Apart from economic and financial benefits, the initiative embraces aspects of human activities to connect people's hearts and minds, Executive Councilor Regina Ip Lau Suk-yee tells Joseph Li.

The Belt and Road (B&R) Initiative is an exhilarating, multi-faceted project that can transform the world people see today, says Regina Ip Lau Suk-yee, executive councilor and chairwoman of the New People's Party.

In an exclusive interview with China Daily, Ip - who has set up the Maritime Silk Road Society (MSRS) in Hong Kong to promote the B&R proposed by President Xi Jinping - says that apart from economic and financial benefits, the initiative embraces many aspects of human activities to connect people's hearts and minds.

"Hong Kong has a big role to play, and it's good to inform and inspire young people in an interesting manner and encourage them to grasp the immense opportunities ahead," Ip says.

"The B&R is a highly ambitious and transformational project that can potentially transform the world.

"It will help developing countries in Asia, Africa and even Europe to develop infrastructure that will create jobs and stimulate economic growth. For example, China Merchants Group is building ports in Sri Lanka, Djibouti and Malta, and that will become a driving force behind global growth in the long run. At the same time, China also exports its high-speed railway technology to other countries," Ip says.

Hong Kong, she adds, is well-positioned to become a financial platform to raise capital for infrastructural development.

She quoted remarks made by HSBC Group Chairman Douglas Flint at last month's Belt and Road Summit, which was officiated by Zhang Dejiang, chairman of the Standing Committee of the National People's Congress, during his inspection trip to the SAR on May 18.

Flint told the summit that HSBC welcomed the establishment of the China-led Asian Infrastructure Investment Bank to finance infrastructural development because, due to low or even negative interest rates in European countries, returns on investments are very low and risky.

With emerging opportunities from infrastructural investment, banks can issue long-term bonds of up to 30 years as a new investment strategy. And as this is very stable and will involve mammoth amounts, it will prompt cooperation among State-owned banks, commercial banks and investment banks.

Infrastructure investment

Financial Secretary John Tsang Chun-wah had earlier announced that an Infrastructure Financing Facilitation Office under the Hong Kong Monetary Authority will be set up to bring together investors and raise syndicated loans.

In return, that will provide immediate opportunities and benefit various professional sectors in Hong Kong due to the demand for legal, accounting, arbitration and related professional services.

Ip adds that Hong Kong can also capitalize on further collaboration with the free trade zones in Guangdong and Fujian provinces.

And while most people are focused on economic and financial aspects, she stresses that B&R can link the hearts and minds of people of different races.

"It's very important to note that the theme of Belt and Road can help connect hearts and minds of people living in countries along the routes, promote cultural differences and pluralism, as well as mutual understanding and respect.

"China is in a very good position to play such a role because it is the origin of the Silk Road and the Maritime Silk Road and is a maritime power. In 2011, US President Barack Obama also talked about an economic silk road, but the US lacks China's geographical advantage, big market and financial strengths," Ip says.

Cultural exchange

To promote the B&R concept in Hong Kong, Ip co-established the MSRS with fellow Executive Councilor Bernard Chan last year.

The society has organized many activities to arouse public awareness of B&R and identify opportunities for young people. In March this year, it organized a five-day cultural tour of Fujian province, with 127 students from various universities taking part.

To enable youths to personally get a sense of B&R plans, the society is running a summer internship program to provide them placement opportunities offered by large Hong Kong and overseas enterprises.

Ranging from four to eight weeks, the program has about 100 placements, with its destinations covering the Chinese mainland, other Asian cities, the Czech Republic and Vancouver in Canada.

The program is named Operation Zhang Qian after a diplomat and adventurer of ancient China's Western Han Dynasty (206 BC - AD 24), who trekked the Western Regions and mapped out the Silk Road.

"The internship program will broaden their horizons and open up their eyes," Ip emphasizes.

In her view, civilian organizations do not need the approval of funds by the Legislative Council and are, therefore, more flexible and can do more and faster than the government, which focuses on the finance and economy aspects.

"We must present the B&R theme to the young people in a way that they feel is interesting, attractive and useful to their future development, rather than through a hard-sell or super-imposed manner. If the government wants to promote the B&R and Chinese history, it will definitely be criticized as washing people's brains," Ip says, referring to the anti-mainland sentiments among young local radicals and the opposition camp.

Contact the writer at joseph@chinadailyhk.com

Regina Ip Lau Suk-yee, executive councilor and chairwoman of the New People's Party, said the Belt and Road Initiative is a highly ambitious project that can potentially transform the world. Edmond Tang / China Daily

(HK Edition 06/30/2016 page9)