The Belt and Road Initiative (BRI) undoubtedly offers tremendous opportunities for countries along each of the corridors and for the countless organisation who will play a part in its progress. Yet the project also faces a number of issues that will be critical to the eventual success of the initiative, not least the challenge of social acceptance.

For design and engineering firms such as Arup, it is easy to look at BRI as a series of large-scale infrastructure projects. In reality though, it is a multi-faceted development whose core principles cover everything from policy coordination and trade freedoms to financial integration and globalization.

Ultimately, infrastructure is – always and everywhere – political. There are always strategic interests involved and there can be losers as well as winners. So even when the number of winners far outstrips the losers and there is a compelling case to build, we must always do our best for those who don’t see a critical new rail link, for example, but rather, the loss of land that has been farmed by a community for generations.

That is why Arup has signed up to the UN’s Sustainable Development Goals to try and ensure that all the work we do matches our mission to shape a better world.

Good infrastructure is fundamental to improving people’s lives – creating jobs, supporting trade, providing affordable energy and clean water, as well as reducing poverty. So we must drive home the crucial point that investing in infrastructure can and should be win-win, not a zero sum game.

We have to reinforce the critical truth that trade, growth, job creation and poverty reduction all rely on a virtuous circle that relies on efficient, resilient networks that link people, goods and services between and within countries, regions and cities.

In doing so, we must ensure we are building the right infrastructure for the right reasons. We must ensure that we do not focus on capex costs at the expense of lifetime costs. And we must ensure that major schemes are sustainable socially, environmentally as well as economically, to avoid storing up serious political risks for the future.

The good news is that there is no shortage of skills and expertise available to ensure that the BRI is planned and built to the standards of planning, design, resilience and economic sustainability that will get the job done in the right way.

President Xi Jinping has said that China wants a sustainable Belt & Road and it is critical that we follow this ambition. Truly resilient projects that deliver for the economy, for the environment, and for the people are the key to making the Belt & Road Initiative a success.

By Kelvin Lau, Becky Liu, Chidu Narayanan

SUMMARY

Things are looking up for Renminbi internationalisation in 2018. The CNY has been off to a strong start to 2018, and barring a full-fledged trade war, it is expected that the Chinese authorities will allow further CNY appreciation against a weak USD backdrop while keeping the CNY basket value steady. The Dim Sum bond market is expected to have a revival as gross issuance picked up evidently in January.

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By Derrick Khoo, General Counsel, Marga Group

Like a phoenix rising out of the fire, Myanmar is soaring and embracing its new role as the go-to investment destination in Asia. To spur the country forward, the Myanmar government has wisely emphasised on the introduction of new modern laws and revision of obsolete ones as a key priority for its administration.

Recent encouraging developments in the Myanmar legal landscape are clear signs that the country is headed in the right direction to further cement businesses’ and investors’ confidence. Various progressive laws have been discussed, in consultation with industry stakeholders and the general public, and as advised by leading law firms. Many of these have already or are slated to take effect.

For example, the Condominium Law (2016) and its implementing rules (2017) have allowed foreigners to own units in a qualifying “condominium”. The Myanmar Investment Law (2017) combined the previous two separate regimes of Foreign Investment Law (2012) and the Citizens Investment Law (2013) to provide a level-playing field for foreign and local investors alike. Among many developments introduced by the Myanmar Investment Regulations (2017), one that stands out is the permitting of foreign investors to now enter into long-term leases subject to qualifying conditions, and this has also been affirmed by the relevant authorities.

The most anticipated change in recent times comes in the form of the New Myanmar Companies Law which was passed into law by President U Htin Kyaw on 6 December 2017 and is expected to come into effect in August 2018. This will replace the existing Myanmar Companies Act 1914 and will be largely similar to prevailing company law regimes in Hong Kong, Singapore and other common law jurisdictions. In anticipation of this, the Directorate of Investment and Company Administration (DICA) intends to release a model constitution for private companies limited by shares – this is currently at the public consultation and feedback stage.

The most exciting change that the New Myanmar Companies Law introduces is that foreigners are now permitted to own up to 35% shareholding in a local Myanmar company whilst still retaining the company’s status as a local company and thereby allowing foreigners a minority stake to invest in sectors or economic activities that are reserved for Myanmar companies, such as ownership of land or investment in “locals-only” industries. In addition, this effectively means that foreigners are now not restricted from trading public stocks on the Yangon Stock Exchange, subject to the 35% threshold.

The New Myanmar Companies Law also codifies directors’ duties, minority shareholder protection rights, and shareholder derivative rights, effectively adopting current corporate governance best practices found in other jurisdictions. In terms of structuring, corporate group structures were previously not frequently used in practice due to policy reasons, however the New Myanmar Companies Law now expressly recognises the use of them and includes provisions regarding managing of corporate groups.

Another welcome clarification by the New Myanmar Companies Law will undoubtedly facilitate much-needed loans from foreign banks to Myanmar companies with property interests. Under the existing regime, the mortgage of immovable property to a foreign person is prohibited by the Transfer of Immovable Property (Restrictions) Law 1987. This prevented many foreign banks from making loans to Myanmar companies as the foreign banks were unable to take security over property and property interests. The New Myanmar Companies Law expressly removes this restriction by explicitly stating that granting of security to foreign persons is permitted under the law and the exercise of such security is not in breach of such law.

