John Tsang sees the city becoming a future fundraising and finance hub

Financial Secretary John Tsang Chun-wah on Thursday urged Hong Kong to seize unprecedented opportunities to serve as the "fundraising and financial management hub" for countries along the "Belt and Road" initiative.

Speaking at the Conference on Silk Road Strategy - Focus on Tajikistan, Tsang said now was the right time and place to understand more about the "Belt and Road" perspective, as the outlook for the global economy "is still full of uncertainties".

"In fact, the long-lost growth momentum of the world economy since the global financial crisis in 2008 is showing no signs of a recovery," Tsang said.

Tsang said there were grave concerns about a slowdown in the mainland economy as well as other emerging markets. There were also no signs of recovery in the eurozone and Japan.

"The visionary and ambitious concepts of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, spearheaded by President Xi Jinping, can fill the void and become the much-needed driving force of the world economy in this 21st century," he said.

Tsang said Hong Kong, with its distinctive location and abundance of talent, could play a vital role in developments along the "Belt and Road".

Citing his earlier visit to three countries in Europe, Tsang said those countries already implemented clear "Belt and Road" strategies. He urged Hong Kong to take inspiration from this.

The SAR government is actively preparing for a visit to Central Asia. This is to gain an insight into these economies. Then the city's investors could appreciate the massive opportunities that exist and find the right ways to cooperate, explained Tsang.

The conference, organized by the China Business Centre of the Hong Kong Polytechnic University and the Silk Road Economic Development Research Center, attracted about 100 researchers and professionals on Thursday.

In delivering his speech, Tajik Ambassador to China Rashid Alimov said Tajikistan, a landlocked country, was cut off from the world. Thus, the "Belt and Road" initiative would give that country, with its shortage of railways and modern highways, additional opportunities for economic development. It would also help it strengthen its economic ties with China.

Tajikistan can be a bridge between China and the whole of Central Asia, the top Tajik envoy said.

For the past five years, mainland companies have assisted the mountainous country in building about 2,000 kilometers of modern roads and highways.

Currently, half of the country's foreign investment comes from the Chinese mainland. China is now its biggest foreign investor.

stushadow@chinadailyhk.com

Financial Secretary John Tsang Chun-wah (fourth left) calls on Hong Kong to grasp massive and unprecedented opportunities arising from the country's grand initiative against a backdrop of bleak global economic outlook at the Conference on Silk Road Strategy - Focus on Tajikistan at the Hong Kong Polytechnic University on Thursday. Provided to China Daily

(HK Edition 10/30/2015 page7)