Финансирование проектов «Пояс и Путь» и «Север Юг»: сравнительный анализ

Проблемы Дальнего Востока. 2026. № 4.

Biryukova O. V., Barzunov D., Pautov A.

The formation of new transcontinental transport arteries intensifies geoeconomic competition in Eurasia and requires the development of sustainable models of investment cooperation. The Chinese Belt and Road Initiative and the International North—South Transport Corridor represent distinct institutional concepts for infrastructure financing, differing in their sources of capital, degree of centralization, and mechanisms of risk allocation. The purpose of the article is to compare the financing models of the two projects, to assess their complementarity or competition for investment resources and transit flows, and to identify how specific capital-attraction mechanisms influence the sustainability and dynamics of transport corridor development. The study is based on systemic and comparative approaches, institutional and case-study analysis, as well as elements of content analysis. It is shown that the Belt and Road Initiative is implemented primarily through a centralized model dominated by Chinese state-owned banks, the Silk Road Fund, and other China-backed institutions, which ensures large-scale and rapid financing but is accompanied by rising debt risks for recipient countries. In contrast, the International North—South Transport Corridor develops according to a decentralized model based on national budgets and the limited participation of regional development banks, which increases project flexibility but slows the implementation of individual segments and heightens dependence on sanctions-related and institutional constraints. A significant overlap in the membership of the two initiatives is identified, creating a space for potential cooperation and competition. The article concludes that hybrid co-financing mechanisms and enhanced institutional coordination are necessary to strengthen the resilience of Eurasian transport corridors.

Keywords: финансирование, инвестирование, financing, investments, Belt and Road (BRI), инфраструктура, infrastructures, Пояс и путь, МТК «Север – Юг», International North South Transport Corridor, logistic corridors, логистические коридоры