather than solely China-led projects, with an emphasis on developing people-to-people bonds, Chao noted.
More emphasis should be placed on driving the cultural, social and commercial aspects of the initiative and take into consideration the socioeconomic benefits to the local community, the report added.