Press Releases in Hong Kong

HK to seize BRI opportunities using global connections

Financial Secretary Paul Chan Mo-po (right) attends the fourth Joint Conference on Advancing Hong Kong's Full Participation in & Contribution to the Belt & Road Initiative with Secretary for Commerce & Economic Development Edward Yau Tang-wah on July 12, 2021. (PHOTO / HKSAR GOVERNMENT)

HONG KONG – The Hong Kong Special Administrative Region government will make the best use of the city’s international connections and its compliance with global practices to seize Belt & Road opportunities, Secretary for Commerce and Economic Development Edward Yau Tang-wah said Monday.

Speaking at the fourth Joint Conference on Advancing Hong Kong's Full Participation in & Contribution to the Belt & Road Initiative, Yau said Hong Kong will also strive to expand its international ties and seek to join the Regional Comprehensive Economic Partnership as soon as possible.

The conference, attended by National Development & Reform Commission Vice Chairman Ning Jizhe and held virtually, reviewed the HKSAR government’s work in promoting the city's participation in the BRI during the past year.

The conference, held virtually and attended by National Development & Reform Commission Vice Chairman Ning Jizhe, reviewed the HKSAR government’s work in promoting the city's participation in the BRI during the past year

It discussed how Hong Kong could continue to leverage its advantages under the principle of "one country, two systems" to tap into the opportunities brought about by the "Outline of the 14th Five-Year Plan for National Economic & Social Development of the People's Republic of China & the Long-Range Objectives Through the Year 2035".

The meeting also discussed how Hong Kong could fully integrate into the overall development of the country and make the best use of the national development strategy to contribute to the nation's development while facilitating its own growth in the course of promoting the BRI. 

Also in attendance were Deputy Secretary General of the NDRC Su Wei, the convenor of the joint conference, and representatives from the NDRC, the Hong Kong and Macao Affairs Office of the State Council, the Ministry of Foreign Affairs, the Ministry of Commerce, the Ministry of Transport, the People's Bank of China, the State-owned Assets Supervision and Administration Commission of the State Council and the China Banking and Insurance Regulatory Commission.

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Yau, Hong Kong-side convenor of the joint conference, said efforts will be made to explore new markets and promote business matching between Hong Kong enterprises and the Economic & Trade Co-operation Zones located in member states of the Association of Southeast Asian Nations. 

He said RCEP will promote high-end and high value-added development of Hong Kong's service industries and further facilitate partnerships between professionals and businesses.

It will also help capture the opportunities presented by the Guangdong-Hong Kong-Macao Greater Bay Area so as to strengthen Hong Kong's role as the gateway between the mainland and the world.

Against the global headwinds of protectionism, the signing and implementation of the RCEP will promote regional economic integration and provide a momentous drive to global economic recovery in the post-pandemic era, Yau added.

Financial Secretary Paul Chan Mo-po said at the conference that the BRI has experienced continuous organic growth and has become the world's broadest-based and largest platform for international cooperation.

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The 14th Five-Year Plan supports the development of Hong Kong as the Belt & Road functional platform, as well as its future development in various areas, fully demonstrating the central government's unwavering support, Chan said.

He said Hong Kong will actively participate in the country's new dual circulation development strategy and promote Hong Kong's diversified economic developments by making the best use of the opportunities provided by the initiative and the Greater Bay Area development.

He stressed that during the 14th Five-Year Plan, the country's economy will continue to expand steadily. Under the dual circulation development strategy, the demand from the mainland market is expected to keep growing in the coming five years.

Following this trend, the HKSAR government will continue to support Hong Kong companies in promoting domestic sales, including assisting them in brand building and moving up in the value chain, Chan said.

On the epidemic situation, Chan indicated that the HKSAR government is creating favorable conditions for the resumption of normal daily life and travel of the general public.

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It is hoped that business and leisure travel with the mainland and the international community can resume gradually within a short period of time to revive local consumption and other economic activities, paving the way for a full-fledged economic recovery, Chan said.