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A participant casts a shadow on a map illustrating China's "One Belt, One Road" megaproject at the Asian Financial Forum in Hong Kong. Photo: Reuters

Hong Kong pushes trade deals with countries along ‘One Belt, One Road’ route

Negotiations expected to be completed by the end of the year, city’s commerce secretary says

Hong Kong is pushing to iron out trade deals with countries taking part in the mainland’s “One Belt, One Road” initiatives, the city’s secretary for commerce and ­economic development said ­yesterday.

The negotiations were expected to finish by the end of the year, Greg So Kam-leung told an investment seminar, adding that the city was seeking new investment opportunities through the international programme.

“The Hong Kong government is also strengthening cooperation with [the participating countries] in commerce, professional services and new industries, in which Hong Kong has a competitive advantage,” So said.

Also speaking at the event, ­assistant commerce minister Liu Haiquan said the city could offer a range of financial services for various initiatives.

These services could include developing the offshore yuan market in countries along the route, Islamic finance, the China-led Asian Infrastructure Investment Bank and the Silk Road Fund, he said.

“Hong Kong will be an important financial platform for the ‘One Belt, One Road’, with its world-class professional service providers and its experience with overseas investors,” Liu said.

READ MORE: Beijing pledges support for Hong Kong in ‘One Belt, One Road’ regional economic development strategy

Liu added that China would continue to create an open and transparent environment for foreign investors supported by regulations and policies.

He also said Hong Kong businesses should keep abreast of the central government’s reform ­policies and become more actively involved in the development of the country’s free-trade zones, in particular the one in neighbouring Guangdong.

Ho Lok-sang, an economist and director of Lingnan University’s Centre for Public Policy Studies, said it was essential to develop a mature legal framework for investment to help mainland and Hong Kong companies conduct business with overseas ­companies.

“Given that the ‘belt’ and ‘road’ span 60 countries, Chinese companies may be challenged with the different investment policies and laws of different countries,” Ho said. “Hong Kong, with its mature experience in international arbitration and its legal professionals, will be unique in its role and contribution.”

The “One Belt, One Road” strategy is set to improve trade, ­finance, and infrastructure projects with 65 countries stretching from Asia to Europe.

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