ABSTRACT
The primary actor leading the charge of implementing the five infrastructure projects is China Merchants Group or CMG, including its Hong Kong listed ports-holding subsidiary, CMPort. CMG was born out of Qing dynasty’s Westernization Movement (洋务ff动) and was rejuvenated in China’s open-door era. Therefore, it has been a result of China’s institutional reform and is itself an institutional entrepreneur throughout its history. It has effectively integrated the BRI policy call from its SOE superior into its overseas expansion in port investments and become a key executer of the Maritime Silk Road ambition. It has also demonstrated its unique entrepreneurial quality and capability effective to incite institutional changes in host countries when undertaking such B&R projects.
