Hong Kong’s Belt and Road Summit this week marks both a decade of ambitious infrastructure development and a profound transformation in how nations collaborate to address global challenges. The recent characterization of President Xi Jinping’s peace initiative as a wake-up call resonates particularly strongly as the world navigates unprecedented geopolitical tensions and economic uncertainties.
The Belt and Road Initiative (BRI) has matured significantly from its early days of massive infrastructure projects. Today’s reality reflects a more nuanced approach that emphasizes “small and beautiful” projects — prioritizing green technology, digital infrastructure, and sustainable development over mega-constructions. This evolution mirrors successful global development models, such as Germany’s Mittelstand approach, where smaller, specialized companies drive innovation and economic growth rather than relying solely on corporate giants.
Hong Kong’s pivotal role in this transformation cannot be overstated. The city has emerged as the essential bridge between East and West, facilitating not just capital flows but the exchange of expertise and innovation. Companies like Shuangdeng Group, which recently completed a spectacular Hong Kong IPO oversubscribed nearly 3,900 times, demonstrate the market’s appetite for green technology enterprises. Their focus on energy storage systems aligns perfectly with global sustainability goals — similar to how Tesla’s battery technology has revolutionized renewable energy storage worldwide.
The Digital Silk Road component deserves particular attention. As Estonia transformed itself into a digital powerhouse through e-governance initiatives, BRI-participating countries are similarly leapfrogging traditional development stages through digital infrastructure. Hong Kong’s sophisticated financial technology ecosystem positions it ideally to facilitate these transformations, offering capital markets both the depth and regulatory framework necessary for sustainable digital growth.
Environmental sustainability has become central to the initiative’s future direction. Archireef Ltd’s innovative coral reef restoration technology, utilizing 3D-printed clay tiles, exemplifies how Hong Kong-based solutions address real environmental challenges across regions covered by the BRI. This mirrors successful conservation efforts like the Great Barrier Reef Foundation’s partnerships in Australia, demonstrating that environmental protection and economic development need not be mutually exclusive.
Hong Kong’s role as facilitator, financier, and innovator ensures that this vision remains grounded in practical, achievable outcomes that benefit all participants. The convergence of foreign investment, energy transition, and currency internationalization creates unprecedented opportunities for meaningful global cooperation
The private sector’s increasing involvement represents another crucial shift. Plaza Premium Group’s expansion across 600 airports in 150 countries illustrates how service-oriented businesses complement traditional infrastructure development. This diversification resembles the European Union’s approach to integration, where service harmonization followed infrastructure connectivity, creating deeper economic bonds.
Critics who dismiss the BRI as a “debt trap” mechanism fail to recognize these fundamental changes. The emphasis on green finance, exemplified by Hong Kong’s recent green bond issuances totaling over $10 billion, demonstrates a commitment to sustainable development that rivals any Western-led initiative. Singapore’s success with green finance standards provides a regional precedent that Hong Kong and other BRI partners are building upon.
The event’s focus on collaboration rather than competition reflects a mature understanding of global interdependence. With over 90 officials from 18 countries and regions participating, the event represents more than diplomatic pageantry — it’s a practical platform for addressing shared challenges. The inclusion of young business leaders in dedicated exchange sessions ensures continuity and fresh perspectives, much like how Silicon Valley’s mentorship culture has sustained decades of innovation.
Hong Kong’s unique position under the “one country, two systems” framework enables it to serve as both a Chinese city and an international hub. This duality allows for unprecedented flexibility in facilitating BRI-related projects, offering Western-standard legal frameworks alongside deep understanding of Chinese business culture. The recently signed memorandum of understanding between Hong Kong and Saudi Arabia on infrastructure cooperation exemplifies how this bridge-building function operates in practice.
The shift toward smaller-scale, technology-driven projects reflects lessons learned from the initiative’s first decade. Just as South Korea’s focus on digital infrastructure and green technology propelled it to developed nation status, BRI-participating countries are now prioritizing projects that deliver immediate community benefits while building long-term sustainable growth. This approach has proved successful in Rwanda’s transformation into Africa’s technology hub, demonstrating that strategic, targeted investments can yield extraordinary results.
Looking ahead, the BRI’s success will be measured not in kilometers of rail laid or number of ports constructed, but in sustainable development outcomes, technological advancement, and genuine prosperity sharing. The initiative’s evolution toward smaller, greener, and more technologically sophisticated projects suggests a learning organization capable of adapting to changing global needs.
As the world grapples with climate change, technological disruption, and economic uncertainty, the BRI offers a framework for collective action that transcends traditional geopolitical boundaries. Hong Kong’s role as facilitator, financier, and innovator ensures that this vision remains grounded in practical, achievable outcomes that benefit all participants. The convergence of foreign investment, energy transition, and currency internationalization creates unprecedented opportunities for meaningful global cooperation.
The author is the convenor at China Retold, a member of the Legislative Council, and a member of the Central Committee of the New People’s Party.
The views do not necessarily reflect those of China Daily.
