Hong Kong will continue to use its advantages under “one country, two systems” to strengthen its role as a key Belt and Road hub, Financial Secretary Paul Chan Mo-po said. The comments came as reported investment links with ASEAN and the number of ASEAN and Middle Eastern companies in Hong Kong both increased from five years earlier.
Hong Kong’s direct investment in ASEAN totalled US$16.5 billion in the year covered by the report, although the year was not specified. The figure was reported to have grown by nearly 1.4 times over five years, while more than 930 companies from ASEAN and the Middle East had set up in Hong Kong, an increase of nearly 30 per cent over the same period.
Chan said Hong Kong’s role in Belt and Road cooperation included attracting investment, supporting outward expansion, promoting development and deepening exchanges. He said the city would advance physical connectivity, regulatory alignment and people-to-people links by using its advantages under “one country, two systems”.
Chan also said a more than 20-year growth trend in emerging markets had expanded consumer demand and demand for infrastructure. He said the gradual shift of mainland industrial supply chains to Belt and Road markets was a response to that trend.
Chan said the upcoming Belt and Road Summit would help strengthen Hong Kong’s role as a key hub. The reports did not specify the summit’s exact date, the year covered by the US$16.5 billion investment figure or the statistical scope of the more than 930 companies.