City gets central government’s full support to maintain distinct position and advantages

Vice-Premier Han Zheng delivers the opening speech via video link at the seventh Belt and Road Summit in Hong Kong on Wednesday. (Andy Chong / China Daily)

Hong Kong has served as a critical gateway to boosting progress in trade and investment under the Belt and Road Initiative since the BRI was launched nine years ago, government officials and business leaders said at the seventh Belt and Road Summit on Aug 31.

Vice-Premier Han Zheng said at the summit that Hong Kong is an active participant in, contributor to and beneficiary of the Belt and Road Initiative. Han expressed the central government’s full support for the city in maintaining its distinct position and advantages, and in actively participating in and contributing to the Belt and Road.

Han, who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks via video link in his opening speech to the summit.

With the theme “Heralding a New Chapter: Collaborate and Innovate”, the two-day conference was jointly held by the Hong Kong Special Administrative Region’s government and the Hong Kong Trade Development Council. It is among the major events this year marking the 25th anniversary of the establishment of the Hong Kong SAR.

Highlighting Hong Kong’s strong connection with the Chinese mainland and the rest of the world, Han said the city should proactively promote more regional cooperation.

“We support Hong Kong in maintaining a free, open and regulated business environment, developing smooth and convenient international links as well as closer exchanges and cooperation with more countries, and expanding economic and trade cooperation networks,” Han said.

The vice-premier also outlined his hopes for Hong Kong to strengthen professional services, enhance cultural and education exchanges and deepen collaboration with the mainland.

Since President Xi Jinping proposed the BRI in 2013, China has signed cooperation documents with over 180 countries and international organizations, covering policy, infrastructure, trade, finance and people-to-people exchanges.

Total trade among economies involved in the initiative exceeded $10 trillion, while direct investment surpassed $140 billion.

Hong Kong Chief Executive John Lee Ka-chiu, who also attended the summit on Aug 31, said in his opening address that Hong Kong will continue to play the role as “a pivotal gateway” for the Belt and Road Initiative, pledging to maintain the Asian financial hub’s long-standing support for and practice of free markets and multilateralism.

Hong Kong has everything needed by companies and economies involved in the BRI as well as the projects they partner in, including project financing and professional services support, innovation and technology, capacity building, cultural awareness and wide-ranging connections, Lee said.

Hong Kong is also seeking early accession to the Regional Comprehensive Economic Partnership, the world’s largest free trade agreement, which covers about 30 percent of global GDP, Lee added.

“Joining the RCEP is a natural step for Hong Kong,” he said.

Hong Kong Chief Executive John Lee Ka-chiu speaks at the summit in Hong Kong. (Andy Chong / China Daily)

On the future development direction of Hong Kong, Minister of Commerce Wang Wentao said the ministry will support Hong Kong to consolidate and enhance its status as an international trade center, actively playing the role of being an important trade channel, to support Hong Kong’s participation in important exhibitions, accelerating the development of new trade formats and models, and promote the docking of the mainland’s huge market with international quality goods and services.

He said Hong Kong will be supported in consolidating its status as an international financial center; Hong Kong’s status as an international shipping center will be enhanced; and the ministry will support Hong Kong to join the RCEP as soon as possible.

Also, he said Hong Kong will be backed up to actively play the role of International Law and Dispute Resolution Service Centre for the Belt and Road countries.

Hao Peng, chairman of the State-owned Assets Supervision and Administration Commission of the State Council, said Hong Kong enjoys the best business opportunity in the world for its openness and its provision of a wide range of high-quality professional services, such as accounting, legal services, and consulting services.

“We support more mainland companies to list in Hong Kong, to issue bonds in Hong Kong, and also to use Hong Kong as a platform for risk management and international-level management,” Hao said.

Lin Nianxiu, vice-chairman of the National Development and Reform Commission, said the NDRC will support Hong Kong to consolidate its status including being a financial center, a maritime center and the offshore RMB center, to cultivate new advantages on jointly building the BRI, and to deepen win-win collaboration between Guangdong, Hong Kong and Macao.

Also addressing the summit by video, Deputy Director-General of the World Trade Organization Zhang Xiangchen pointed out that the COVID-19 pandemic, geopolitical tensions, climate change and anti-globalization sentiment will be major factors in challenging and reshaping the future of global trade policy.

These challenges can be effectively addressed if the world works together, he said.

Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, said the Belt and Road Initiative, with collaboration as its key concept, has been bringing nations together, not only through physical infrastructure but also with the flow of capital, knowledge and information.

“With innovation driving progress, this initiative provides the framework to apply these innovations to create a sustainable future,” Lam said.

The two-day summit also held a series of virtual sessions on Sept 1 with dozens of panelists, exploring various incoming opportunities for Hong Kong, the Guangdong-Hong Kong-Macao Greater Bay Area, and the RCEP economies. 

Contact the writers at evanliu@chinadailyhk.com