The Business 20 Summit's infrastructure task force will prod G20 member-countries to convince development banks and other lending institutions to provide funding for private-led investments in infrastructure.

According to Ren Hongbin, the task force's chairman and chief of China National Machinery Industry Corp, G20 governments need to forge a standard contract treaty with corresponding criteria as an initial step in developing a public-private partnership model, China Daily reported.

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In fact, the Boston Consulting Group predicted that if G20 countries proceed with this track, they could create new businesses worth $2 trillion and at least 30 million jobs per year in the long term.

These goals, Ren said during the Business 20 Summit, can be achieved by putting in place the right policies and implementing them effectively to develop the region's infrastructure sector.

"China is well-poised to take on future infrastructure projects with the establishment of the Asian Infrastructure Investment Bank, as well as the Belt and Road Initiative," he pointed out.

In 2013, China proposed an infrastructure and trade network to be comprised of a Silk Road Economic Belt and a 21st Century Maritime Silk Road.

These projects, Ren said, would cover about 4.4 billion people in more than 60 countries and regions across Asia, Europe and Africa.

A number of Chinese companies have already signed in to help establish this infrastructure loop such as the Sinomach, a conglomerate with businesses in industrial tool making, construction equipment, agricultural equipment and infrastructure construction. 

It is now currently operating in 35 countries and regions in the two trading routes.

Ren's China National Heavy Machinery Corp, a subsidiary of Sinomach, is also helping to realize the Business 20 Summit's objectives, as It is set to sign a contact with the Cambodian government to build its eighth power transmission network in the country worth $100 million.

The project is expected to supply power to more than 50,000 homes and will cover Cambodia's eastern provinces which do not have access to electricity.

China National Heavy Machinery Corp will also operate the country's Tatay hydropower plant for 37 years after the company gained franchise in June last year.

With these developments, the Business 20 Summit's vision is becoming a reality, as it seeks the support of G20 member-countries in boosting private-led infrastructure projects in the region. 

TagsBusiness 20 Summit, china