Deal cheers city’s B&R stakeholders

Heavyweights from political, economic and legal sectors in Hong Kong were optimistic — after the special administrative region government and the country’s top economic planning body signed their cooperation agreement — stressing the deal will bring considerable benefit to the city.

The Arrangement between the National Development and Reform Commission and the Government of the Hong Kong Special Administrative Region for Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative signed on Thursday emphasized the city’s role as a financing platform for projects under the Belt and Road Initiative.

Eddy Li Sau-hung, president of the Chinese Manufacturers’ Association of Hong Kong, said differentiating Hong Kong’s role from those taken by Chinese mainland cities under the B&R would help the city avoid unnecessary competition, allowing the city to grasp opportunities in time and accurately.

Meanwhile, outlining roles for Hong Kong in accordance with its unique features shows the central government’s thorough understanding of the city. It encourages the SAR to make the most of what it is good at.

The arrangement would let Hong Kong board the country’s “economic development express”, and have a real taste of the pride of a strong and prosperous China, Li noted.

Under the arrangement, the central government also supports Hong Kong’s role as regional legal hub for dispute resolution in the Asia Pacific. Lawrence Ma Yan-kwok, a barrister and chairman of the China-Australia Legal Exchange Foundation, said the arrangement would bring the city a great deal of legal business.

He said many international businesses along the B&R would prefer settling legal business in Hong Kong. On one hand, the city practices the common law which is commonly used in the global market, and on the other hand Hong Kong is familiar with the mainland’s situation as it is geographically connected to the mainland, Ma said.

The potential boost from the arrangement would give Hong Kong a big chance to stand on the same level as London and New York as an international arbitration center, Ma concluded.

The arrangement also touches on people-to-people bonds. Lawmaker Starry Lee Wai-king said it would inspire more exchanges between the mainland and Hong Kong.

Lee, who is also the chairwoman of the SAR’s largest political party — the Democratic Alliance for the Betterment and Progress of Hong Kong — called on lawmakers in the city to follow the direction outlined by the arrangement and establish regular exchanges with mainland authorities, in a bid to make the city’s legislature better informed about mainland development.

Major points of the arrangement

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