Tu Haiming: Hong Kong is expected to assume a far greater role in BRI
日期：2023-10-13来源：
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By Tu Haiming
This year marks the 10th anniversary of the Belt and Road Initiative, which has been fruitful. China has signed more than 200 cooperation agreements under the initiative with more than 180 countries and international organizations.
The BRI has become a popular international public platform for collaboration.
The recently completed Jakarta-Bandung High-Speed Rail in Indonesia is one of the many examples attesting to the benefits that the BRI has brought to partner countries. By drastically reducing the commuting time between Jakarta and Bandung from 3.5 hours to 40 minutes, the high-speed service will not only facilitate travel but also inject an impetus into local economic development. As the rail project is jointly developed by China and Indonesia, it fully embodies the BRI’s principle of “extensive consultation, joint contribution and shared benefits”.
Over the years, the central government has continued to support and encourage Hong Kong’s participation in the initiative, and Hong Kong’s role and focus of efforts under the initiative have also become increasingly clear.
Speaking via online streaming at the opening session of the 8th Belt and Road Summit, held in Hong Kong last week, Vice-Premier Ding Xuexiang reiterated that the State supports Hong Kong’s efforts to maintain its unique position and advantages in the long run; consolidate its status as an international financial, shipping and trading center; maintain a free and open business environment; uphold the common law system; enhance its international connectivity; and play a more important role in the construction of the Belt and Road.
The central government’s talk of “a more important role” for Hong Kong suggests it is satisfied with Hong Kong’s contribution to the BRI over the past decade but that it expects the city to play a bigger role in future.
BRI connects more than 60 countries and regions across Asia, Europe and Africa, covering both developed and developing countries, and encompassing many sectors such as economy, science and technology, and culture. It offers a broad range of opportunities for Hong Kong to tap into, not least because the city excels in some of the services needed under the initiative. Besides, the staunch backing of the motherland will enable the city to explore the BRI market with confidence.
Vice-Premier Ding pointed out the four advantages of Hong Kong; namely, its financial, shipping and trading center, free and open business environment, common law system, and international links. Zheng Yanxiong, director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, highlighted four other strengths of Hong Kong during the summit: international connectivity and support of the motherland, a free and open city, alignment with international standards, and a cultural melting pot.
Hong Kong should leverage these widely recognized advantages to provide world-class professional services to BRI partner countries and regions.
For instance, Hong Kong can give full play to its financial prowess and expand the global reach of its world-class financial services. The HKSAR government has put in great efforts to boost the city’s status as a wealth management center. In March, it launched eight measures aimed at attracting high-net-worth families to set up wealth-management offices in the city. The initiative is well-received among the international community. Meanwhile, Hong Kong can leverage its capacity as a platform for foreign capital to access the Chinese mainland and for mainland capital to go global, to offer BRI partner countries and regions distinguished financial services in this regard. Serving also as the world’s largest offshore renminbi center, Hong Kong is well-positioned to expand its renminbi settlement services amid increasing demand for such services.
Hong Kong can also expand its arbitration services by giving full play to the advantages of its common law system. Hong Kong’s arbitration services are recognized by more than 140 countries worldwide and have catered to the needs of BRI partner countries and regions over the past decade. But this burgeoning market still offers great potential. This is also true for Hong Kong’s other professional services, such as accounting, consulting and management.
When people talk about Hong Kong’s international connectivity, they usually refer to its links to the United States and Europe. But as the global political landscape is undergoing major shifts, characterized by the US’ strategic maneuvers to contain China through trade sanctions and technology blockade, Washington is attempting to derecognize Hong Kong’s and Macao’s statuses as special administrative regions, with some US politicians having threatened to derecognize the two SARs’ statuses as separate customs territories.
Such hostility reminds Hong Kong of the need to diversify its markets if it aspires to consolidate its status as an international finance, trade and shipping center. To that end, it should focus on the following three key aspects:
The first task is to further tap into the Middle East market. When Chief Executive John Lee Ka-chiu returned from his trip to the Middle East in February, he mentioned that investors in the region had difficulty accessing the mainland market. This provides an opportunity for the city’s financial services to serve their needs.
The second task is to diversify the customer base and services of the city’s financial industry. It will take a lot of research and study on how to tailor-make value-added services for each customer.
The third task is to tap into the passion and creativity of young people, as they are the architects of Hong Kong’s future. Their participation will surely inject much impetus and vitality to the BRI.
The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference, and chairman of the Hong Kong New Era Development Thinktank.
The views do not necessarily reflect those of Bauhinia Magazine.