These crucial developments in the legal landscape are just some of the many that are being planned or have already been passed. Whilst they take root, they will continue to be tested and challenged, and only continued persistence, tenacity and a strong rule of law will allow them to continue to grow and flourish. Myanmar has indeed progressed rapidly on many fronts since opening up its market in 2010, and a more attractive and vibrant investment climate heralds those who are quick to seize the moment.

SUMMARY

For international investors looking for the next big opportunity, China’s ‘new economy’ companies offer plenty. China’s Belt and Road (B&R) initiative – which involves large-scale infrastructure development along China’s centuries-old trade routes across Asia, Africa, the Middle East and Europe – is part of the solution to ensure Chinese companies continue growing.There is also opportunity for global investors.

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By Clive McDonnell

Rail networks are an important part of the Belt and Road initiative to improve connectivity along the historical Silk Road trading routes, and stations are powerful catalysts for development and regeneration. How are transport hubs evolving to meet local needs? What can we learn from trends in Europe and North America? Malcolm Smith, Arup’s Global Masterplanning and Urban Design Leader shares his perspective.

Train stations were places of wonder in the 19th century. The buildings, like the trains within, symbolised technological progress and economic power. These ‘palaces’ of the industrial age were awe-inspiring in their sheer size, dramatic in architecture and feats of engineering. St Pancras Station in London was one such example and on its completion in 1868, was the largest enclosed space in the world. This has allowed it to be remodeled into today’s spectacular transport hub.

© Hufton+Crow

The redevelopment of King’s Cross station represents a compelling piece of place-making for London.

By the second half of the 20th century, with car travel on the rise, train stations in many parts of the world lost prominence as cities planned for greater road use – undermining the prestige of rail travel. Now, as passenger numbers increase, rail is playing a central role in urban life; the economic and cultural importance of stations is increasing.

A need for high-quality, beautiful, yet flexible stations, integrated into their place in the city has emerged. Investment programmes have modernised and expanded many stations across Europe and North America. Arnhem Central Station is one example: dating back to 1845, the station has been completely redeveloped to better meet today’s travel needs. It was opened late 2015. In other regions, the focus is more often on the construction of new public transport systems, like Shenzhen Metro’s new Line 4 - 15 stations built with provision for development above.

© Kenny Ip

Shenzhen Line 4 (Longhua Line) was designed with provision for topside development in the densely populated city.

“Driving this need for integration is the fundamental question of what a station contributes – economically and socially – to a city.”

• Malcolm Smith, Global Masterplanning and Urban Design Leader, Arup

This renaissance brings new expectations. Some rail and metro stations, such as Cityringen in Copenhagen, are designed to be places of transit, prioritising citizens’ desire for simple journeys without distraction. In other stations, designers are called on to create dynamic, multifunctional spaces where people can do much more than set out or arrive on a journey. They are destinations in their own right, providing space for everything from libraries, medical centres and cinemas, to shopping and eating.

©Arup

Design of the new stations on Copenhagen’s Cityringen reflects the Scandinavian minimalism.

This requires greater flexibility – as seen in Canary Wharf’s new Crossrail station, where the commercial space can be completely redesigned to meet tenant needs – this in turn needs careful planning and design. What’s known as the ‘red line’ that separates travel spaces from public spaces is more blurred. To get this right, station designers must become more open to involving the community in defining what their station is, what it will contain and how it contributes to the surrounding area.

Passenger needs are paramount, and considered at every stage of the planning process. The aim is to create stations that allow people to move through them – and pause within and around them – with ease, rather than simply in the way transport authorities think is best. At London’s King’s Cross Station, we modelled the expected flow of people in and around the station in minute detail, to get the design right. We must ‘design in’ flexibility, so that as people’s needs evolve stations can be adapted easily and quickly.

©Hufton+Crow

The freeform concrete interior of the Arnhem Central Station promotes fluid passenger transition.

As stations become more flexible, they can also become more fun. Ikea certainly surprised passengers of the Parisian metro system when it placed a selection of its sofas on station platforms for people to test – and buy. Stations will always need to be places of safety and security, but there is no reason why they can’t delight and entertain.

Rail and metro stations are powerful catalysts for regeneration. More than ever, stations are symbols of a place, and need to be seamlessly integrated into the personalities of the cities in which they are located.

© James Ewing

Fulton Center in New York is a stunning new hub that allows people to get to their different destinations easily.

View the original article at https://www.arup.com/perspectives/themes/transport/cities-and-stations

SUMMARY

At a time when the US and other global economies appear to have turned their back on globalisation, China is pursuing an ambitious global agenda. And one initiative central to China’s plans is Belt and Road.

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By Shuang Ding

本文以商務部對外勞務合作業務統計數據為依據，從國家（地區）、行業、企業三個維度對2017年1-11月中國勞務合作業務情況進行分析，供會員企業了解行業情況，未經授權不得轉載或鏡像。

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By Lan Shen

SUMMARY

China’s Belt and Road (B&R) initiative – the ambitious project to build infrastructure and expand trading relationships along a new Silk road – has made significant headway in the past four years, and is now well into the implementation stage. So far, 20 per cent of investment in B&R has been in power and 19 per cent in railways, followed by roads, pipelines and other transport. With China’s government prioritising B&R as a key initiative to help open up its economy, there are five trends that show B&R is taking off in a big way.

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