Photo: xiaming on flickr
China.And they want to help out.
In an op-ed piece for the Financial Times, Lou Jiwei the CEO of China Investment Corporation (CIC) notes that the U.S. is in need of approximately $2.2 trillion worth of infrastructure investment.
“Traditionally, Chinese involvement in overseas infrastructure projects has been as a contractor only. Now, Chinese investors also see a need to invest in, develop and operate projects,” wrote Lou.
He argues that this infrastructure investment is crucial for global growth. Here’s an excerpt from the op-ed:
Central to international efforts towards promoting strong and balanced growth is the need to generate demand, not only in developing countries but, more importantly, in developed countries. The imperative poses a critical question: where is new demand to come from? The answer lies in boosting investment in infrastructure – and China is keen to get involved.
The narrative of infrastructure development in places such as the US indicates how such investment powers an economy forward. China’s growth story in recent years provides further proof. Now, infrastructure in Europe and the US badly needs more investment.
We cannot count on developing countries to deliver a stable economic recovery on their own.