The Hong Kong Trade Development Council recommends Hong Kong to be a super-connector for Belt and Road countries in five aspects, including serving as a cloud data center.
The Digital Silk Road Initiative, part of China's Belt and Road Initiative, is set to reduce trade frictions and increase efficiency. With its inherent strengths, Hong Kong can participate in and contribute to this important initiative of building a digital economy for the world, a consultancy study supported by the HKTDC Belt and Road Committee revealed.
It suggested that Hong Kong could consider creating a cloud data platform to encourage the sharing and use of data among Digital Silk Road countries.
As an international digital financial center, Hong Kong should fully embrace fintech developments and explore the possibility of launching an exchange to trade digital assets, along with a cryptocurrency that can support cross-border transactions.
Also, given the city's credibility as a legal center, built on the strength of its common law and independent judiciary, it is in a strong position to become an international arbitration center. With digital technology set to transform the arbitration process and bring about new methods such as online arbitration, the city needs to act fast to define best practices.
The city may employ blockchain technology as well, empowering supply chain financing and reducing the heavy documentation of import-export trade, which can further boost Hong Kong's entrepot role as it connects with other markets in the Greater Bay Area.
The study also advised the city to speed up its smart city development.