Is Hong Kong still relevant in a world fractured by geopolitical rivalries, supply-chain shocks, and rising protectionism? That is the unspoken question this week as the city hosts Hong Kong’s Belt and Road Summit for the 10th time at the Hong Kong Convention and Exhibition Centre. With over 90 senior officials and business leaders from 18 Belt and Road Initiative (BRI) participating economies in attendance, the event is both a showcase of ambition and a reminder of responsibility: Hong Kong must prove it is more than just a venue, but a driver of meaningful international collaboration.
Since President Xi Jinping first floated the BRI in 2013, it has grown into the largest international economic cooperation platform in the world. More than 150 countries and 30 international organizations have signed over 230 agreements under its umbrella, supporting thousands of infrastructure, trade, and investment projects. According to World Bank estimates, by 2030 BRI projects could lift more than 32 million people out of moderate poverty. For all the skepticism that sometimes surrounds the initiative, the scale of its social impact is undeniable.
Hong Kong has long marketed itself as a superconnector — the bridge linking the Chinese mainland and the rest of the world. But in today’s climate, the city cannot rely on branding alone. Its relevance depends on how effectively it turns its unique advantages — as Asia’s premier financial hub, the world’s largest offshore renminbi center, and China’s only common law jurisdiction — into tangible outcomes for BRI partners.
In finance, Hong Kong has made notable progress. It has become the region’s leader in green and sustainable bonds, issuing more than $80 billion last year alone, representing nearly half of Asia’s total. Catastrophe bonds, infrastructure securitization, and cross-listing arrangements with Middle Eastern exchanges are expanding the menu of investment tools available to emerging markets. These are not abstract innovations: They channel real capital into ports, railways, and energy projects that underpin development across Asia, Africa, and beyond.
Professional services are another pillar of Hong Kong’s competitive edge. From law and arbitration to architecture and engineering, the city’s expertise is both internationally recognized and practically indispensable. The recent establishment of the International Organization for Mediation, headquartered in Hong Kong, underscores its ambition to serve as a global hub for dispute resolution. For BRI-participating economies, where cross-border frictions and contract disputes are almost inevitable, such institutions matter. They provide confidence that complex projects can be managed within a fair, rules-based framework.
In a world where fragmentation feels like the norm, Hong Kong’s task is deceptively simple but profoundly important: To prove that connection — financial, legal, technological, and human — still matters. If it succeeds, the city will not just host the BRI. It will shape it
Yet the challenges are significant. The Belt and Road now stretches across more than 150 countries, each with its own legal quirks, market dynamics, and political risks. For multinational giants, this complexity is manageable; for smaller firms, it can be prohibitive. Too often, promising medium-sized mainland or Hong Kong companies shy away from bidding on overseas projects because they lack reliable market intelligence or channels to enter foreign tenders.
One practical step would be for the Hong Kong Special Administrative Region government to help smaller enterprises form consortiums, pooling resources and capabilities to lower the barriers to entry. Official platforms could match firms with credible partners and facilitate direct engagement with host governments. This model has already shown results: Earlier this year, a Hong Kong-led trade delegation to the Middle East generated concrete business deals by acting as an honest broker between mainland firms and regional stakeholders. Institutionalizing such initiatives would strengthen the city’s role as facilitator, not just financier.
The case for expanding Hong Kong’s overseas economic offices is equally compelling. While the city maintains a presence in North America, Europe, and parts of Asia, its footprint in Africa, the Middle East, and South America remains thin — precisely the regions where BRI-related investment is accelerating. New offices would not simply market Hong Kong as a business destination; they could actively support mainland firms going global, providing on-the-ground intelligence and connections that reduce risk and unlock opportunities.
The next frontier, however, lies in what Beijing now calls the Digital Silk Road and the Green Silk Road. These priorities align neatly with Hong Kong’s aspirations. The city is investing heavily in research and innovation, particularly in artificial intelligence, biotechnology, and medical sciences. The planned Northern Metropolis could become a hub for cross-boundary collaboration, attracting global startups and channeling discoveries into commercial application. At the same time, Hong Kong’s leadership in sustainable finance positions it as the natural gateway for funding the green transition in emerging markets — from renewable energy projects in Southeast Asia to climate-resilient infrastructure in Africa.
But ambition alone is not enough. The new Policy Address, due later this month, will be a litmus test of whether the government is ready to move beyond rhetoric. The public expects more than slogans about “integration into national development”. They want practical mechanisms that give local firms a fair shot at overseas projects, cultivate the next generation of professionals with BRI-related expertise, and attract international partners who might otherwise look to Singapore, Dubai, or London.
Critics will argue that Hong Kong is too small to matter. It is, after all, a compact city of 7 million or so people. But size has never been the point. What makes the SAR valuable is its ability to combine global standards with Chinese scale. No other city can simultaneously serve as an offshore renminbi hub, a common law jurisdiction, and a global risk management center. These qualities are scarce, and scarcity is power — if harnessed effectively.
Hong Kong’s Belt and Road Summit this week is not just a diplomatic gathering. It is a stage on which Hong Kong must demonstrate that it can still deliver: as financier, mediator, innovator, and convener. The city’s future relevance depends on making these roles inseparable from the BRI’s success.
In a world where fragmentation feels like the norm, Hong Kong’s task is deceptively simple but profoundly important: To prove that connection — financial, legal, technological, and human — still matters. If it succeeds, the city will not just host the BRI. It will shape it.
The author is chairman of the Asia MarTech Society and sits on the advisory boards of several professional organizations, including two universities.
The views do not necessarily reflect those of China Daily.
