First announced in 2013, the “Belt and Road” initiative is an essential part of China‟s domestic economic rebalancing, and of its outbound ambitions. The initiative entails ploughing billions of dollars into the hardware—railways, highways and ports—that links China and the dozens of countries to its west and south. The goal is to encourage more cross-border trade while putting excess capacities to work. The impact on the software of financing will also be significant: the vast amounts of money needed to meet Asia‟s infrastructure needs will inject fresh momentum into the region‟s capital markets.