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The Chief Executive, Mrs Carrie Lam, yesterday (June 20, Paris time) spoke at seminars on the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Bay Area development to promote the opportunities brought by and the role of Hong Kong in these two major national strategies to different sectors in France. She also met with members of the French National Assembly, and visited a famous university.
In the morning, accompanied by the Secretary for Commerce and Economic Development, Mr Edward Yau, and the Secretary for Innovation and Technology, Mr Nicholas W Yang, Mrs Lam toured Rodin Museum which, opened in 1919, is dedicated to the works of French sculptor Auguste Rodin and receives about 700 000 visitors annually. Mrs Lam said that with the completion of facilities such as those in the West Kowloon Cultural District, there will be more art exhibition space in Hong Kong in the future. She looked forward to collaborating with Rodin Museum so that members of the public will have the chance to see the collection of the Museum in Hong Kong.
Afterwards, Mrs Lam attended the joint promotion seminar on Guangdong-Hong Kong-Macao Bay Area and delivered a keynote speech. The seminar, attended by hundreds of representatives from the French business sector, is co-organised by the governments of Guangdong, Hong Kong and Macao, aiming to highlight the vast opportunities to be brought by the Guangdong-Hong Kong-Macao Bay Area. Mrs Lam briefed the participants on the background of the Bay Area and the favourable conditions for its development. The Vice Governor of Guangdong Province, Mr Ouyang Weimin and the President of the Macao Trade and Investment Promotion Institute, Mr Jackson Chang, also delivered speeches at the seminar.
At noon, accompanied by the President of the France-China Friendship Group of the National Assembly, Mr Buon Huong Tan, Mrs Lam and the other officials visited the National Assembly. They attended a lunch hosted by Mr Tan, and the Vice President of the National Assembly, Ms Carole Bureau-Bonnard, also attended. Mrs Lam was very impressed by the architectural features and historic decorations of the building which has been housing the National Assembly since the late 18th century. She said she is pleased to know that the Group has a close and good relation with the legislature in Mainland China and has frequent visits to China in recent years. She invited the Group to visit Hong Kong in the near future to learn about the city’s development.
After the lunch, Mrs Lam attended the “France-Hong Kong & Mainland China Economic Forum” co-organised by the Chinese General Chamber of Commerce, Hong Kong, Business France and the China Federation of Industrial Economics, with the Belt and Road Initiative being the theme. She noted in her speech that the Belt and Road Initiative will bring a range of opportunities to Hong Kong and Hong Kong will play an important role in it. She looked forward to co-operating with French enterprises to explore the business opportunities in Belt and Road projects.
After the forum, Mrs Lam and the other officials visited the Sorbonne University which was formed by merging the University Pierre and Marie Curie, also known as Paris VI, and Paris-Sorbonne University on January 1 this year. The University is widely regarded as one of the top universities in France and in the world. During the visit, Mrs Lam met with the President of Sorbonne University, Professor Jean Chambaz, to learn about the university’s latest development. She said that she would like to promote the development of innovation and technology in Hong Kong through the collaboration of the Government, universities, including renowned academic institutions and research organisations overseas, and enterprises. With the Government rolling out measures to attract overseas institutions to come to Hong Kong, she looked forward to having Professor Jean Chambaz in Hong Kong to explore collaboration with the Government and universities in Hong Kong.
In the evening, Mrs Lam and the other officials met with members of the Hong Kong community in France to learn about their lives. She expressed the hope that the Hong Kong community would continue to play an important role in France and offer better support to Hong Kong’s development.
Mrs Lam will continue her visit to Paris today (June 21, Paris time).
