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Thursday, December 17, 2015, 13:11

Belt & Road: City firms urged to sit up

By Shadow Li / chinadailyasia.com

Belt & Road: City firms urged to sit up

HONG KONG - Financial Secretary John Tsang Chun-wah on Thursday renewed his call to city firms to seize oppotunities presented by President Xi Jinping's Belt and Road Initiative.

Speaking at a seminar hosted by the Central Policy Unit and Hong Kong Institute of Asia-Pacific Studies of the Chinese University of Hong Kong, Tsang said the SAR government had begun to conduct field visits to countries along the Belt and Road to gain a better understanding of business opportunities in diverse economies.

He encouraged the city's enterprises to make more efforts to seize the opportunity as Hong Kong, with its abundant talents in finance, law, logistic and other sector, will benefit greatly from the blueprint.

Former Vice-chancellor of the Chinese University of Hong Kong Lawrence Lau said the Belt and Road and the Asia Infrastructure Investment Band proposed along with the initiative were aimed at creating value and to ensuring a win-win outcome for all.

Lau believed the initiative will help the Chinese mainland in six ways. Other than further opening up its economy, it will help the country make a productive investment of its surplus savings for future and will help create a peaceful and friendly environment for China to continue to develop.

Echoing Lau's sentiments, Professor Peter Frankopan, director of Oxford Centre for Byzantine Research in University of Oxford, said the opportunities and challenges the initiative entailed were enormous.

Frankopan pointed out that China would need to deal with instability in countries on the Belt and Road map as well as the ethnic tension in those states.

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