Belt and Road Initiative: The Modern Silk Road of Innovation and Technology
In 2013, Xi Jinping, China’s paramount leader, put forward the
Belt and Road Initiative (BRI). Also known as the “Silk Road Economic Belt and the 21st-century Maritime Silk Road,” the initiative aims to promote economic, cultural and technological exchange between the member nations, thus collectively building the “modern silk road.” Within the framework of BRI, the China–Indochina Peninsula Corridor (CICPEC) is one of the key infrastructure networks that facilitates the connection between China and ASEAN countries including Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.
During the 13th National People's Congress, Xi highlighted the
significance of innovation and technology for construction and
modernization of economic system and industries in China.
With a view to establishing China as the top-notch technology
hub, there is a high demand for I.T. talents, high-end
equipment and up-to-date information technology. Thanks to
the national policy and its focus on innovation and technology,
the state-initiated project undoubtedly brings about countless
opportunities for various industries and gives a boost to the
numerous technology companies throughout the country. In
this light, what is the role of Hong Kong in BRI? How should the
technology companies in Hong Kong take advantage of the
favorable state policy and grasp this great opportunity to
expand their business?
Hong Kong as the “Double Gateway”
The development blueprint of BRI illuminates the important
role of Hong Kong. Since 2017, the state has drawn up a plan to
develop the Guangdong-Hong Kong-Macao Greater Bay Area
(Greater Bay Area), which comprises the 4 major
cities—namely, Hong Kong, Macao, Guangzhou and
Shenzhen—and serves as the “core engine” for BRI. The Greater
Bay Area is positioned as a dynamic world-class megalopolis,
an international hub for innovation and technology, and the
foundation for BRI.
As a “double gateway” connecting to China and the world,
Hong Kong enjoys the dual advantages of “one country, two
systems” with its unique economic, social and legal system
while being a part of China. In the previous policy addresses,
the government has constantly stressed the role of Hong Kong
as “super-connector” to complement the national strategies to
“go global” and “attract foreign investment.” Owing to our own
strengths, including the open and free market as well as the
well-established legal system, Hong Kong has not only been
the international center for nance, trading, shipping and
logistics, but also the largest offshore Renminbi (RMB) business
center. With more transport infrastructure projects (e.g. Hong
Kong- Zhuhai- Macao Bridge and Guangzhou-Shenzhen-Hong
Kong Express Rail Link) have been completed in recent years,
Hong Kong works well as the bridge to connect China and the
world for more exchanges in different areas.
The Road to the Innovation and Technology Community
In the proposal of BRI, there are “five areas of connectivity,” in
which “people-to-people bond” involves the exchange of
science and technology. In the 2019 policy address, the
government specifically mentions the development of
innovation and technology, and its relations to BRI. The
initiative strengthens knowledge transfer and collaboration
between scientists, researchers and science parks from
different member nations. It also encourages the
establishment of joint laboratories to set out research projects,
and innovate new solutions and technologies in a bid to tackle
the rigorous global problems such as pollution and global
warming. Moreover, BRI as the modern “digital silk road” fosters
the multilateral cooperation and exchange in domains like
digital economy, artificial intelligence (AI), nanotechnology
and quantum computer, so as to pave a way for the
development of smart cities in the globe.
In addition, BRI o ers many opportunities to the local
technology enterprises and other industries in Hong Kong.
Innovation and technology is the essential impetus when it
comes to social progress and development in the modern
world. These advanced technologies provide the vital support
to BRI. The adoption and use of innovation and technology has
become a trend in various industries. In other words, BRI also
brings about business opportunities for these industries under
the principles of complementarity and mutual bene ts.
For example, cross-border e-commerce has become a trend in
the area of international trade and commerce in the wake of
the rapid development of Internet. Internet technology
provides a convenient and intelligent tool, which facilitates the
multilateral economic activities such as trade and investment.
This year, the Hong Kong Monetary Authority (HKMA) with the
major banks in Hong Kong has launched a blockchain-based
trade finance platform called eTradeConnect. The local and
foreign investors are encouraged to leverage on this virtual and
innovative platform to carry out cross-border commerce and
digitalized trade. The platform is not just a milestone to the
new era of smart banking, but also a step further toward the
long-term development plan of the Greater Bay Area and BRI.
Connecting the investors from member nations particularly the
Southeast Asian countries, BRI opens up new markets for the
local technology companies in Hong Kong to expand their
business. Besides, the actualization of BRI renders the
permeability and expansibility inherent in technology
development even more evidently. In the field of technology,
the multilateral collaboration with the member nations in
Southeast Asia facilitates the exchange of experts, ideas and
technologies between regions, therefore contributing to local
technology enterprises’ innovation as well as their expansion
of business.
Multilateral Innovative Cooperation under BRI: The Exemplar of
New Manila Bay City of Pearl
The New Manila Bay City of Pearl is a collaborative project
between China and Philippines under BRI. Initiated by the
Manila municipal government and led by UAA Kinming Group
Development Corporation, the project intends to develop a
reclaimed land as a sustainable green smart city, where there
will be modern residential properties, commercial buildings,
retail shops, cultural and leisure facilities, and tourist sites.
Apart from the environment-friendly transportation network,
renewable energy including solar and tidal power will be
utilized in the whole city. As an exemplar of smart city, an
integrated AI system will also be adopted for coordination.
Through BRI, the government of Philippines hopes to attract
more investors from China to collectively build the city. At the
same time, the Hong Kong-based Ho & Partners Architects
Engineers & Development Consultants Ltd. (hpa) is appointed
as the architect for the project’s first phase of construction,
clearly bespeaking the role of Hong Kong as “facilitator” in BRI.
The project becomes the model of multilateral economic
cooperation under BRI, which creates a wide range of
opportunities and jobs to industries and enterprises from Hong
Kong, China and other member nations.
Indeed, Singapore and Philippines are two core member
nations within CICPEC. BRI promotes a closer collaboration and
connection between enterprises from difierent member
nations. It also brings invaluable opportunities to the local
technology companies, as the use of technology is integral to
the development and progress in various industries in today’s
world. In the near future, ISL will grasp every opportunity
brought by BRI and export our innovative products and
services to Singapore and Manila, in the hope of becoming one
of the leaders in providing professional quality I.T. solutions for
SME’s in Asia Pacific, as well as a contributor to the building of
“digital silk road” and “innovation and technology community.”
