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B&R Initiative to bolster Hong Kong's status as investment & financing hub, official

Updated: December 27, 2017 Source: Xinhua News Agency
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Hong Kong’s participation in the Belt and Road Initiative will help strengthen its status as an investment and financing hub, said Chan Tak-Lam Norman, chief executive of the Hong Kong Monetary Authority (HKMA) on December 21.

Chan noted that the Belt and Road Initiative will boost the “going out” process of many enterprises. As the Belt and Road construction calls for a large number of funds, Hong Kong, as an investment and financing platform, can attract more international funds and promote enterprises to march towards internationalization.

HKMA established the Infrastructure Financing Facilitation Office (IFFO) in July 2016, a body to facilitate investment and financing for the Belt and Road Initiative. By far, the office has owned over 70 partners and will focus on grasping the infrastructure investment and financing opportunities brought by the Belt and Road construction, according to Chan.

On December 20, China Development Bank successfully issued 350 million U.S. dollars worth of 5-year fixed-rate Belt and Road bonds in Hong Kong. Chan pointed out that the move highlights the key role of Hong Kong in promoting infrastructure financing.

The central government explicitly supports Hong Kong’s effort in developing offshore RMB center and joining in the Belt and Road construction, which will create a good opportunity for Hong Kong, noted Chan.

As a leading international financial center in Asia, Hong Kong has kept ahead in online banking service, said Chan. HKMA has been deploying and pushing forward the upgrading of banking industry to higher-level "smart banking," and will try to build a more individualized, convenient and secure banking service platform, he added. 

Editor: liuyue