Finance chief stresses Hong Kong's role in meeting Belt and Road financing needs

HONG KONG -- Hong Kong with great financial strengths can meet the financing needs of any Belt and Road project, Paul Chan, financial secretary of China's Hong Kong Special Administrative Region government, said Wednesday.

Chan stressed Hong Kong's multiple advantages from deep liquidity to outstanding financial infrastructure and wide-ranging options for raising capital in his speech at the sixth Belt and Road Summit.

Under the theme of "Driving Growth through Fostering Regional and International Trade," the two-day online event starting Wednesday is expected to bring together more than 6,000 government officials, entrepreneurs and business leaders from over 80 countries and regions.

"Our capital market is highly efficient and our regulatory regime aligns with international standards," Chan said. "Our strategic location at the center of Asia is reinforced by long-established trade networks, world-class infrastructure and sophisticated communications and transport networks."

Chan believes that Hong Kong will play a bigger role as the world's largest offshore renminbi business center as demand for renminbi financing, settlement and fund management ramps up along the Belt and Road.

Hong Kong's professional services prowess will also be very helpful to businesses eager to participate in the Belt and Road Initiative, according to the financial secretary. "Legal and dispute resolution services, accounting and compliance, risk assessment and management: it's all right here, ensuring that your Belt and Road projects remain, secure and sure, in the fast lane."

Hong Kong has key roles to play in the Belt and Road Initiative, Chan said.