Global Infrastructure: Private Finance and China’s Belt and Road Initiative

Speaker: Stephen Ellison

Chair: Professor Julio D Dávila, Professor of Urban Policy and International Development, DPU, UCL

In this lecture, Stephen Ellison will share insights from his extensive experience in planning and delivering international infrastructure projects. His presentation will focus on two key themes: the rise of privately financed infrastructure projects, which were dominant from the mid-1980s until the Global Financial Crisis of 2008, and a critical examination of China’s Belt and Road Initiative (BRI), which has gained international prominence over the last decade.

Privately financed projects have seen both successes and failures. A critical question to be explored is whether the reliance on private sector funding has contributed to the growing gap between global infrastructure needs and actual delivery.

The Belt and Road Initiative has been a cornerstone of Chinese foreign policy, compelling governments and businesses worldwide to weigh its impact on global trade, security and sustainability. However, in the post-pandemic era, there has been increasing internal debate within China about the financial sustainability of the BRI and whether its ambitions need to be scaled back. Nevertheless, there is no doubting that China will be an increasingly important actor in the finance and delivery of international infrastructure, and recipient countries need to make well-informed choices that carefully balance a range of issues. For western businesses and institutions this raises the critical question: what are the risk and opportunities of Chinese-sponsored projects?

Stephen Ellison has extensive experience in developing and delivering large-scale global infrastructure programmes. His diverse roles have spanned the design and management of major projects, leadership positions within international engineering consultancies, and a deep understanding of government’s role in infrastructure development, gained during his tenure as a British diplomat in China.

Stephen holds a First Class Honours degree in Civil and Structural Engineering from Bradford University and a Master’s in Construction Project Management from the University of Reading. He is also a Fellow of the Institution of Civil Engineers.

With over 30 years in the construction industry, Stephen has worked across China, India, Southeast Asia, the Middle East, the Caribbean, and the UK. His project portfolio includes landmark transportation initiatives such as the Second Severn Crossing between England and Wales, the Malaysia-Singapore Second Crossing, the Hong Kong-Macau-Zhuhai Bridge, the Kuala Lumpur Light Rail Transit, and the Qatar Expressways Programme. In China, he served as Country Manager for Halcrow, a leading UK engineering consultancy.

Stephen transitioned to the public sector as a British diplomat, first serving as Minister Counsellor for International Trade at the British Embassy in Beijing, and later as HM Consul-General in Chongqing, southwest China, until 2023.