Super-connector role of HK

Top News | Phoenix Un 15 May 2017

Hong Kong as "the world's China financial center" provides the connectivity between the mainland and the rest of the globe for Belt and Road projects, Chief Executive Leung Chun-ying said in Beijing.

Leung spoke at the thematic session on financial connectivity at the Belt and Road Forum for International Cooperation yesterday.

As an international city with no capital control and ranked by the Heritage Foundation as the world's freest economy for 23 years in a row, Hong Kong has attracted some 8,000 mainland and foreign firms to set up offices in the SAR, he said.

Financial connectivity lies at the heart of the Belt and Road, Leung added, and Hong Kong enjoys "super- connectivity" under the "one country, two systems" principle.

"We have a deep pool of financial professionals of all nationalities. Bankers, lawyers, accountants, risk managers in Hong Kong are well versed in cross-border transactions," Leung said.

"All these have made us the 'super- connector' between China and the rest of the world."

Another field in which Hong Kong can help is its experience in project management and operational management to make sure that the infrastructure projects are of high quality.

Taking MTR Corp Ltd as an example, Leung said it also manages railways in the mainland, Britain, Sweden and Australia.

Hong Kong is also the world's largest offshore yuan business center.

"As the renminbi becomes increasingly popular as a financing and transaction currency for Belt and Road projects, Hong Kong stands ready to offer our services to investors around the world."

The Guangdong-Hong Kong- Macau Bay Area is at the heart of a strategic point of the Belt and Road, with its development plan now under preparation.

"In this new regional cooperation initiative, financial services will be Hong Kong's key strength," Leung said.

The financial connectivity session is one of six sessions held simultaneously yesterday afternoon at the forum.

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