Hong Kong SAR Chief Executive Carrie Lam (left) shakes hands with Chairman of the National Development and Reform Commission, He Lifeng, after signing of an agreement to advance the SAR's participation in the Belt and Road Initiative in Beijing on Dec 14, 2017. (GOVERNMENT INFORMATION SERVICES)
HONG KONG - Chief Executive of the Hong Kong Special Administrative Region Carrie Lam Cheng Yuet-ngor, signed on Thursday an arrangement with National Development and Reform Commission Chairman He Lifeng to advance the ctiy's participation in and contribution to the Belt and Road Initiative.
The relevant measures help reinforce and elevate Hong Kong's position as international financial, transportation and trade centers
Carrie Lam, HKSAR Chief Executive
Lam signed the agreement on behalf of the HKSAR government.
The arrangement, signed in Beijing, will put forward measures focusing on six key areas: finance and investment; infrastructure and maritime services; economic and trade facilitation; people-to-people bonds; taking forward the Guangdong-Hong Kong-Macao Bay Area Development; and enhancing collaboration in project interfacing and dispute resolution services.
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It will allow Hong Kong to give full play to its unique advantages under "one country, two systems" to contribute to the country and seize the opportunities brought by the initiative to provide new impetus for the city's economic growth.
"Grounded on Hong Kong's strengths in finance, infrastructure, economic and trade, professional services and more, the arrangement seeks to enhance communication and cooperation with the mainland in the 'five areas of connectivity', i.e. policy coordination, facilities connectivity, unimpeded trade, financial integration and people-to-people bond," said Lam.
"The relevant measures help reinforce and elevate Hong Kong's position as international financial, transportation and trade centers, promote partnership between the mainland and Hong Kong enterprises, spawn the demand for Hong Kong's professional services, and present our talent with opportune prospects."
The arrangement covers a wide range of areas, including facilitating cooperation of all key stakeholders through the platform of Hong Kong to provide for the Belt and Road Initiative the funds required and a diversity of financing channels.
Lam said it will fully leverage Hong Kong's status as the global offshore renminbi business hub to facilitate cross-boundary investment, develop green finance, support Hong Kong in providing diversified professional services for Belt & Road infrastructure projects, support Hong Kong's maritime development and provide international legal and dispute resolution services for the Belt and Road Initiative.
Lam thanked the central government for its support, and the reform commission for its efforts in preparing the arrangement in recent months.
She expressed the hope the Development Plan for the Guangdong-Hong Kong-Macao Bay Area can be completed as soon as practicable to enable the HKSAR government to take forward the development projects.
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