2016年CRI Hong Kong in Full Swing to Participate in ＂Belt and Road＂ Initiative

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Speaking at a now-concluded "Belt and Road" Summit in Hong Kong, Hong Kong Chief Executive CY Leung says the city is both well-positioned and well-prepared to play a bigger role in the development blueprint¹.

"The Initiative offers unprecedented² opportunities to all territories, Hong Kong included. With the combined advantages of 'One County, Two Systems", Hong Kong can serve as a 'super connector' between the Chinese mainland and the rest of the world. In areas such as finance, investment, professional services, trade, logistics, culture, creativity, innovation technology, Hong Kong's unique 'super connector' role can bring together the strength of 'Belt and Road' economies."

CY Leung says his administration plans to establish a special Belt and Road office to promote Hong Kong's role in the plan.

Hong Kong Commerce Secretary Gregory So says plans are already underway to try to make the city more accommodating for countries outside China participating in the "Belt and Road" plan.

"We as the government will continue to build infrastructure³ that facilitate the free flow of investment, trade and people. We are also keen to continue encouraging further trade and investment liberalization, these include, for example, establishing more free trade agreements, investment promotion⁴, and protection agreements, double taxation⁵ avoidance arrangements as well as other formats⁶ of regional plural⁷ and multilateral trade rules."

Hong Kong and Indonesian authorities have signed a Memorandum⁸ of Understanding this week in areas such as promotional exchanges and best practices.

Hong Kong-native Leung Lun has been running a toy factory in Indonesia for over the past 10-years.

He says his company is already benefitting from "Belt and Road," says they're now able to reduce costs and obtain financing through programs underway in Indonesia sponsored by Beijing.

As a result, Leung Lun says his sales have increased by close to 50-percent since the "Belt and Road" plan was first put forward.

"Our injection machines are our biggest costs. We made a one-off payment in the past. But now, we can pay via three-year loans. At the same time, customs clearance⁹ in Indonesia is now faster. It used to take two or three days to get our containers. Now it only takes one day."

A non-governmental "Belt and Road" research institution was established in Hong Kong earlier this year.

Deputy Director Alan Lee says they have invited dozens of experts to create an "investment risk rating" among countries and businesses participating in "Belt and Road" sometime next year.

"The first of our concerns is the spirit of law, because laws are fundamental. We will also consider local religions and customs. We will use Hong Kong as the base-line, and give our ratings based on how a particular country or business operates compared to Hong Kong."

It's also being suggested a dispute resolution mechanism¹⁰ for trade disputes also be set up in Hong Kong for companies and countries along the "Belt and Road."

For CRI, this is Li Jianhua.