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Financial future ‘tied to Belt and Street’ | 20th Anniversary of Hong Kong’s Return to China – NEWPAPER24

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Financial future ‘tied to Belt and Street’ | 20th Anniversary of Hong Kong’s Return to China

2020-07-11 19:39:02

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Hong Kong’s interconnectivity with the Chinese language mainland has offered the town ample alternatives prior to now 20 years. The town is poised to occupy a particular seat on the nation’s reference to the remainder of the world within the gentle of the formidable Belt and Street Initiative. (Offered to China Each day)

Hong Kong’s future financial development would rely tremendously on alternatives offered by the Belt and Street Initiative, the Hong Kong authorities’s Commissioner for Belt and Street (B&R) Yvonne Choi Ying-pik stated.

She pressured the town’s conventional position as “super-connector” between the Chinese language mainland and remainder of the world.

“Cooperation beneath the B&R Initiative represents the development of future growth and entails quite a few large-scale infrastructure initiatives, offering an enormous marketplace for us,” Choi stated.

As a key hyperlink alongside the B&R, Hong Kong ought to reap the benefits of its expertise in finance, commerce, legislation and logistics to collaborate with mainland firms, she stated.

The Belt and Street Workplace was based by Chief Government Leung Chun-ying in August final yr. It goals to collaborate with related coverage bureaus and supply recommendation on insurance policies regarding B&R cooperation. The commissioner experiences on to the Chief Government.

Echoing Leung, Choi stated Hong Kong and the mainland ought to “mix their ships and sail out collectively”. 

“We’ve all the time connected nice significance to our interconnectivity with the mainland,” she stated. Choi famous that it was additionally their process to determine cooperative mechanisms with mainland organizations and corporations.

“We hope to develop into a coordinator successfully connecting native firms and abilities with these on the mainland,” she ventured.

“Building beneath the initiative makes growing calls for on fundraising. Many initiatives contain large-scale funding and a few huge enterprises are reluctant to speculate independently due to monetary dangers. This emphasizes the need of collaboration and cooperation between us,” Choi stated.

Hong Kong had grasped alternatives from the nation’s reforms and opening-up within the 1980s and reworked its manufacturing-dominated economic system into the present services-dominated one. 

“As a ‘super-connector’, we’ve all the time occupied a particular seat on the nation’s reference to the remainder of the world,” she defined.

“And now, going through a brand new development chapter beneath the B&R Initiative, the query for us is about methods to make the pie greater and get aboard with a extra constructive position,” Choi stated.

She additionally believes Hong Kong can use its conventional and distinctive benefit as a global monetary middle to supply skilled companies for fundraising alongside the B&R. 

“We’ve worldwide monetary abilities who’re skilled in fundraising, asset administration and cross-boundary transactions. We’re additionally the world’s largest offshore yuan middle,” Choi pressured.

Hong Kong might additionally present authorized companies on contract negotiation, contract administration and dispute decision in future infrastructure funding alongside the Silk Street Financial Belt and 21st Century Maritime Silk Street, she added.

The B&R Initiative is an open and inclusive idea and entails a really giant space. And it welcomes any nation and area that reveals an curiosity in becoming a member of, Choi famous.

“Mainland firms have a really broad abroad community. This might present us an excellent alternative to discover markets in Central Asia, the Center East and Africa,” she stated.

zhanqianhui@chinadaily.com.cn

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