Hong Kong: Unleashing the potential of 'Belt and Road'
Updated: 2015-10-29 07:56
By Leung Chun-ying(HK Edition)
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The "Belt and Road" initiative of China is a visionary strategy seeking mutually beneficial development spanning three continents and more than 60 countries. It is about promoting connections - enhancing policy coordination, strengthening infrastructural links, enabling trade and investment, deepening financial integration and building people-to-people bonds.
Under this grand strategy, Hong Kong can play a significant role. As the "super-connector" between the Chinese mainland and the rest of the world, we have long been adept at building bridges. And thanks to Hong Kong's "One Country, Two Systems" arrangement, we continue to realize rewarding opportunities, for ourselves and for the world. That same system can help "Belt and Road" unleash its enormous potential.
The "Belt and Road" initiative covers an array of countries, economies and cultures. Promoting understanding among them is critical to the success of the initiative. The Hong Kong community is decidedly receptive of disparate cultures and values. Indeed, East and West have long come together in Hong Kong. Our doors are open to people from all over the world, whether they come to work, study or simply enjoy Hong Kong's abundant leisure, entertainment, recreation and cultural offerings. It certainly helps that Hong Kong embraces and uses both Chinese and English as its two official languages and is China's most international city.
We are blessed with a vibrant civil society. Companies, chambers of commerce, professional bodies, youth and charitable organizations and other associations enjoy flourishing networks with overseas partners.
Similarly, Hong Kong is a magnet for international talent, and in areas as diverse as research and education, culture and the arts, healthcare services, product testing and certification and much more. Our freedom, diversity and openness, in short, are distinct advantages in encouraging people-to-people bonds under the "Belt and Road".
With such diverse linkages, Hong Kong can serve as a hub for cooperation, creating opportunities for youth through education and exchanges, expanding cultural ties, boosting tourism development and, most importantly, laying the solid foundation of mutual understanding along the "Belt and Road" corridor.
Hong Kong's pool of talents can also help in unleashing the potential of the "Belt and Road". Our talented and experienced professionals offer expertise in finance, accounting, law, architecture, engineering management and many other specialized areas in Hong Kong and overseas. With their help, Hong Kong can serve as the "Belt and Road" deal-maker, in trade facilitation, infrastructure development and property management, investment promotion, intellectual property protection, professional services and more.
Our legal professionals, in particular, work with a world of business every day, conducting due diligence, ensuring contract enforcement and helping resolve disputes, all under the rule of law and our independent judiciary in Hong Kong. As an international legal and dispute resolution services center, Hong Kong is well positioned to serve companies from diverse legal and business systems within the "Belt and Road".
Other than the strengths in people, our superb connectivity and sophisticated infrastructure will provide the essential network for the flow of people, of goods and services and of ideas in the "Belt and Road". We are strategically located on the East-West route, within five hours' flying time of half the world's population. And Hong Kong is the premier international gateway to China. Today, more than 100 airlines operate some 1,100 flights every day between Hong Kong and about 180 destinations worldwide, including 45 in the mainland. Equally well-connected, our port serves more than 500 destinations worldwide. And we are also linked, by road and rail, to Guangdong province and the Pearl River Delta. We can facilitate the flow of goods and people across the "Belt and Road".
Our connectivity also stands out in the area of finance. The flow of funds would be vital in the development of trade and infrastructure, and Hong Kong can play a key role to channel funds along the "Belt and Road".
Hong Kong is a premier fund-raising hub and can offer multiple channels of financing, such as debt and equity financing, bank loans, venture capital, etc, for companies and businesses. As the world's largest offshore renminbi center, and the first place outside the mainland to develop a renminbi bond market, Hong Kong is also the place to find liquidity in renminbi.
In short, to unleash the boundless opportunities of the "Belt and Road", the world needs a platform to enable smooth and efficient flow of goods and services and of capital. Above all, the world needs also a place where people of different backgrounds and cultures could mix and exchange and learn from and appreciate each other. I am confident Hong Kong is the place.
A historic, long-term development, the "Belt and Road" offers enormous potential and on so many levels: from government and corporate to institutional and individual. Hong Kong is well-positioned and ready to turn opportunities into results, to turn goals into reality, along the "Belt and Road".
(HK Edition 10/29/2015 page11)