Two significant international events - the Dialogue on Strengthening Connectivity Partnership and the 22nd Asian Pacific Economic Cooperation (APEC) Summit Meeting - have recently showcased in Beijing. On these platforms China has outlined its global economic strategy.

First, two interconnected strategic plans - the Silk Road Economic Belt and the 21st Century Maritime Silk Road (simplified as "Belt and Road") have been energetically promoted.

President Xi Jinping announced these plans on Nov 8, when he held talks with the leaders of Bangladesh, Cambodia, Laos, Mongolia, Myanmar, Pakistan and Tajikistan.

He also said China had committed $40 billion to establish a Silk Road Fund for financing the connectivity partnership programs in countries along the "Belt and Road".

On Nov 9, speaking at the APEC meeting, Xi announced that China would commit another $40 billion as its share in establishing the Asian Infrastructure Investment Bank (AIIB). The AIIB is to finance infrastructure along the "Belt and Road". Its authorized capital is $100 billion which will comprise contributions from 21 Asian countries.

China's latest actions clearly demonstrate that while the "Belt and Road" initiatives aim at connecting economies in Asia-Pacific and Europe, China is also placing high priority on strengthening its economic links with its Asian neighbors.

Second, promoted by the Chinese government, the process for establishing the Free Trade Area of the Asia-Pacific (FTAAP) has been officially launched.

Xi declared at the APEC summit meeting on Nov 11 that leaders of the 21 APEC member economies had decided to begin the FTAAP process. The concept of FTAAP was first mooted in 2010. The United States has concentrated on forming the Trans-Pacific Partnership (TPP). But this only includes 12 APEC members.

In the light of overlapping membership of the TPP and the FTAAP, Xi advocated an important new ideal for the "Asia-Pacific Dream". When addressing the APEC CEO Summit on Nov 9, Xi said China called for fulfilling an "Asia-Pacific Dream" for the people of the region. This concept appears to be a third, but no less important part, of China's global economic strategy.

From this point on, China will implement its global economic strategy in two stages. The first is the development of closer relationships with neighbors and friends from further afield, from "connectivity partnerships" to sharing a "common destiny". The next stage is to combine the "China Dream" with the "Asia-Pacific Dream" and develop a new China within a new Asia. Accordingly, Beijing will consistently boost the "Belt and Road", the AIIB and the FTAAP, and other related bodies.

Shortly after the APEC meeting, Premier Li Keqiang attended the Association of Southeast Asian Nations (ASEAN) summit in Myanmar. During these meetings Li explained that China would offer preferential treatment to investors from ASEAN countries as part of the bilateral free-trade agreement currently under negotiation. It has also pledged greater financial support to ASEAN members.

Unfortunately, Hong Kong is being undermined by "Occupy Central" and disrupted by ongoing political wrangling. If the city cannot end this impasse it could miss the great opportunities offered by the nation's global economic strategy.

Take Hong Kong's economic links with ASEAN as an example. Although free trade negotiations between both sides have led to progress, Hong Kong has yet to fulfill its potential.

On Aug 1, Financial Secretary John Tsang told the 7th ASEAN & Asia Forum in Singapore, "Hong Kong is eager to enhance (its) economic ties with ASEAN economies." Tsang went on to stress the advantages of Hong Kong: "Hong Kong is actually more than simply a gateway to China. As a global business center and global financial center, as well as a global aviation and logistics center in Asia, we offer attractive advantages for the Asian community, and indeed the entire global village, to do business in, with and through Hong Kong."

However, many of these advantages have been either hampered or weakened by the city's opposition camp.

On Nov 6, following the 17th Plenary of the Hong Kong/Guangdong Cooperation Joint Conference Chief Executive (CE) Leung Chun-ying told the media that Hong Kong and Guangdong would join in building the 21st Century Maritime Silk Road during the coming year. Hong Kong would combine this with its economic links to ASEAN. But before this can happen, the government has to act decisively and end the "Occupy" campaign.

The youth of the city have been particularly frustrated by serious problems in education, employment, career promotion and housing. The CE has decided to make youth issues a policy priority. It would be preferable for the government to encourage Hong Kong's younger generation to participate in the nation's global economic strategy.

The author is a veteran current affairs commentator.

(HK Edition 11/19/2014 page7)