Industry leaders and officials on Monday emphasized Hong Kong’s potential to drive digital and sustainable high-quality development within the Belt and Road Initiative by leveraging its core strengths in internationalization, finance, and professional services.
Their remarks were made at the forum “High-quality Belt and Road Development: From Regional Cooperation to Hong Kong’s Transformation and Potential”, jointly organized by the Our Hong Kong Foundation think tank.
Jonathan Choi Koon-shum, chairman of the Chinese General Chamber of Commerce in Hong Kong, identified the creation of digital and green economies as the core to promoting high-quality BRI development.
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In the new development stage that prioritizes quality over quantity, Choi highlighted Hong Kong’s crucial role as a key connector between the Chinese mainland and the global community, as an influential investor with abundant capital, and as an operator of diverse businesses.
He encouraged Hong Kong stakeholders to consider how to better leverage the Chinese mainland’s strengths, especially its progress in digitization, to enhance development across BRI countries and regions.
Hong Kong Commissioner for Belt and Road Nicholas Ho Lik-chi said the city should establish itself as an ideal platform for enterprises to expand globally.
Ho provided statistics showcasing the BRI’s effect on Hong Kong over the past decade, including a 60 percent increase in business between Hong Kong and BRI economies.
He added that around 15 percent of the 322 companies establishing or expanding their operations in Hong Kong, with the assistance of Invest Hong Kong agency in the first half of 2024, came from BRI economies.
Intensification of people-to-people exchanges, including cooperation on education, culture, and tourism, are also highlighted. Hong Kong has boosted scholarship funding for BRI countries, and welcomed over 4,000 students from these countries to study in universities in Hong Kong during this academic year, reinforcing its position as an international hub for postsecondary education.
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The commissioner encouraged Hong Kong to pursue greater development in the Association of Southeast Asian Nations region, which is transforming from a “factory” to a “market”. Hong Kong has sought accession to the Regional Comprehensive Economic Partnership, the world’s largest free trade bloc whose founding members include the 10 ASEAN countries, with authorities organizing 70 to 100 meetings this year to accelerate the process.
Bernard Charnwut Chan, chairman of Our Hong Kong Foundation, emphasized BRI’s status as a long-term national policy.
While acknowledging that taking part in the BRI development is a “preferred choice” for Hong Kong, he pointed out the structural and cyclical economic issues that currently hinder the city’s ability to make a greater impact under the initiative.
Chan expressed confidence that Hong Kong will overcome these challenges, and suggested that the city actively consider its strategic role in the national-level initiative and how to adapt its position to align with evolving circumstances.