Tu Haiming: Hong Kong is expected to assume a far greater role in BRI
紫荆
2023-10-13 09:15
2023-10-13 09:15
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By Tu Haiming
This year marks the 10th anniversary of the Belt and Road Initiative, which has been fruitful. China has signed more than 200 cooperation agreements under the initiative with more than 180 countries and international organizations.
The BRI has become a popular international public platform for collaboration.
The recently completed Jakarta-Bandung High-Speed Rail in Indonesia is one of the many examples attesting to the benefits that the BRI has brought to partner countries. By drastically reducing the commuting time between Jakarta and Bandung from 3.5 hours to 40 minutes, the high-speed service will not only facilitate travel but also inject an impetus into local economic development. As the rail project is jointly developed by China and Indonesia, it fully embodies the BRI’s principle of “extensive consultation, joint contribution and shared benefits”.
Over the years, the central government has continued to support and encourage Hong Kong’s participation in the initiative, and Hong Kong’s role and focus of efforts under the initiative have also become increasingly clear.
Speaking via online streaming at the opening session of the 8th Belt and Road Summit, held in Hong Kong last week, Vice-Premier Ding Xuexiang reiterated that the State supports Hong Kong’s efforts to maintain its unique position and advantages in the long run; consolidate its status as an international financial, shipping and trading center; maintain a free and open business environment; uphold the common law system; enhance its international connectivity; and play a more important role in the construction of the Belt and Road.
The central government’s talk of “a more important role” for Hong Kong suggests it is satisfied with Hong Kong’s contribution to the BRI over the past decade but that it expects the city to play a bigger role in future.
BRI connects more than 60 countries and regions across Asia, Europe and Africa, covering both developed and developing countries, and encompassing many sectors such as economy, science and technology, and culture. It offers a broad range of opportunities for Hong Kong to tap into, not least because the city excels in some of the services needed under the initiative. Besides, the staunch backing of the motherland will enable the city to explore the BRI market with confidence.
Vice-Premier Ding pointed out the four advantages of Hong Kong; namely, its financial, shipping and trading center, free and open business environment, common law system, and international links. Zheng Yanxiong, director of the Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region, highlighted four other strengths of Hong Kong during the summit: international connectivity and support of the motherland, a free and open city, alignment with international standards, and a cultural melting pot.
Hong Kong should leverage these widely recognized advantages to provide world-class professional services to BRI partner countries and regions.
For instance, Hong Kong can give full play to its financial prowess and expand the global reach of its world-class financial services. The HKSAR government has put in great efforts to boost the city’s status as a wealth management center. In March, it launched eight measures aimed at attracting high-net-worth families to set up wealth-management offices in the city. The initiative is well-received among the international community. Meanwhile, Hong Kong can leverage its capacity as a platform for foreign capital to access the Chinese mainland and for mainland capital to go global, to offer BRI partner countries and regions distinguished financial services in this regard. Serving also as the world’s largest offshore renminbi center, Hong Kong is well-positioned to expand its renminbi settlement services amid increasing demand for such services.
Hong Kong can also expand its arbitration services by giving full play to the advantages of its common law system. Hong Kong’s arbitration services are recognized by more than 140 countries worldwide and have catered to the needs of BRI partner countries and regions over the past decade. But this burgeoning market still offers great potential. This is also true for Hong Kong’s other professional services, such as accounting, consulting and management.
When people talk about Hong Kong’s international connectivity, they usually refer to its links to the United States and Europe. But as the global political landscape is undergoing major shifts, characterized by the US’ strategic maneuvers to contain China through trade sanctions and technology blockade, Washington is attempting to derecognize Hong Kong’s and Macao’s statuses as special administrative regions, with some US politicians having threatened to derecognize the two SARs’ statuses as separate customs territories.
Such hostility reminds Hong Kong of the need to diversify its markets if it aspires to consolidate its status as an international finance, trade and shipping center. To that end, it should focus on the following three key aspects:
The first task is to further tap into the Middle East market. When Chief Executive John Lee Ka-chiu returned from his trip to the Middle East in February, he mentioned that investors in the region had difficulty accessing the mainland market. This provides an opportunity for the city’s financial services to serve their needs.
The second task is to diversify the customer base and services of the city’s financial industry. It will take a lot of research and study on how to tailor-make value-added services for each customer.
The third task is to tap into the passion and creativity of young people, as they are the architects of Hong Kong’s future. Their participation will surely inject much impetus and vitality to the BRI.
The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference, and chairman of the Hong Kong New Era Development Thinktank.
The views do not necessarily reflect those of Bauhinia Magazine.
Tu Haiming: Hong Kong is expected to assume a far greater role in BRI
This year marks the 10th anniversary of the Belt and Road Initiative, which has been fruitful. China has signed more than 200 cooperation agreements under the initiative with more than 180 countries and international organizations.
