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Officials, business leaders and experts in Hong Kong Special Administrative Region (HKSAR), viewing it as the "super-connector" between China and the rest of the world, believe it will benefit greatly from numerous opportunities arising from the Belt and Road Initiative proposed by Chinese President Xi Jinping in 2013.
July 1, 2017 marks the 20th anniversary of Hong Kong's return to China, and the past 20 years have witnessed the successful practice of the "one country, two systems" principle in the SAR, safeguarding its stability and prosperity.
Hong Kong, as a center of international finance, shipping and trade, and one of the world's most competitive economies, plays an important part in strengthening interconnectivity between Chinese and the rest of the world.
With the implementation of the 13th Five-Year Plan (2016-2020) and the Belt and Road Initiative, the SAR's role as the super-connector will become more prominent. The central government has highlighted the nation’s support for Hong Kong to participate in developing the Initiative.
On June 28, the Chinese mainland and Hong Kong signed two new agreements on investment as well as economic and technical (Ecotech) cooperation under the framework of the bilateral Closer Economic Partnership Arrangement (CEPA) signed in 2003.
The agreement on Ecotech stresses the Chinese mainland's support for the SAR to participate in the BRI.
The CEPA, which covers trade in goods and services, investment, and economic and technical cooperation, has greatly boosted economic integration and mutual development of the Chinese mainland and Hong Kong. In 2016, the trade volume between the mainland and Hong Kong reached HK$3.86 trillion, 3.5 times the level in 1997.
Leung Chun-ying, Hong Kong's outgoing chief executive, said Hong Kong has great advantages in international financial, trade and shipping services, and the city should grasp opportunities created by the Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area.
Leung stressed Hong Kong's social and economic development hasbright prospects if it can seize the two important opportunities.
With the implementation of the initiative, the Yuan will grow rapidly as a trade settlement currency. Hong Kong, as one of the world’s largest offshore Yuan trading centers, will surely play a bigger role in boosting financial connectivity for building of the Initiative, according to Leung.
Hong Kong Financial Secretary Paul Chan Mo-po believes Hong Kong’s strengths in professional legal services will help it to better play the "super-connector" role.
Chan said, Hong Kong can use its rich expertise in risk management accumulated in international trade over the past many years to help the Chinese mainland's enterprises avoid investment risks when going global.
Eddy Li Sau Hung, president of Chinese Manufacturers' Association of Hong Kong, said the SAR businesses and companies from the Chinese mainland have complementary strengths to prosper together. He said, "They can combine their ships and sail out together."
"We have strong advantages in management which can be used to support the nation’s development," he said.
The government of Hong Kong announced on June 13 that the SAR had joined the Asian Infrastructure Investment Bank (AIIB) after completing its first capital contribution and relevant legal procedures.
Li commented, "Joining the AIIB will help Hong Kong to provide better financial services for many infrastructure projects and help enterprises on the Chinese mainland to expand overseas."
Analysts pointed out that infrastructure projects under the Belt and Road Initiative will lead to a demand for services in relevant sectors - finance, project risk and quality management - creating greater space for Hong Kong's development.
Many engineering consulting companies in Hong Kong have accumulated precious experience in taking part in infrastructure projects in countries along the Belt and Road, including railways, roads, bridges, ports, airports and energy.
Nicholas Ho Lik-chi, vice president and general manager of Ho & Partners Architects Engineers & Development Consultants Ltd (HPA), said countries such as India, the Philippines, Thailand and Malaysia, greatly hope that China's development experience can inject strong dynamic into their national and urban development.
Ho said, "Local governments and enterprises welcome especially the developmental experience of the Chinese mainland and professional services offered by Hong Kong."
The Hong Kong-based architectural company has just unveiled its design plan for the New Manila Bay - City of Pearl Project in the Philippines, which is destined to become one of the biggest urban development projects by companies from China and the Philippines under the Belt and Road Initiative.
