Hong Kong a ‘super-connector’

HONG Kong being ‘the world’s China financial centre’ provides connectivity between the mainland and the rest of the planet for Belt and Road projects, Chief Executive Leung Chun-ying said at the Belt and Road Forum for International Cooperation (「一帶一路」國際合作高峰論壇) in Beijing.

As an international city with no capital control and ranked as the world’s freest economy for 23 years in a row, Hong Kong has attracted some 8,000 mainland and foreign firms to set up offices in the SAR, he said.

Financial connectivity lies at the heart of the Belt and Road, Leung added, and Hong Kong enjoys ‘super-connectivity’ under the ‘one country, two systems’ principle. Hong Kong’s ‘deep pool’ of financial professionals of all nationalities – bankers, lawyers, accountants and risk managers – who are well versed in cross-border transactions have made the SAR a ‘super-connector’ between China and the rest of the world. Hong Kong’s experience in project and operational management can help to make sure that infrastructure projects are of high quality. MTR Corp Ltd, for example, also manages railways in the mainland, Britain, Sweden and Australia.

Hong Kong is also the world’s largest offshore yuan business centre. “As the renminbi becomes increasingly popular as a financing and transaction currency for Belt and Road projects, Hong Kong stands ready to offer our services to investors around the world,” Leung said.

The Guangdong-Hong Kong-Macau Bay Area is at the heart of a strategic point of the Belt and Road, with its development plan now under preparation.

(This article is published on Junior Standard on 19 May 2017)

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