Belt and Road Initiative: what you need to know
The third Belt and Road Forum for International Cooperation will be held from October 17 to 18 in Beijing, marking the tenth anniversary of the Belt and Road Initiative (BRI). President Xi Jinping will deliver a keynote speech under the theme "High-quality Belt and Road Cooperation: Together for Common Development and Prosperity." Chief Executive John Lee is leading a 70-member delegation to attend the event. Here’s what you need to know about the BRI: 

What is the Belt and Road Initiative? The Belt and Road Initiative, proposed by President Xi Jinping in 2013, aims to revive and expand ancient Silk Road trading routes connecting China with Asia, Europe, Africa and beyond. The initiative has two main components: the Silk Road Economic Belt, which focuses on transport routes over land, and the 21st Century Maritime Silk Road, which emphasises maritime trade routes. The programme is designed to promote connectivity and shared prosperity globally through economic cooperation, infrastructure development, trade and cultural exchanges among participating countries.

What are the goals of the Belt and Road Initiative? The Belt and Road Initiative aims to address the challenges posed by globalisation, such as wealth disparity and protectionism. It seeks a fairer and more inclusive approach to globalisation that benefits all nations. By improving connectivity through infrastructure development, trade facilitation and people-to-people exchanges, the initiative aims to create a shared future in a global community based on cooperation, cultural understanding and sustainable development.

What economic impact has the BRI had? According to a white paper released by the State Council Information Office earlier this month, China has signed more than 200 cooperation agreements under the BRI with more than 150 countries and 30 international organisations. The cumulative value of imports and exports between China and its BRI partners has exceeded US$19.1 trillion, with an average annual growth rate of 6.4 percent. Two-way investment between China and partner countries reached US$380 billion, and the value of newly signed construction contracts reached US$2 trillion.

What is Hong Kong’s role in Belt & Road? Hong Kong’s unique strengths under the ‘One Country, Two Systems’ principle gives it an important role in the BRI. As the only common law jurisdiction in China, the SAR follows international business rules and regulations, and acts as a vital link between the between the mainland and the rest of the world. Hong Kong has signed nine mutual legal assistance agreements with the mainland, facilitating and providing legal protection for investors in Belt and Road projects that use the territory as a base for their contracts and dispute resolution. The territory also markets itself as the ideal place to raise funds and attract investment, and is hoping to use its expertise in green finance to promote green initiatives under the Belt and Road framework. Chief Executive John Lee has said Hong Kong is poised to sign three contracts involving three projects with a cumulative value of over US$450 million during the forum in Beijing.