Hong Kong taxpayers see HK$125 million go to One Belt, One Road economic plan this financial year
The allocation combines both recurrent annual estimates and multi-year, time-limited provisions for Beijing’s ambitious scheme
Hong Kong taxpayers will see HK$125 million of public money allocated to plans relating to the “One Belt, One Road” strategy this financial year, the government’s expenditure estimates show.
The allocation follows a plan to set aside a recurrent estimated annual budget of HK$75 million and a multi-year, time-limited provision of HK$152 million for projects under the scheme, drawn up by Beijing to boost economic and development ties with over 50 countries in Asia, Africa and Europe.
But the government did not elaborate how the money would be used.
A time-limited amount of HK$76 million is to establish a “Belt and Road Office” to “take forward related studies and co-ordination work”.
Separately, a recurrent amount of HK$52 million is to fund a new overseas “Economic and Trade Offices” and enhance ties with overseas trading partners.
In addition, a time-limited amount of HK$45 million is to be spent towards “a dedicated office” to develop a centralised system to streamline the processing of trade documents.
Other targeted expenditures include developing and promoting free trade agreements and service agreements as well as organising various promotion activities.
