Hong Kong SAR's participation in the Belt and Road Initiative has taken a big step forward. Chief Executive Carrie Lam Cheng Yuet-ngor, on her duty visit in Beijing, has signed with National Development & Reform Commission Chairman He Lifeng yesterday an Arrangement between the National Development and Reform Commission and the Government of the Hong Kong Special Administrative Region for Advancing Hong Kong's Full Participation in and Contribution to the Belt and Road Initiative as the guiding principle and blueprint for Hong Kong's further participation in the Belt and Road Initiative.
The Arrangement focuses on six key areas: Finance and Investment, Infrastructure and Maritime Services, Economic and Trade Facilitation, People-to-People Bonds, Taking Forward the Guangdong-Hong Kong-Macao Bay Area Development, and Enhancing Collaboration in Project Interfacing and Dispute Resolution Services.Needless to say, the Arrangement is just a framework document and a lot of efforts must be made to pave the way for its implementation. Yet signing the Arrangement is of great significance in view of "one country two systems", not just as a simple and pure agreement of economic and trade cooperation between the two sides.
First of all, the signing of the Arrangement comes directly from the Central Government's caring and instruction. In July when the SAR celebrated the 20th anniversary of its establishment, President Xi Jinping paid an inspection trip to Hong Kong.Speaking to the SAR's principal officials and personages from various sectors, he clearly pointed out: the Central Government attaches great importance to Hong Kong SAR's advantages and irreplaceable role in the Belt and Road Initiative, and will take certain measures to help Hong Kong to comprehensively participate in and contribute to the Belt and Road Initiative.
In this way, Hong Kong could make contributions to the nation and also improve its own competitiveness, cultivate new advantages, expand new space and make better development. The Arrangement is a product of such an idea of the Central Government.It can also be said as another "big gift" given by the Central Government to benefit Hong Kong following CEPA (Mainland and Hong Kong Closer Economic Partnership Arrangement) and the opening of individual visits to Hong Kong by Mainland residents.
While the Arrangement does not clarify whether preferences will be given to Hong Kong over other cities in the Mainland in financing channels, off-shore renminbi (RMB) hub business and establishing a centre for legal dispute resolution services under the Belt and Road Initiative, its signing surely is not aimless.Given the name of Arrangement, there certainly are emphases and arrangements to take into consideration both overall and local interests. Hence it is obvious that special favours will be given to Hong Kong over other cities on the Mainland.
Of course, the Arrangement is by no means a "welfare" measure.If Hong Kong did not really have certain strength and advantages in finance and investment, the rule of law, infrastructure and economic and trade facilitation, the Central Government could not possibly have had left a "priority seat" for Hong Kong in such an important national strategic planning as the Belt and Road initiative.
Therefore, it can be seen clearly now as the Arrangement shows forth in writing the Central Government's determination and sincerity to further comprehensively implement "one country two systems" and help Hong Kong's development. The crux of the problem lies in whether Hong Kong itself has sufficient understanding of the situation and full realisation of the great strategic significance of the Belt and Road Initiative and the Central Government's caring, and more lies in whether Hong Kong itself could cherish the opportunity and make use of its own advantages to advance by answering the call of the times and meeting challenges, or would still keep on with endless "internal struggle" behind closed doors. If the latter, then it would make no difference whatever "special favours" and "big gifts" the Central Government may give to us.
The Chief Executive has taken an important step forward along the correct direction by signing the Arrangement with the National Development & Reform Commission during her duty visit to Beijing. Afterwards, the SAR Government must bring its leadership into full play, setting up an authority responsible for participation in the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development to promote and facilitate works in this regard, so as not to let down the Central Government's trust and expectation.
15 December 2017
