14 Dec 2017
Arrangement for Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative
The National Development and Reform Commission (NDRC) and the Government of the Hong Kong Special Administrative Region have signed an arrangement for advancing Hong Kong’s full Participation in and contribution to the Belt & Road Initiative (BRI). Under the terms of the arrangement, which was signed on 14 December, Hong Kong’s role within the overall BRI framework will see it focusing on six particular areas – finance and investment; infrastructure and maritime services; economic and trade facilitation; establishing closer links with groups and individuals along the BRI routes; advancing the Guangdong-Hong Kong-Macau Bay Area Development project; and heightened collaboration with regard to project interfacing and dispute resolution.
This formalised arrangement will allow Hong Kong to play to its strengths and to fully utilise the advantages of the "one country, two systems" policy to benefit the nation overall, while also boosting the city’s own economic growth by capitalising on the opportunities emerging from the BRI. Taking Hong Kong's undisputed strengths in several sectors – including finance, infrastructure, economic development, trade facilitation and professional services – as a starting point, the arrangement looks to enhance communication and co-operation between the city’s business community and its mainland counterpart, with a particular focus on five priority areas: policy co-ordination, facilities connectivity, free trade, financial integration and interpersonal connectivity.
Under the terms of the arrangement, mainland businesses, as well as those operating out of the countries linked by the BRI, will be encouraged to establish their regional headquarters in Hong Kong. At the same time, the arrangement commits both parties to promoting a wider range of academic, cultural and creative exchanges between Hong Kong and the countries / regions linked by the BRI, with Hong Kong also taking a lead role in the development of BRI-related tourism initiatives and conferences / exhibitions.
Please refer to the following links for more details:
Belt & Road Deal Signed
Full Text of the Arrangement