Choi gives full tribute to China for her outstanding achievements in executing B&R infrastructure projects. With the basic framework of “six economic corridors, six connectivity networks, and multiple countries and ports in different parts of the world” taking shape, many projects have made substantive progress. The six corridors are advancing steadily. Most notably, the China-Pakistan Economic Corridor has made an early start and is now developing rapidly. As for railway projects, the China-Europe Railway Express is running smoothly; the China-Loas Railway is in full operation; the Jakarta-Bandung High-Speed Railway is scheduled for operation soon; and works are progressing steadily for both the Hungary-Serbia Railway and Sino-Thai Railway.

 

Choi highlights the fact that China has already reached free trade agreements, Authorized Economic Operator (AEO) mutual recognition agreements and industrial capacity cooperation agreements with many countries. Goods trade between China and B&R countries doubled from USD1 trillion in 2013 to USD2 trillion in 2022, representing a remarkable annual average growth of 8%.
 

Leveraging its unique advantages, Hong Kong has been playing the part of an important B&R functional platform and a “super-connector” between the Mainland and the world in recent years. Choi stresses that the “Belt and Road” Initiative is forging ahead towards high quality development. In this backdrop, Hong Kong is presented with great green economy and digital economy opportunities. He firmly believes Hong Kong can transform itself into a stronghold of the Digital Silk Road.

 

Meanwhile, the HKSAR Government is actively promoting green finance in Hong Kong. Choi indicates that China has positioned Hong Kong as an international innovation and technology center. “Hong Kong has a large cohort of fintech startups which work hand in hand with the developed technology industry chain of the Guangdong-Hong Kong-Macao Greater Bay Area. Moreover, Hong Kong can assist B&R enterprises and businesses in various ways, such as helping them gain a foothold in GBA and explore investment opportunities in innovation and technology.”

Recognizing the dynamic business opportunities in B&R markets, Choi led the Chamber to take part in many exchange activities and overseas visits to strengthen ties with Chinese business communities across the world. ““For instance, I led a business delegation to Kuwait, Qatar and the United Arab Emirates in the Middle East earlier this year. I also led a delegation to Europe recently, visiting Germany, Belgium, France and the UK to explore collaboration opportunities. Going forward, we hope to expand the Chamber’s network worldwide. There are plans to establish the Chamber chapters in Bangladesh, Mexico and other countries.”

 

Choi believes new blood plays a defining role in the succession of Hong Kong’s business and industry as well as realizing the ambitious visions of the Belt and Road Initiative. To help the next generation prepare themselves timely to embrace these opportunities, stronger focus and support must be given to youth startup, education and culture in the future.

 

From sowing the seeds to reaping a good harvest, the “Belt and Road” Initiative has laid an important milestone on its 10th anniversary. Choi takes great pride in China’s admirable success in building “five areas of connectivity”. Without a doubt, Hong Kong will make every effort to coordinate and play our bridging role.

 

Many B&R countries have benefited from infrastructure projects, particularly countries that lag behind in this area. Fang stressed that these countries not only received impetus and support from China for launching infrastructure projects, but also expanded their international trade railway networks with China’s assistance.

 

Fang also indicated that the railway network across Asia and Europe has revived the major trade passage between the two continents to a certain degree, and the completion of the China-Europe Railway offers cheaper and faster alternative freight routes. Examples in Southeast Asia include the Lao-China Railway that connects Kunming and Laos and the recently completed Jakarta-Bandung High-Speed Railway in Indonesia. There are even plans to extend the railway network to other countries like Thailand, Malaysia and Singapore in the future. Apparently, B&R has made an equally important contribution to advance infrastructure.

 

 

Port development is yet another success story. Fang pointed out that countries like Sri Lanka and Egypt have been aided by China to build their ports, while Greece successfully rescued the crippled Port of Piraeus thanks to China’s support. “China transformed Piraeus into an important entrepot for transshipment goods from China to Europe. China also provided assistance to developing B&R countries to develop industrial parks as a bid to drive employment and economic development.”

 

Hong Kong has long played a vital role in B&R development. Fang believes the SAR is uniquely placed to mobilize the international capital markets to raise funds for B&R programs and strengthen risk management capabilities of B&R investment projects.

 

He also suggested stepping up efforts on several fronts. These include building a B&R sector, giving full scope to Hong Kong’s unique role as a Renminbi offshore center, augmenting growth of the green bond market, and furthering collaboration and connection between B&R state-owned investment institutions and Hong Kong.

 

Fang believes Hong Kong’s unique role in promoting B&R investment and exchange has not been brought into full play. “Hong Kong should now strengthen cooperation with Mainland provinces, regions and municipalities to make concerted efforts in promoting exchange between B&R countries in all aspects, so as to serve Hong Kong’s purpose as an important node and functional platform.”

 

The “Belt and Road” Initiative (B&R) not only needs the younger generation to take over to continue thriving, but also helps young people participate in and contribute to the development of Hong Kong, the country and the wider world in the future.

 

“My Interfaces with the Belt and Road Initiative”, an integrated abilities competition for Hong Kong students held by the Belt and Road Pioneer, has been helping students understand the opportunities in the B&R since 2017. Winners of the event will have the chance to visit the B&R countries during their summer holidays. The event celebrated its sixth edition this year. Herman Hu, the Chamber’s Vice-Chairman and the Belt and Road Pioneer’s Chief Honorary Chairman, said that the event aims to guide students to understand the B&R and its underlying opportunities so that they can equip themselves early.

 

In Hu’s view, Hong Kong's young people and students are very smart and have the advantage of biliteracy and trilingualism. "Our role is to guide them to understand the development trends of the B&R and the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) to encourage them to broaden their horizons and enhance their competitiveness."

 

According to Hu, the event, which has so far attracted over 1,000 students to participate actively, is extensive yet compact, including lectures delivered by authoritative experts to impart knowledge about different aspects related to the B&R and the Greater Bay Area. The lectures will be followed by a Q&A contest based on the content of the lectures. The finals in the afternoon of the same day will be a theme presentation contest to test the creativity of the participants. Teachers and students of the winning teams will have the chance to visit the B&R countries. For the past few editions of the event, Hu led delegations to Malaysia, Thailand and Vietnam respectively. The trip to Vietnam was arranged by Jonathan Choi, the Chamber’s Chairman.

The country visited this year was Indonesia and the trip was completed in July. Hu said: “The delegation visited many important political and business venues in Indonesia, as well as the Jakarta-Bandung High-Speed Railway and the Confucius Institute at Al-Azhar University. Most of the organizations visited during the trip hosted Hong Kong’s young people for the first time.”

 

Hu said that the feedback from participating teachers and students was very positive. They not only expanded their understanding of the local economy, history and culture, but also experienced its customs and traditions firsthand, which made them deeply appreciate the grandeur of the country’s strategic development.

 

Hoping for Hong Kong students to shine and thrive in B&R

The Belt and Road Pioneer is actively considering to expand the event to hold it in the Greater Bay Area. Hu encouraged the younger generation to care for the society and the country, actively participating in various networking activities.

 

Hu had mixed feelings while organizing the event and leading the delegations, “Through this event, I am not only very happy to be able to directly communicate and get along with young people, but also feel privileged to meet and interact with community leaders and dignitaries in various places. I hope that Hong Kong students will seize the opportunity.”