“We also have the required talent pool needed to advise governments on project structuring in order to make them commercially feasible or to assist private investors to bid for and operate projects.”

Aside from the funding angle, infrastructure will require parties with the correct experience, including roads, bridges, railways and underground railways. “In the early stages, infrastructure development will require investment and project contracting, areas where Hong Kong has a lot of experience,” Chan says. “Later, as trade and business develops along the various belt and road corridors, companies will require tax planning, auditing, financial management, governance and risk management, advice on use of capital, and many other commercial consultancy services from professional accountants who are also business advisers.”

This means that in the immediate term, architects, engineers and surveyors will be needed. Some also see potential opportunities in artificial intelligence, robotics, cloud computing and big data analytics, Fintech and other new technologies. And, while professionals move interchangeably between cities, meaning there is less differentiation between one place or another, Hong Kong can still play a central role as China expands.

“The belt and road is a continuation of China’s outbound investment strategy and the export of its excess capacity, and part of a larger strategy for China to increase its global influence. There is little doubt that there will be benefits for many, but the question is whether that benefit will fall on Hong Kong, as opposed to other cities or regional hubs such as Singapore or London,” says Kanyi Lui, partner, Jones Day, an international law firm.

“Hong Kong has been and remains an international financial centre and an important financial hub for the Greater China region. With a robust legal system, a thriving financial and capital market, the absence of foreign exchange controls, and one of the largest offshore renminbi markets, the city is uniquely positioned to act as an one-stop shop for parties seeking to raise financings for belt and road investments and projects,” Lui says.

Many countries along the belt and road are considered developing economies and in need of infrastructure, while having an increased appetite for consumer goods. While Hong Kong has a clear role to play in terms of finance, professionals in other industries, along with entrepreneurs, would do well to examine the risk and reward before entering the market.

Belt and road is subject to several risks in the partner countries, Chan says. These include “harsh terrain, long distances to the market; high costs, slow customs clearance, corruption; competition from initiatives in Japan and India; political instability and frequent violence from Islamic militants and separatists; and challenges derived from its domestic problems, tensions with its neighbours and rivalries with other great powers”, she says.

“Some nations remain sceptical about the practicality and coherence of the large number of belt and road projects, while a number of critics have labelled the initiative a form of neo-colonialism. Some countries even refused to endorse this grand plan due to concerns about China’s commitment to social and environmental sustainability and transparency.”