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Hong Kong facilitates link between markets in mainland, overseas

2018-May-31       Source: Chinadaily.com.cn

Hong Kong is helping to push the development of Chinese enterprises in overseas markets as part of its role in the Belt and Road Initiative.

Hong Kong is helping to push the development of Chinese enterprises in overseas markets as part of its role in the Belt and Road Initiative.

That was the consensus at the Chinese mainland-Hong Kong Services Industry Symposium held on Tuesday during the fifth China Beijing International Fair for Trade in Services.

The Belt and Road Initiative is a key strategy for national development and its connecting infrastructure should be a priority in building a solid foundation for bringing more investment projects and trade, said Stephen Liang, assistant executive director of the Hong Kong Trade Development Council.

"Hong Kong possesses a geographical advantage with sound financial infrastructure and diversified services, and the Belt and Road Initiative has provided us a clear idea to play a role in the trade service," he said.

In 2017, the council combined with the National Development and Reform Commission to sign the official working agreement on the Belt and Road Initiative and Guangdong-Hong Kong-Macao Greater Bay Area, aiming to promote Chinese mainland enterprises' efforts to go abroad.

Hong Kong features an export-oriented economy and knows more about the international market, thus can help Chinese mainland enterprises to connect with overseas markets and resources, Liang said.

"Chinese mainland enterprises have enormous business scale, especially in the research and development of technological products," he said.

Hong Kong is actively carrying out measures to boost cooperation with the Chinese mainland, including setting up a Belt and Road portal to provide the latest news and insights, as well as signing the ASEAN-Hong Kong Trade Agreement.

Chinese enterprises may encounter some problems in the process of developing into overseas markets, such as Britain and France, who operate to different standards, said Wang Lijun, vice-general manager of the China Road and Bridge Corporation.

"With support of national funds, our country's standards can go out with the business and we can try to adapt China's standards locally," he said.

During CIFTIS, the Hong Kong Trade Development Council set up the Hong Kong Pavilion themed "Collaborate for Success", introducing its professional services and experience related to finance, investment, brand management, intellectual property protection, maritime logistics and risk analysis.

Hong Kong plays a significant role in financial services under the Belt and Road Initiative in fields such as risk management, and credit and loan, said Aaron Chow, general manager of the Asia-Pacific business department of Industrial and Commercial Bank of China (Asia) in Hong Kong.

Editor: Monica Liu

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