Multinationals still have a key part to play

One major global brand that has a rich experience in diversified markets is Volvo Group, a company which has a large presence in China. The company believes that for the Belt and Road Initiative to be a success it should be put on a sustainable footing from the beginning.

This means that businesses must have respect for local cultures and traditions while advancing their economic interests. They should also pursue sustainable development that will benefit society and the environment.

As multinationals push their agendas, they need to have a clear understanding of the role of the Chinese government as the "guide" in this project. Volvo Group, for example, believes the best way to do this is by:

Increasing transparency in Belt and Road Initiative projects by publishing lists in a timely manner and opening financing to private capital.

Ensuring cooperation in project design, as well as establishing an order of priorities, including sustainable development in an energy-efficient and environmentally-friendly way.

Taking measures to remove trade and administrative barriers to improve efficiency.

In the logistics field, where Volvo Group operates, it may be worth promoting recognized standards for freight vehicles, oil quality and emissions. In the end, multinationals and their Chinese partners have an important role to play in the success of the Belt and Road Initiative.

The author is president of Volvo (China) Investment Co Ltd.