Zhen Ye (Peter), University College London, UK

Yongmiao Hong, Cornell University, US

Jie Chen, Shanghai Jiaotong University, China

The development of the Chinese economy over the last four decades has been accompanied by the equally profound transformation of traditional infrastructure sector such as Railway, Airport, Road and Bridge (RARB), which propels China’s investment driven growth and rapid urbanisation. Since 2018, ‘new’ infrastructure sector, made up by a diverse range of industries, such as 5G network, UHV (Ultra-High-Voltage) transmission, industrial Internet and big data centre, etc. has entered the public discourse in China, and increasingly seen as the next ‘engine’ of growth that will ‘spearhead’ future technological innovation and digital transformation.  

‘New’ infrastructure is seen as heterogeneous when compared with traditional infrastructure sector. Such heterogeneity is reflected by core operating asset which transcends the traditional boundary of ‘brick and mortar’ type construction, encompassing digital data infrastructure, diverse range of applications, in the form of algorithms, networks and smart applications, to human and artificial intelligence-based services. While we expect the growth dynamics from ‘new’ infrastructure to be very different from the traditional sector, how does growth dynamics differ across the diverse range of sub-sectors, for example, from 5G to UHV? What strategic complementarities can we observe across ‘old’ and ‘new’ infrastructure? What is the long run growth implications provided by China’s hitherto infrastructure development, and how does future growth scenario alter by the inclusion of ‘new’ infrastructure?

Connectivity is at the centre of both ‘old’ and ‘new’ infrastructure. Whereas connectivity serves to enhance human security and resilience, human security and resilience should not be made at the expense of the environment and future generation. Beyond construction in the built environment, the fundamental question of sustainable use of energy remains central to the future development of both ‘old’ and ‘new’ infrastructure. Specifically, how does China harness the power of new technology using 5G, big data and predicted analytics to provide efficient and sustainable use of energy in infrastructure? How resilient is the infrastructure to the shocks from global pandemics and climate change?

Beyond infrastructure, collective human security is at the centre of international collaboration. Financing and constructing global mega-infrastructure projects involve multiple stakeholders, complex transaction structure and transnational cooperation. Institutions provide norms crucial to the functioning of a rules-based international system which gives stability and predictability for global cooperation. How does China engage international institutions in the development of global infrastructure project, particularly, at a time of great uncertainty, against the rising trend of deglobalisation, and a retreat from multilateralism? What are the roles of multilateral development institution such as Asian Infrastructure Investment Bank (AIIB) and New Development Bank (NDB) in financing sustainable infrastructure development in general and ‘new’ infrastructure in particular?

Project finance for infrastructure has a long history of development dated back to a few centuries. Human society has continued to reinvent institutions to finance complex infrastructure projects. The use of Public Private Partnership (PPP) has been growing very rapidly in China although the state sector generally dominates the scene. What is the current state of the private sector’s involvement in delivering China’s ‘new’ infrastructure? How are risks mitigated and allocated between different stakeholders? Given sectoral heterogeneity, how do different stakeholders negotiate the deal and form consortium? How is the deal structured?

Historically, bond financing which involves an active inter-bank (IB) market plays a strategically important role in connecting China’s capital market with the development of the traditional infrastructure. In recent years, asset securitisation is encouraged by the Chinese government to provide a greater liquidity and investment in infrastructure. At 107 trillion yuan (PBOC, 2020), China’s bond market has grown to the second largest globally. As China’s capital market continues to open-up, there is an even greater need to understand the implications of the exposure to infrastructure as an asset class in China. While internationally, China’s outward investment in global infrastructure projects also opens debates about the sustainability of international financing, and the importance of global risk management in infrastructure projects. Specifically, how do Chinese infrastructure companies work with global partners in managing risks and delivering infrastructure outside its home environment? Are there lessons to be learnt from China about the past successes, and equally failures in delivering global infrastructure projects? What are global development opportunities associated with ‘new’ infrastructure?

This call hopes to attract papers which focus on growth, sustainability and financial development, from a global-local perspective related to infrastructure development. Although scholars are invited to contribute to the following areas of interests, submissions that are original and rich in empirical analysis are actively encouraged in the context of global infrastructure development related to China. In terms of theoretical underpinnings, we particularly welcome papers that address the key challenges from a multi-disciplinary perspective. Topics include, but are not limited to, the following:

Ø  Macroeconomics of infrastructure, growth dynamics and strategic complementarities

Ø  Technology, infrastructure development and energy sustainability

Ø  Strategic roles of multilateral institutions in infrastructure development

Ø  Global risk management of infrastructure projects

Ø  Public Private Partnership (PPP) in infrastructure delivery

Ø  China’s capital market for infrastructure and Infrastructure as an asset class

Ø  Comparative studies of infrastructure development from a global perspective

Manuscripts due by 31 December 2020

Notification to authors by 31 March 2021

Final version due by 30 June 2021