Why is Hong Kong so competitive?
Why is Hong Kong so competitive? The “One Belt, One Road” International Cooperation Summit Forum has added a “Hong Kong Link” – “One Belt, One Road: From Hong Kong”. Members of the large Hong Kong delegation have drawn down the advantages of Hong Kong’s participation in the “Belt and Road” construction on different occasions. Professionals from different sectors such as industry and commerce, law and finance took turns to explain the unique role and important role that Hong Kong can play, and Hong Kong has received a lot of attention in the forum.
“Hong Kong is not only one of the most competitive cities in the world, but also a multicultural city in the heart of Asia.” At the beginning of the “Hong Kong Link”, the Chief Executive, Mrs Carrie Lam, said that under the unique “One Country, Two Systems” principle, Hong Kong has Unique advantages and favorable conditions are important nodes and preferred platforms for the “Belt and Road” initiative. In the past few years, the Hong Kong Government has been playing the role of “promoters” and “promoters” to promote the “One Belt and One Road”. The “Hong Kong Link” is “focusing on how Hong Kong can contribute to the “One Belt, One Road””. Let everyone have more confidence to cooperate with Hong Kong.
“Hong Kong Link” is chaired by Shi Meilun, Chairman of the Hong Kong Stock Exchange, Chen Delin, President of the HKMA, Yuan Guoqiang, Senior Counsel, Cai Guanshen, President of the Hong Kong Chinese General Chamber of Commerce, Cheng Mozhi, Chairman of the Insurance Authority, Lin Tianfu, Chief Executive Officer of the Airport Authority, and the management of the West Kowloon Cultural District The Chairman of the Board, Tang Yingnian, was a distinguished guest of the Hong Kong elite, sharing Hong Kong’s advantages as a “One Belt, One Road” hub in financial investment, legal and dispute resolution services, commerce, professional services, capacity building and cultural exchanges.
“Why is Hong Kong so competitive?” Chen Delin throws up the question and then gives the answer, saying that this competitiveness comes from three unique factors that cannot be replicated by other international financial centers: First, the geographical distance between Hong Kong and the Mainland; Secondly, under “One Country, Two Systems”, Hong Kong has received strong support from the Central Government to develop an international financial centre and participate in the construction of the “Belt and Road”. Third, Hong Kong is the only bilingual jurisdiction in the world. The legal provisions and court procedures have the same legal effect. In both Chinese and English, it is very convenient and helpful to invest in Chinese enterprises overseas.
As for infrastructure financing, Chen Delin said that “it has never been easy.” The two sides “have always had a big gap.” “Hong Kong has the ability to solve it,” he said, because the Hong Kong banking industry has more than $3 trillion in assets, an active syndicated loan market, and a very mature and equally active capital and bond market. The world’s largest and most liquid offshore renminbi market.
“The legal system in Hong Kong will enable Hong Kong to make full use of the opportunities brought by the “One Belt, One Road”.” The former Secretary for Justice and Senior Counsel, Mr Kwok Kwok-keung stressed that the common law practiced in Hong Kong is the most friendly legal system for business activities in the world. In one of the cases, most of the commercial and mediation legislation is catching up with the latest developments in the world; because Hong Kong has more than 40 lawyers from different jurisdictions, it has extensive experience in various legal disputes and legal services. He particularly emphasized that a unique system in Hong Kong’s judiciary is that the Court of Final Appeal not only has local judges but also judges from overseas, which makes Hong Kong a leader in common law jurisdictions.