Hong Kong to play key role in Belt and Road, says incoming chief executive

ABS-CBN News

Posted at Jun 23 2017 03:30 PM

HONG KONG - The Chief Executive-elect of Hong Kong, Carrie Lam, says the territory is going to play a significant role in China's Belt and Road initiative and the China-led Asian Infrastructure Investment Bank. 

Lam, who spoke during the Wharton Global Forum, said Hong Kong's robust financial markets can be a venue for raising funds for infrastructure. 

"One of the world's major financial centers, Hong Kong, is also China's international financial center," said Lam.

"We have the expertise to support the operation of AIIB." 

The Philippines is a member of the AIIB and has tapped the Beijing-led lender to fund some of its major infrastructure projects.

Lam also pledged to make Hong Kong's taxation system more competitive, establishing a two-tiered system, to encourage small and medium-sized enterprises to flourish and promote innovation in the city.

At the same Forum, Kevin Rudd, former Australian Prime Minister and current head of the Asia Society Policy Institute said enforcing the rule of law is key to Mrs Lam's leadership under 'One Country, Two Systems' rule.

"The rule of law is very hard to get and very easy to lose," Rudd said.

Mrs Lam, who is Hong Kong's first female Chief Executive, is due to take office on July 1, in an inaugural to be led by Chinese President Xi Jinping.