Following is the speech by the Chief Executive, Mrs Carrie Lam, at the joint promotion seminar on Guangdong-Hong Kong-Macao Bay Area development in Paris, France today (June 20, Paris time):
Mr Ouyang Weimin, Vice Governor of Guangdong Province, Mr Jackson Chang, President of Macao Trade and Investment Promotion Institute, and Mr Wu Xiaojun, Chargé d’Affaires of the Chinese Embassy in France, ladies and gentlemen,
It really gives me great pleasure to be able to welcome you to this conference, organised by the Hong Kong Special Administrative Region (SAR) Government represented by Invest Hong Kong, and also our counterparts in Guangdong and Macao. There are a number of firsts for this particular occasion. One, this is my first trip to continental Europe in my new capacity as the Chief Executive of the HKSAR. Secondly, it’s the first joint effort of Guangdong, Hong Kong and Macao in promoting this very exciting initiative of the Guangdong-Hong Kong-Macao Bay Area to our overseas friends here in France. And speaking more personally, I’m the first lady Chief Executive of Hong Kong. So to me, this is a very historic moment.
Since I’m the first to speak, I will start by giving you a bit of background and context about this Bay Area. The concept of the Bay Area emerged from very important statements made by the leaders in the last couple of years. In the 13th Five-Year Plan for the Economic and Social Development of the People’s Republic of China, it was made very clear that the Central Government will support the joint efforts by Guangdong, Hong Kong and Macao to build a quality living area in the Greater Pearl River Delta region and accelerate the development of several areas within this Bay Area, which have been given special status in terms of being a free port – they are Qianhai, Nansha and Hengqin. They will become the platforms for co-operation between Guangdong, Hong Kong and Macao. The Central Government will encourage Hong Kong and Macao to play an important part in the Pan-Pearl River Delta Region co-operation and the development of this Guangdong-Hong Kong-Macao Bay Area.
Then further on, when Premier Li Keqiang delivered his annual work report in March last year, he said that “We will promote closer co-operation between the Mainland and Hong Kong and Macao. We will draw up a plan for the development of a city cluster in the Guangdong-Hong Kong-Macao Bay Area, give full play to the distinctive strengths of Hong Kong and Macao, and elevate their positions and roles in China’s economic development and opening up”.
Just to give you a feel of the major city clusters in the world, we generally refer to, apart from of course the Guangdong-Hong Kong-Macao Bay Area, the San Francisco Bay Area in America, the New York Metropolitan Area, also in the United States, and the Tokyo Bay Area. In so far as in China, there are also city cluster developments – because now the world is highly competitive, we need to look for co-operation and synergy among cities in order to raise the competitiveness of the economic region. So, apart from the Guangdong-Hong Kong-Macao Bay Area, which I would say is a latecomer – we are emerging in the last couple of years – we have the Yangtze River Delta which comprises the very affluent city of Shanghai and the adjacent provinces, and the Jingjinji Metropolitan Region which comprises Beijing, Tianjin and Hebei Province.
Coming back to the Bay Area, it consists of nine most affluent cities in the Guangdong Province and the two SARs of Hong Kong and Macao. Now some of the basic facts about this particular Bay Area – the land mass is 56 000 kilometres, many times bigger than Hong Kong which has only 1 100 square kilometres. In terms of population, it is quite large: sixty-eight million is about the size of the United Kingdom. In terms of GDP, it is US$1.5 trillion, which is roughly the size of Australia or South Korea. Of course Macao has the highest GDP per capita in this region because of its smaller population and it’s doing very well in the gaming business. We are not bad – we are number two with per capita GDP of US$46,200. But since in general, China is still a developing country, and that is the beauty of this Bay Area, it still has a lot of energy to grow. The GDP per capita of the entire region is about US$21,760.
This area is characterised by very good connectivity with the rest of the world, as illustrated by the number of airports and the number of ports in this region. In terms of Hong Kong, we are the world’s number one in terms of air cargo, making the mark of 5 million tonnes of air cargo last year, which was very remarkable. In terms of the port, we used to be number one, but we have come down a bit. We are now the world’s number five. But within this Bay Area we have the Shenzhen port, which is up and coming. We have the Guangzhou Nansha port, which is also growing. So the port business and the airport traffic within this region are really very active and booming.
