Hong Kong to propel belt and road market expansion, finance chief says

Hong Kong will step up support for belt and road enterprises seeking to expand into new markets and tap regional growth, reinforcing its role as a pivotal business hub and platform for deeper exchanges, the city’s financial chief has said.

In his weekly blog on Sunday, Paul Chan Mo-po also pointed to strong growth in emerging markets and developing economies in recent years, citing International Monetary Fund projections of a further 3.8 per cent and 4.5 per cent expansion respectively over the coming two years.

“The gradual relocation of mainland China’s industrial chains towards belt and road regions is a response to this reality,” he wrote.

Chan made the remarks ahead of the 11th Belt and Road Summit in Hong Kong this week. The annual event promotes business among participating nations in the Belt and Road Initiative, Beijing’s project to build a China-centred global trading network.

This year’s summit is being held under the theme “Advancing high-quality development, embarking on a new journey”. For the first time, there will be a dedicated “Go Global Chapter” to support mainland firms expanding overseas.

Mainland firms have established around 58,000 overseas entities, creating more than two million local jobs annually, with an investment stock of US$3.4 trillion, nearly 90 per cent of which is in developing economies, according to Chan.