Abundant belt and road opportunities await Hong Kong, but is it ready?
- Hong Kong can contribute substantially to the growing success of the initiative and boost the city’s recovering economy – but first, it needs a concrete plan of action
In rolling out the event after a devastating pandemic, and amid geopolitical instability, regional strife and global economic uncertainty, China sent an unmistakable message that it wishes to see the world return to growth and stability through cooperation.
At the Belt and Road Forum, Xi said: “We must embark with drive and enthusiasm on the new journey towards another golden decade [of cooperation]”. He also stressed the importance of upholding the original goal of cooperation and staying true to the mission of development for “shared growth”.
One key vision of the initiative when it was launched a decade ago was to promote connectivity not only among nations but also between peoples. Arts and culture have often been used to foster friendship, promote better communication and reduce hostilities. Among the plans announced last week was China’s intention to host a Liangzhu Forum to “enhance dialogue on civilisations” with belt and road partner countries.
Indeed, in almost all eight action points identified by Xi, one can discern a potential role for Hong Kong in helping to contribute towards China’s pursuit of “high quality” belt and road cooperation.
It’s not hard to imagine Hong Kong securing a critical role in the management of railways in the Belt and Road Initiative, given its decades of experience in building and operating mass transit rail networks in Hong Kong and overseas. Besides, Hong Kong’s maritime hub is well established, with its deepwater harbour, modern container ports and well-developed maritime transport services in insurance, shipbroking and cargo storage facilities.
Xi’s vision of a “new international land-sea trade corridor” for the Belt and Road Initiative is supported by a new concept: the Air Silk Road.
Other steps Xi highlighted included strengthening relations among belt and road partnering countries through new platforms on green development and finance, and to fight corruption. These are areas in which Hong Kong has vast expertise and experience.
The more the Belt and Road Initiative grows in importance, and as the number of partnering countries expands, the greater the opportunities for Hong Kong. However, simply being aware of the city’s potential roles and contributions is one thing – coming up with a plan that works, and then implementing it is quite another.
Gearing up to make the most of belt and road opportunities
Ken Chu is group chairman and CEO of Mission Hills Group and a national committee member of the Chinese People’s Political Consultative Conference