How do we compare with the other Bay Areas that I have just shown you on the map? In terms of population, we are the largest, which means that we have huge potential because people drive productivity and growth. In terms of GDP, we are growing. I am very confident that we will catch up the other Bay Areas pretty soon, because the difference is actually quite narrow now. We have very strong air traffic, as I have just described, and in terms of the port and air passenger travel, this is really a very important area in the world.
I’m going to spend a few minutes to share with you what I see as the favourable conditions for developing the Bay Area. These are the favourable conditions for French businesses and overseas businesses to work with us in this Bay Area.
Favourable condition number one is the national significance and the mandate given to us by the leaders. So let me take you through a few of these statements. In his 19th CPC National Congress report, General Secretary and President Xi Jinping has this to say about the Bay Area and the development of Hong Kong and Macao. President Xi said that the Central Government will continue to support Hong Kong and Macao in integrating their own development into the overall development of the country. And priority will be given to the development of the Guangdong-Hong Kong-Macao Bay Area and the regional co-operation in the Pan-Pearl River Delta.
And then in Premier Li Keqiang’s report earlier this year – you remember in the history part I told you Premier Li Keqiang in his March 2017 report, he talked about that we will draw up a plan. So, a year later, in his March 2018 report, the Premier has this to say: “We will unveil and implement the development plan for the Guangdong-Hong Kong-Macao Bay Area, and promote in all areas mutually beneficial co-operation between the Mainland, Hong Kong and Macao”, which implies the development plan is more or less ready and will shortly be announced.
Another very important milestone in the Bay Area took place on the 1st of July last year. That is the day when I took office and when President Xi was in Hong Kong to supervise the inauguration ceremony. We signed, in the presence of President Xi, a very important framework agreement on deepening cooperation in the Guangdong-Hong Kong-Macao Bay Area. As you can see, there were four parties signing this framework agreement. They represented the three governments – Guangdong, Hong Kong, Macao – and the Chairman of the National Development and Reform Commission, because it is about integrating not only within the Bay Area but into the national development. That’s why the National Development and Reform Commission plays a very key role in the Bay Area development. A development plan shortly to be announced will have the status of endorsement by the State Council of the People’s Republic of China and, although it has not been announced yet, I can share with you a few highlights in the development plan.
One is the objective. What is the purpose of doing a Bay Area? It’s to strive to develop this Bay Area into a more dynamic economic region, a quality living circle which is an ideal place for living, working, travelling, and a showcase for in-depth co-operation between the Mainland, Hong Kong and Macao, and join hands in building a first-class Bay Area. So the aspirations for this Bay Area are very high. We are aiming at the international level to do our joint co-operation and the principles of co-operation are complementarity. We don’t want to compete directly amongst ourselves. Well, as a Bay Area we may wish to compete with other Bay Areas, both in the Mainland of China and all over the world. But within the Bay Area, we will try to work with each other to achieve what we call a win-win situation, and the key co-operation areas in the Bay Area will include infrastructure connectivity in order to achieve that living circle which is very convenient for people; market integration, whether it is in trade, in commerce, in financial services and investment; and also in technology and innovation.
The second favourable condition is of course “One Country, Two Systems”. We are not identical. This is a Bay Area which is unusual and unique because of “One Country, Two Systems”. So, we have our own system and Macao has its own system under “One Country, Two Systems”. As far as Hong Kong is concerned, we have the rule of law and the independence of judiciary. We are very strong in terms of being an international trade and financial centre and we are the world’s freest and most competitive economy. We provide quality professional services to other enterprises and we have very good universities that are involved in research and development in Hong Kong. And being an international financial centre and a free economy, there are absolutely no barriers in the flow of capital and information in Hong Kong.
