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China's top legislator calls on HK to seize opportunities created by Belt and Road Initiative

Xinhua, May 18, 2016 Adjust font size:

China's top legislator Zhang Dejiang on Wednesday called on the Hong Kong Special Administrative Region (HKSAR) to take full advantage of the opportunities created by the Belt and Road Initiative and dovetail its development with the initiative so as to further expand and lift its superiorities.

Delivering a keynote speech here to the Belt and Road Summit sponsored by the HKSAR government, Zhang, chairman of the Standing Committee of the National People's Congress, said the central government attaches great importance to Hong Kong's prosperity and stability as well as its role in the national strategy.

The central government supports closer exchange and cooperation between Hong Kong and the mainland, and supports Hong Kong in expanding economic and trade ties with the world, the top legislator said, adding that Hong Kong, for its part, also needs to take a more active part in the national development strategy.

Zhang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, said the central government will support Hong Kong in playing an active role in responding to the Belt and Road Initiative.

The central government supports Hong Kong's agencies and professionals in offering accounting, design, consultancy and other professional services to the Belt and Road, and supports Hong Kong's efforts to build a center for international legal and dispute resolution services in the Asia Pacific, in order to provide legal and arbitration services to the Belt and Road, Zhang said.

The central government also backs Hong Kong in developing high added-value shipping industry, and building a multi-functional shipping center for the 21st Century Maritime Silk Road, and supports Hong Kong companies in leveraging their competitiveness in research, development, management, innovative industry, marketing and logistics, as well as participating in real economy cooperation such as production capacity cooperation along the Belt and Road, he said.

The central government will encourage mainland companies to use Hong Kong's platform to offer more low-cost capitals for the Belt and Road and will also support Hong Kong in strengthening its position as a hub for global offshore RMB business, and develop RMB business along the Belt and Road, Zhang said.

"We support different forms of cultural and educational cooperation between Hong Kong and the countries along the routes, and the development of a platform for personnel exchange. We support friendly and closer people-to-people exchanges between Hong Kong and the cities along the Belt and Road," he added.

Zhang encourages Hong Kong's business associations, social groups, think tanks and other organizations in organizing research, promotion, training, study tours and other events related to the Belt and Road, saying these exchange and cooperation will help increase mutual understanding among the people along the Belt and Road.

Hong Kong should deepen cooperation with the mainland and jointly develop markets along the Belt and Road, Zhang said, adding that the central government supports Hong Kong in fully tapping its advantages as the center in multiple areas, deepening cooperation with coastal provinces and cities in professional services and talents with global vision, and elevating cooperation through innovative models.

"We encourage Hong Kong to work with inland provinces, autonomous regions and municipalities in developing overseas businesses, build a multi-level form of cooperation at different parts of the value chain, and jointly explore markets along the Belt and Road," he said.

The Belt and Road Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road proposed by China in 2013, aiming to revive ancient trade routes between Asia and Europe, The network passes through more than 60 countries and regions, with a total population of 4.4 billion.

Zhang is here from May 17 to 19. He is also set to inspect the Hong Kong SAR during the trip. Endit