China’s belt and road push will help Hong Kong top regional rival Singapore

Andre Wheeler believes Hong Kong will increasingly look the more attractive city to live and work. More business opportunities will open up, particularly as a maritime hub, as China’s mega infrastructure push gets under way

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Published: 4:54pm, 2 May 2017Updated: 7:50pm, 2 May 2017

Thanks to China’s belt and road strategy, the nature of logistics, and transport and maritime routes, are likely to be transformed in South and Southeast Asia. This presents both opportunities and threats. Illustration: Craig Stephens

With Singapore hosting the Maritime Week recently, many observers and commentators have been waxing lyrical about the island-state’s status as the maritime capital of the world. When doing so, they refer to the size of the shipping industry.

Headlines have referenced the Menon report this year, which places Singapore at No 1. This report uses five metrics to benchmark maritime centres worldwide: shipping; finance and law; technology; ports and logistics; and competitiveness.

The outcome of any research is largely influenced by the assumptions fed into the modelling. Taking a more qualitative view of some of the fundamentals, particularly the impact of the “One Belt, One Road” initiative, I believe Hong Kong, which is listed at No 7 in the report, is in prime position to take the top spot – leapfrogging Shanghai, currently at No 4.

Thanks to China’s belt and road strategy, the nature of logistics, and transport and maritime routes, are likely to be transformed in South and Southeast Asia. This presents both opportunities and threats to a number of countries in the region. In my view, Singapore is most at threat, with Hong Kong more likely to take a leading role and replacing Singapore’s dominance in professional service provision. I would go further and argue that the belt and road will be the catalyst to drive home Hong Kong’s status as the professional services hub in Asia.

China’s ‘One Belt, One Road’ is the perfect stage for Hong Kong to showcase its strengths

Merchant ships off Singapore’s coast. Singapore has been named the maritime capital of the world, after taking top spot in a recent ranking. Photo: Xinhua

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