There has been some concern raised recently in some quarters: if you are talking about an integrated Bay Area, does that mean that this “One Country, Two Systems” principle which is so very important will be eroded? The answer is no. This Bay Area prides itself on “One Country, Two Systems”, and the most authoritative reply to that concern came from Premier Li Keqiang. Having finished the “two sessions” this year in Beijing, at a press conference for local and overseas journalists, Premier Li Keqiang, in response to an enquiry along the lines that I have just mentioned, he has this to say. He said that the Central Government encourages Hong Kong and Macao to integrate their own development into the overall national development. In this process, we will continue to observe the principle of “One Country, Two Systems”, under which the people of Hong Kong administer Hong Kong, the people of Macao administer Macao, and both regions enjoy a high degree of autonomy. As there can be mutually beneficial co-operation and common development between different countries, there is even more reason for the three places which belong to one and the same country to do so. Under the guidance of “One Country, Two Systems” principle, we are confident that these three areas will draw upon each other’s strengths and work together in building a new and strong region of vibrant growth.
The third favourable condition is enhanced connectivity, because one of the objectives of this Bay Area is the free flow of people and goods. And we want to develop a living circle which is very convenient for the 68 million people in the Bay Area. So I’m very excited to share with you that we now have three major cross-boundary infrastructure projects that will be commissioned pretty soon, and a major French construction company actually is involved in some of these major infrastructure projects. Number one is the Hong Kong-Zhuhai-Macao Bridge, which will connect Hong Kong to the other two parts in the Bay Area – Macao and Zhuhai, which is one of the nine cities on the western part of Guangdong Province. We are going to open an Express Rail Link connecting Hong Kong in 48 minutes to Guangzhou and even shorter distance to Shenzhen, and from there to the rest of China with an extensive high-speed rail of close to 30 000 kilometres. And we are going to open an additional, which is the seventh, land-based control point between Hong Kong and the eastern part of Shenzhen. These particular control points are the busiest in the world, handling over 600 000 passenger trips every day, so you can imagine this frequency and flow of people between the two places.
The fourth favourable condition is there is already very strong commitment from the three places – Hong Kong, Guangdong, Macao – to facilitate the flow of people, goods, capital and information in the Bay Area. Last November, the Guangdong Governor, Mr Ma Xingrui and I had an annual meeting between Hong Kong and Guangdong and we already agreed that while waiting for the development plan to be announced, we could start working on some of the key areas within the Bay Area, building on our previous closer relationship on the CEPA, Closer Economic Partnership Arrangement, and this liberalisation of trade in services in Guangdong that has been put in place over the past decade.
Of course, some of these facilitating measures could only come from the Central Government. So, in order to have more facilitating measures for people from Hong Kong and Macao to live and work and study in the Bay Area, we do need some Central Government supporting measures, and we have those measures made available to us in phases. In August and December last year when I was in Beijing, on both occasions the Central Government has announced some of the facilitating measures to make it easier for Hong Kong people to study, to work or even to buy flats in the Bay Area, and we are very grateful for that.
And finally, there is this aspiration to build an international innovation and technology hub in the Bay Area on par with or even exceeding the Silicon Valley in the San Francisco Bay Area. And why do we have this aspiration? It’s because of the complementarity of the three places. Hong Kong has very strong R&D capacity because four of our universities are within the top 100 universities in the world and they are very strong in research. And Shenzhen has huge advanced manufacturing capacity and I would say that this is not only in Shenzhen. In other cities in the Bay Area, they are now building up very advanced manufacturing, electronic production capacity. So this formula of office in Hong Kong, R&D in Hong Kong, advanced manufacturing in the Bay Area cities and then if you need to scale up your business you come back to Hong Kong to use the financial services to seek listing and to raise capital or to issue bonds. It is a very attractive proposition which may not be readily available in other Bay Areas that I have mentioned.
And we have a wonderful project which is a science park, a second science park based in Hong Kong, developed jointly with Shenzhen. We expect this 87 hectares of science park to be available in two to three years’ time.
When I said that we have this aspiration, it’s not empty talk. We already have some of the measures put in place to attract more R&D institutions to Hong Kong, so my trip to Paris will involve some visits to the tech companies like Station F and also I went to visit Ecole Polytechnique yesterday in order to learn more about their research capacity.
