Belt and Road Initiative can ensure HK's future prosperity
Updated: 2016-01-18 08:26
By Yiu Chi-Shing(HK Edition)
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Chief Executive Leung Chun-ying devoted a whole chapter to the SAR government's plans for Hong Kong to play an active role in the nation's Belt and Road Initiative in his 2016 Policy Address. In the chapter, he spells out in considerable detail the steps the government will take to ensure Hong Kong's role and position in the historic endeavor - a role he has dubbed "super-connector".
It is his responsibility as head of Hong Kong and of the SAR government to make policies that will help maintain the city's long-term prosperity and stability through sustainable development. It is only logical to highlight Belt and Road-related policies in the policy speech this year, because the initiative offers tremendous opportunities for a city of over 7 million people. This is due to its unique qualities which none of its mainland counterparts can match yet. It was definitely not just to please the central government - as some biased individuals here have claimed. In fact, it is tailored to benefit Hong Kong as well in contributing to this bold initiative.
When the central government introduced the Belt and Road Initiative last March, it was clear Beijing expected Hong Kong to play a unique role in it. Hong Kong can show the way for mainland cities and provinces to forge economic and trade ties economies along the Belt and Road. The central government has high hopes for the SAR. This is because of its openness, economic strength, free-market aptitude and international connections. With this role come enormous opportunities for Hong Kong to elevate its status in the global economy and benefit local residents.
Hong Kong's economy has met with some formidable challenges in recent years amid a global economic slowdown caused by the global economic meltdown some eight years ago. Some sectors find themselves stuck while economic diversification struggles to inch ahead due to lack of motivation and political divisions. The city is badly in need of new growth engines and more arenas for its army of professionals. The Belt and Road will open the doors for Hong Kong to overseas markets with a combined population of more than 4.4 billion, stretching all the way from East Asia to Europe by both land and sea.
Hong Kong has absolutely no reason not to take up the role of a "super-connector", as the CE has explained thoroughly in the 2016 Policy Address, which also lists what the SAR government plans to do to ensure the city will live up to its billing. Apart from appointing mission-specific offices, the government will also participate in the physical construction and operation of the Asian Infrastructure Investment Bank. This was launched last year precisely to provide financial assistance to development projects under the Belt and Road Initiative. With its business prowess in international finance, Hong Kong's banking sector stands to shine when the strategy gets underway.
The same can be said about the city's international trade and related industries such as shipping and logistics. Their considerable business knowledge and experience will put Hong Kong companies in an advantageous position when it comes to building and operating trade links between markets on the Belt and Road map. All these business and trade activities will no doubt require a range of professional services to handle legal, accounting, communications and many more issues. That means numerous business and job opportunities for Hong Kong's well-trained bilingual professionals.
Many people have been increasingly worried in recent years about Hong Kong's ability to maintain its competitiveness. Such concerns stem from the fact that the city has largely relied on past achievements rather than blazing new trails to maintain sustainable development. Now more than ever, we need to challenge ourselves by facing competition head on. Nothing is better than actual competition to show what Hong Kong is made of. Today, the city is possibly facing the greatest opportunity in its history. It will help it leave its mark on the global stage as well as reinventing itself and thriving while doing what it does best. Why should Hong Kong choose to sit on the sidelines while others race ahead?
The author is executive chairman of the Hong Kong Association for Promotion of Peaceful Reunification of China.
(HK Edition 01/18/2016 page10)