HK pitched as best financing platform for Belt and RoadBusiness | 12 Sep 2019 6:34 pm
Hong Kong is ideally positioned as a financial center for the Belt and Road Initiative, said Diana Cesar, board member of Financial Services and Development Council, and chief executive of HSBC Hong Kong.
She said that the city is among the world’s top three financial hubs with an equity market capitalization of about US$4 trillion (about HK$31.5 trillion) and the world’s number one offshore yuan bond market and liquidity pool.
It is also a major Asian private equity center, managing about 20 percent of the region’s total capital pool.
Cesar chaired the panel discussion “Hong Kong as an International Capital Formation Centre for Belt and Road,” at today’s Belt and Road Summit.
“The Belt and Road Initiative is evolving as a new network of trade and investment connections built on ancient routes. Launched only six years ago, these are still early days for such a long term initiative. However, it already offers a wealth of opportunities for Hong Kong, including raising private financing for BRI infrastructure projects and through greater international use of the renminbi as new infrastructure drives greater trade between China and the rest of the world.
“We believe Hong Kong will continue to be at the forefront of the BRI, in spite of competition from other financial centers.
"As China’s leading international financial center, Hong Kong is deeply integrated into global capital and trade flows and is powered by world-class talent and financial infrastructure. I hope the Belt and Road Summit will help the business community seize that opportunity in all its forms and be a catalyst for the further development of BRI business in Hong Kong," she said.