I would conclude by saying that there are exciting times ahead of us in this Guangdong-Hong Kong-Macao Bay Area and we welcome all of you – French companies, Chinese companies and Hong Kong companies – to join hands with us in growing this very important Bay Area, not only for Hong Kong, Macao, Guangdong, not only for China, but for the world.
Thank you very much.
Following is the speech by the Chief Executive, Mrs Carrie Lam, at the France-Hong Kong and Mainland China Economic Forum in Paris, France today (June 20, Paris time):
Mr LeCourtier (Director General of Business France, Mr Christophe LeCourtier), Mr Wu (Chargé d’Affaires of Chinese Embassy in France, Mr Wu Xiaojun), Jonathan (Chairman of the Chinese General Chamber of Commerce, Dr Jonathan Choi), distinguished guests, ladies and gentlemen,
Good afternoon.
It’s a great pleasure to be here today – my second delightful day in Paris and fifth in this great nation of France, after spending fruitful time in the city of Bordeaux and Marseille.
I am very pleased that Christophe has given me an update on where France now stands. Having spent five days in France, I can fully appreciate this slogan – “The great nation of France is back”. Congratulations.
Christophe was very kind also to thank me for accepting this invitation to come to speak, but I want you to know, Christophe, and also our French community, that I am a great friend of the French community in Hong Kong. For seven years in a row, I’ve accepted the invitation of the French Chamber of Commerce to attend the annual gala dinner, and we just had a very enjoyable one two weeks ago. I was invited to open Le French May, and I was invited to open the Lumieres Hong Kong, which was modelled on the Lyon light festival. A few years back, when the French Government celebrated 150 years of presence in Hong Kong and produced this beautiful publication on the relationship between France and Hong Kong, the inauguration and the launching of that publication took place in my official residence. So it is just normal and to be expected for me to come to Business France.
Paris is the overseas city that my family and I visited most, other than London where we had lived for a period over a decade ago. It has so much to offer from heritage to culture, from fine cuisine to fashion, and Disneyland for my children when they were young. As the Chief Executive of the Hong Kong Special Administrative Region, I’m here for all the good reasons that define our prized relations. I’m here to build on our already strong, long-standing trade ties, covering fashion, accessories, wine, aircraft and many other things. I’m here also to boost our valued ties in areas ranging from culture and the arts to education and, in particular, science, technology and innovation. These are the priority sectors of my Government, and also sectors that French companies and institutions have so much to offer.
No less important, ladies and gentlemen, I’m here this afternoon to speak about the promise of the Belt and Road Initiative, that far-reaching plan built on multilateral, multinational co-operation as well as multifaceted connectivity announced by President Xi Jinping in 2013. Five years by now, it has generally been recognised that the Belt and Road Initiative may well drive the global economy deep into the 21st century. Indeed, some 80 countries and international organisations across the three continents of Asia, Africa and Europe are committed to the Belt and Road.
Today, more than 270 agreements or deliverables have been entered into among the economies along the Belt and Road corridors. These agreements and projects are transnational, complex in their goals and their needs. They range from finance, infrastructure and trade and commerce to information technology and digital development, as well as covering such sectors as agriculture, healthcare, environmental protection and conservation.
For Hong Kong, the Belt and Road Initiative promises a wide-ranging window of opportunities. Hong Kong is destined to play an important role in this Initiative. Hence in December last year, we entered into an Arrangement with the National Development and Reform Commission of the People’s Republic of China on advancing Hong Kong’s full participation in and contribution to the Initiative, which covers six key areas, and they are finance and investment, infrastructure and maritime services, economic and trade facilitation, people-to-people bonds, taking forward the Guangdong-Hong Kong-Macao Bay Area development, and enhancing collaboration in project interfacing and dispute resolution services. As part of the Arrangement, we have set up a platform for regular and direct communication with relevant ministries of the Central Government and the inaugural meeting between the two sides actually took place in Beijing earlier this month.
