Hong Kong should grasp opportunities of China's 'one belt, one road', says John Tsang

Hong Kong's sound financial system not only spares the city from the mayhem that hit China's stock market recently, but also affirms its edge to become a financing platform for the country's "one belt, one road" initiative, according to Financial Secretary John Tsang Chun-wah.

Tsang also said Hong Kong should grab the opportunities offered by the initiative which, he said, would be a key driver for the Hong Kong economy for the next 30 years.

Tsang's remarks, made in an article on his official blog yesterday, came as Chief Executive Leung Chun-ying was visiting Beijing for talks with officials on Hong Kong's possible roles in "one belt, one road".

Tsang said the local stock market had been trading and operating in an orderly and smooth fashion despite fluctuations sparked by the sharp sell-off in mainland shares.

"That shows Hong Kong [has a] sound and stable system and a consummate market infrastructure so that it is able to win the vote of confidence from investors and enterprises from around the world," wrote Tsang.

China's stock market nosedived by more than 30 per cent from its mid-June peak, despite repeated government intervention. It was not until late last week that a rebound was seen. Beijing had sent police to join the securities regulator to investigate "malicious short selling".