11th Belt and Road Summit opens in Hong Kong

HONG KONG -- The 11th Belt and Road Summit kicked off in Hong Kong on Wednesday, bringing together over 6,000 officials and business leaders from more than 70 countries and regions.

In a world struggling with unprecedented change and geopolitical fragmentation, what the Belt and Road Initiative offers -- connectivity, cooperation and consensus -- are essential, John Lee, chief executive of the Hong Kong Special Administrative Region, said while addressing the event.

"The Belt and Road Initiative is not a map of the past, but a shared blueprint for the future. And Hong Kong is where we realize that future," he said.

Hong Kong's merchandise trade with Belt and Road partner countries rose by nearly 17 percent last year to about $323 billion. Nearly 1,500 companies from Belt and Road partner countries have established offices in Hong Kong, while over 100 companies from these economies are listed on the Hong Kong Stock Exchange, with more in the pipeline.

Frederick Ma, chairman of the Hong Kong Trade Development Council, said the Belt and Road Initiative is about building closer links and converting potential into tangible global benefits, listing ASEAN, Central Asia, the Middle East, Africa, and Latin America as key areas of opportunity.

A total of 32 memoranda of understanding and agreements were signed on the first day of the summit, covering finance, professional services and construction.