As a highly open economy, we embrace the free flow of capital, goods, talent and information, even as our economic ties with the Mainland continue to deepen. Both for the Mainland, and for the world at large, Hong Kong already serves as a critical intermediary and a multi-level bridge in managing and facilitating a ceaseless, mutually beneficial two-way flow. Powered by the Belt and Road Initiative, that flow will only expand and accelerate.
This year is a very special year. It is the 40th anniversary of the reform and opening up of the Mainland of China and the world has witnessed with awe how this national strategy has brought economic and social benefits to the Chinese people and uplifted the global economy. Amidst emerging protectionism in some parts of the world, it is reassuring to hear President Xi Jinping speaking at the Boao Forum for Asia in April this year that the Mainland would substantially open up its services and financial sectors, creating a more attractive investment environment. Certainly, there will be broader use of the Renminbi in global trade, investment and foreign reserves and, of course, in Belt and Road projects and their financing. That, ladies and gentlemen, is music to my ears. It puts a spotlight on Hong Kong’s virtuoso ability to perform as a financial and services hub for the Belt and Road. With liquid capital flows and a deep pool of global financial talent, Hong Kong is the ideal centre in which to raise funds for infrastructure, investment and production projects, as well as to provide risk management, insurance and dispute resolution services to some of these projects.
I know President Macron has noted that France is ready to play a leading role in the Belt and Road Initiative, and France is a founding member of the Asian Infrastructure Investment Bank, that is AIIB. Hong Kong looks forward to co-operating with French financial institutions to bridge any funding gaps in your Belt and Road projects.
One area we are keen to target is green financing for the Belt and Road. We are, to be sure, already moving ahead in this growing area. Two years ago, our MTR Corporation took the lead, raising capital through the issuance of green bonds. Then, last November, the China Development Bank issued its first green bonds, which were listed on the Hong Kong Stock Exchange.
To encourage more Belt and Road investors and issuers to participate in the Hong Kong bond market, my Government has announced a three-year Pilot Bond Grant Scheme earlier this year. A Hong Kong Special Administrative Region Government green bond issuance programme with a borrowing ceiling of HK$100 billion, that is almost 11 billion Euros, is also in the pipeline.
I am confident that green finance will add another dimension to our financial prowess and diversity. The Hong Kong Stock Exchange was the world’s number one in initial public offerings in five of the past nine years. Last year, funds raised through IPOs in Hong Kong totalled about 14 billion Euros. We are the largest offshore Renminbi business hub in the world, with a pool of RMB618 billion, which is over 80 billion Euros, at the end of 2017. We handle about 76 per cent of offshore Renminbi transactions worldwide.
Hong Kong is also a premier centre for asset and risk management. Indeed, our combined fund management business has tripled over the past decade. Funds sourced from overseas investors accounted for two-thirds of the total in 2016. That surely underlines our attractiveness as an international asset management centre.
Since its inception in 2016, the Hong Kong Monetary Authority’s Infrastructure Financing Facilitation Office has brought together about 80 investment and financial players eager to pursue Belt and Road development. Knowing that a number of major French financial companies operate in Hong Kong, including BNP Paribas, Banking CIC, Crédit Agricole and Bretteville Consulting, I welcome them and other French institutions to join the league.
Infrastructure development is the engine that will drive the Belt and Road Initiative. The numbers certainly bear that out. According to the Asian Development Bank, it is estimated that Asia will require an infrastructure investment of 1.4 to 1.5 trillion Euro a year through 2030. Heavy investment is driving the construction of motorways, mass-transit transport systems and railways, renewable energy and power plants, gas pipelines, ports, water works, industrial parks and much more. Projects in the communications and IT sectors will also be a significant beneficiary.
These projects demand international-level professional services. In this, Hong Kong welcomes the participation of French companies. The opportunities, all but boundless, include feasibility studies, environmental and social impact assessments, design, construction, project and contract management, accounting, operation and dispute resolution services. A number of French engineering and construction-related companies are very well established in Hong Kong – from the Bachy Soletanche Group and Dragages Hong Kong, to BYME Engineering, Freyssinet Hong Kong and Schneider Electric. I am sure they are ready partners in realising these Belt and Road opportunities.
