As the Belt and Road Initiative (BRI) moves into its next decade, Hong Kong finds itself at a crossroads, playing an increasingly essential role in shaping this ambitious global project. The initiative, launched by China over a decade ago, aims to build infrastructure and foster economic cooperation across Asia, Africa, Europe and beyond. Now, as the world grapples with economic uncertainty and the rise of protectionist policies, Hong Kong has a unique opportunity to act as a “superconnector” and “super-value creator” for countries involved in the BRI.
In recent months, China has sharpened its focus on high-quality development through the BRI. The third plenary session of the 20th Central Committee of the Communist Party of China recently approved a resolution to deepen reforms and promote Chinese modernization. This resolution includes proposed improvements in the mechanisms that drive high-quality cooperation through the BRI. Hong Kong, with its strategic location and deep institutional ties to both the Chinese mainland and the rest of the world, is poised to play a pivotal role in this new phase of development.
In fact, the ongoing Belt and Road Summit 2024, co-organized by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council, is a prime example of how the city is using its strengths to contribute to the initiative. Scheduled for Sept 11-12, the ninth iteration of this annual event is expected to draw over 6,000 participants from around the globe. The summit’s theme, Fostering Connectivity, Innovation, and a Green New Silk Road, speaks to the evolving priorities of the BRI—namely, sustainability, digital transformation and cross-border collaboration.
The first day of the summit focuses on policy dialogues and a main forum centered on the Association of Southeast Asian Nations (ASEAN) and other emerging markets. High-profile government ministers and economic heavyweights are expected to attend, underscoring the importance of these regions in the broader BRI strategy. The second day will shift its attention to the Middle East and surrounding areas, reflecting the BRI’s continued expansion beyond its initial focus on Asia and Europe.
What makes the summit particularly valuable is the sheer number of business opportunities it facilitates. Hong Kong has arranged over 800 one-on-one investment project matching meetings, covering more than 280 projects. These meetings will provide an invaluable platform for businesses and investors to explore new ventures, partnerships and markets. As Hong Kong’s Financial Secretary Paul Chan Mo-po has noted, the summit allows companies from all over the world to use Hong Kong as a platform to seize new opportunities arising from the BRI.
In an era of growing economic uncertainty and geopolitical tension, Hong Kong’s outward-looking economy must find new partners and explore new markets. The BRI offers just such a pathway. The initiative has already expanded beyond its initial geographical scope, with 152 countries and 32 international organizations having signed agreements to cooperate on various BRI projects. From Asia to Africa, and even Latin America, the BRI’s reach continues to grow, offering a vast array of new opportunities for Hong Kong businesses.
Hong Kong is uniquely positioned to showcase its strengths as a functional platform for the BRI. The city’s well-established financial, legal, accounting, consulting and management services are all in high demand as countries seek to build high-quality infrastructure and enhance economic cooperation. Hong Kong can serve as a bridge, connecting Chinese mainland companies with BRI countries and facilitating trade and investment flows.
But Hong Kong’s role goes beyond just being a connector. The city can also act as a “super-value creator”, offering a wide range of services and expertise that add value to international trade. By fostering deeper ties with emerging markets, Hong Kong can inject new vitality into its own economy, creating new growth drivers that will help the city navigate an increasingly volatile global landscape.
The Belt and Road Summit 2024 is not just another business forum; it’s a crucial international platform for promoting BRI cooperation. The summit provides a stage for Hong Kong to enhance its strategic economic position, both within the region and globally. By aligning itself more closely with the BRI’s goals, Hong Kong can elevate its role in global trade and investment networks, becoming a key node in the initiative’s development.
Looking ahead, it’s clear that the BRI will continue to be a cornerstone of China’s foreign policy and economic strategy. As the initiative grows in complexity and scope, the need for a trusted, well-connected hub will only increase. Hong Kong, with its unique blend of East and West, is ideally suited for this role. The city can leverage its strengths in finance, law, and professional services to become the go-to platform for businesses looking to engage with the BRI.
In conclusion, the Belt and Road Summit is more than just a meeting of minds; it is a testament to Hong Kong’s potential to become an indispensable part of the BRI’s next decade. As the world faces new challenges, from economic volatility to the rise of unilateralism, Hong Kong’s ability to connect global markets will be more valuable than ever. By embracing its role as both a “"super-connector” and a “super-value creator”, Hong Kong can help usher in the next phase of the BRI—a phase defined by innovation, sustainability, and mutual prosperity.
The author is the convener at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.
The views do not necessarily reflect those of China Daily.
