HK pursues closer SE Asia ties

▶ Efforts under BRI will help ease downward pressure

The Hong Kong Special Administrative Region (HKSAR) has been actively expanding its economic cooperation with Southeast Asian nations under the framework of the Belt and Road Initiative (BRI), amid rising downward pressure on the city’s economic growth due to months of unrest.

The BRI offers great platform and large market for Hong Kong to offer its financial services and other professional businesses, especially when capital from the Chinese mainland is playing a major role in

Hong Kong’s economy, experts said.

HKSAR Chief Executive Carrie Lam was scheduled to sign a memorandum of understanding (MOU) with the government of Thailand, in a bid to enhance the bilateral economic relationship, according to a statement on the news site of the HKSAR government.

On Thursday, the head of Hong Kong’s Commerce and Economic Development Bureau (CEDB) Edward Yau and a delegation comprising entrepreneurs and professionals began a visit to Thailand to pave the way for the MOU.

They previously spent two days in Malaysia, where Yau noted that Hong Kong, as an international financial hub, maintains advantages in various sectors, especially financial services, said the statement.

Speaking of the unrest that Hong Kong is facing, Yau said on Tuesday that the city’s fundamental setup, including “one country, two systems”, has not undergone any changes, and it remains a free, open and dynamic city.

He pointed out that the BRI proposed by the Chinese mainland offers ample opportunities for mutual cooperation and collaboration for Hong Kong and other countries and regions.

He also noted in Bangkok that Hong Kong, as a financial center, has played a pivotal role in the BRI.

With sufficient senior professionals, Hong Kong could offer various professional services, including project financing, Yau said.

The major advantage of Hong Kong with regard to cooperation in the BRI is its financial sector, Li Wei, a professor of the School of International Studies at the Renmin University of China, told the Global Times on Thursday.

Since capital from the Chinese mainland is facing restrictions when investing overseas,

Hong Kong could offer a much easier approach for BRI projects’ financing, Li noted.

To expand economic cooperation with Southeast Asian countries under the framework of the BRI is both in line with the long-term economic growth of Hong Kong, and also could ease Hong Kong’s short-term pressure amid a technical recession, said Liu Guohong, director of the Department of Finance and Modern Industries at the China Development Institute in Shenzhen.

Hong Kong’s third-quarter GDP fell 2.9 percent year-onyear, data from the Hong Kong Monetary Authority showed.