Those French companies operating in Hong Kong would agree with me that Hong Kong has a distinct advantage in legal services, given our trusted common law system buttressed by an independent judiciary. Local and international companies can be sure that disputes will be resolved in a fair and transparent manner. Indeed, arbitral awards made in Hong Kong are enforceable in more than 150 jurisdictions around the world, including the Mainland of China.
The future is no less promising for trading and investment. Hong Kong’s free port status, and our standing as the world’s freest economy, is unshakeable. And that can only attract companies looking to tap Belt and Road opportunities.
Hong Kong is the region’s trading hub and one of the best-connected cities in Asia. Half the world’s population is within five hours’ flying time from Hong Kong. Our Hong Kong International Airport is the world’s busiest airport for international cargo. Last year, it handled air cargo and airmail throughput of 5 million tonnes, maintaining the title of the worlds’ number one air cargo hub.
And Government efforts are being made to strengthen that hub role. We are now transforming our airport into a three-runway system. The project includes reclamation of about 650 hectares of land, construction of a third runway and concourse, together with state-of-the-art people-moving and baggage-handling systems. On completion, it will have the capacity to handle 100 million passengers and 9 million tonnes of cargo a year, ensuring that Hong Kong remains an Asian aviation power. Just last week, the Hong Kong Airport Authority announced the granting of the right to develop a major logistics centre at the Hong Kong International Airport.
The development on land connectivity is even more exciting. The flow of people and trade and opportunity between Hong Kong and the Mainland, particularly the Guangdong Province, is set to soar, thanks to the opening later this year of two state-of-the-art infrastructure projects. I’m talking about the 42-kilometre Hong Kong-Zhuhai-Macao Bridge and the 26-kilometre Guangdong-Shenzhen-Hong Kong high-speed rail. Each, in its own right, will significantly reduce travelling time between Hong Kong and the Mainland. Together, they will help fast-track the Guangdong-Hong Kong-Macao Bay Area development.
The Bay Area is another national development priority, which we talked about this morning at another seminar. It will knit together Hong Kong, Macao and nine prosperous Guangdong cities – an economy counting some 68 million people and a collective GDP of some 1.3 trillion Euros, which is comparable to that of Australia. By taking collective advantage of the varying expertise each of the 11 cities can offer, the vision is to develop the Bay Area into a global technology and innovation hub, a modern system of different industries and a quality living circle for the people. Ultimately, this Bay Area will serve as a potent connection point for the Belt and Road Initiative, applying the formidable strengths and experience of Hong Kong and the other Bay Area cities to support the Initiative and China’s national development.
Ladies and gentlemen, the Belt and Road will be nothing less than transformative. For the Mainland, for Hong Kong and for all those economies and companies that ride its outsized promise through this 21st century. You can learn more – and, no doubt, find eager partners and projects – if you or your representatives are going to attend our third Belt and Road Summit to be held next week in Hong Kong or future editions of this annual event. Jointly organised by the Government and the Hong Kong Trade Development Council, it has become not only a forum for updating and exchanges on this major Initiative, but also an effective platform for one-to-one business matching among project owners, investors and service providers. This year’s Summit is expected to draw close to 5 000 professionals from Hong Kong, the Mainland and all over the world.
Ladies and gentlemen, as President Xi said at the April Boao Forum for Asia, and I quote, “The Belt and Road Initiative may be China’s idea, but its opportunities and outcomes are going to benefit the world.” I hope you will join us in grasping those opportunities and sharing the benefits.
Finally, my thanks to the organisers – the Chinese General Chamber of Commerce chaired by Jonathan, the China Federation of Industrial Economics and the Comité France Chine – for bring us together today. I wish you all an enjoyable afternoon. Thank you very much.
