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Hong Kong as the New Logistics Hub of the Pearl River Delta香港與珠三角融合發展新物流樞紐As one of the front-running projects of the Greater Bay Initiative, the Hong Kong-Zhuhai-Macau Bridge is an opportunity for Hong Kong to become a premier logistics hub and is likely to provide social and economic benefits.

作為大灣區的前期項目之一, 港珠澳大橋是香港成為重要物流樞紐的機遇並帶來顯著的社會和經濟效益。

Over the last 150 years Hong Kong has transformed itself from a ‘barren rock’ with little to no natural resources into a renowned international finance centre. With a globalised market in the digital age, new challenges have emerged. Situated next to the world’s second largest and rapidly developing economy, where is Hong Kong’s next economic transformation coming from and where is the territory heading?

In Hong Kong, we benefit from the rapid Chinese growth spurred on

by the Closer Economic Partnership Agreement (CEPA) with Mainland China and a vibrant neighbour, Macau.

A bridge to opportunityOn 1 July 2017, the National Development and Reform Commission (NDRC) signed the “Framework Agreement on Deepening Guangdong-Hong Kong-Macao Cooperation in the Development of the Bay Area” with the Governments of Guangdong Province, Hong Kong Special

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Bay area. Being the international financial centre and the world’s largest offshore Renminbi business centre, Hong Kong is suited to support the relevant offshore Renminbi settlement, financing and fund management needs, and in addition to helping overseas enterprises enter the Mainland China market, Hong Kong can also serve as the “go-out” jumping board for Mainland enterprises, help and promote enterprises in the Bay area to venture overseas in the international asset management, fund management, risk management, project financing, Green finance, professional services, FinTech fields, and while doing that, Hong Kong can attend to the South East Asia and the Occident markets while maintain close liaison with Mainland China.

Logistics-wise, the Bay area has the world’s largest port areas and airport clusters, and the potential

過去150年，香港已經從缺乏自然資源的「貧瘠土地」演變成著名的國際金融中

心。在「數碼全球化」的潮流下，新挑戰亦隨之出現。香港毗鄰內地這個世界第二大快速發展經濟體，下一次的經濟轉型將從哪裡開始，前進的方向又會是什麼？

連接未來機遇的橋樑2017 年 7 月 1 日，國家發展和改革委員會(“國家發改委”)與粵港澳三地政府共同簽署《深化粵港澳合作推進大灣區建設框架協議》(“協議”)，協議中根據粵港澳三地產業優勢，提出各自分工，並要求優勢互補、合作共贏等方針 。香港作為

「 超級聯繫人」，在支援及推動「一帶一路」的過程中，沿線國家和地區必然將大大增加對金融投資、航運物流、基礎建設、專業服務和貿易等產業的需求，而這些產業正是香港在大灣區獨特優勢所在。

香港在鞏固其國際金融、貿易和航運服務等傳統產業的同時，還能將其獨特的優勢延伸到大灣區。作為國際金融中心和全球最大的離岸人民幣業務中心，香港可支援相關的離岸人民幣結算、融資及資金管理的需要，除了可以協助海外企業進入內地市場外，香港亦能作為內地企業「走出去」的跳板，在國際資產管

理、資金管理、風險管理、項目融資、綠色金融、專業服務、金融科技等方面，協助和推動大灣區內企業「走出去」，在此過程中不僅能夠顧及東南亞以及歐美市場，還能夠保持其與內地的緊密聯繫。

物流方面大灣區擁有世界最具規模的港口區及機場集群，有潛力成為全球最大的航運和物流中心。香港於海運服務上不斷增值，其發展蓬勃，熟悉國際貿易活動的營運和規則制定過程，並擁有大量這方面的人才和全球網絡關係。而在航空方面，香港國際機場是成熟的國際及區域航空樞紐，擁有完善的國際航線網

in the Bay area to optimise future expansion and development.

In addition to continued optimisation of Hong Kong’s advantages as an international finance, shipping and trade centre, Hong Kong will also develop an Asia Pacific International Legal and Dispute Resolution Service Centre, to make full use of the opportunities created by the Bay area, develop emerging industries, inject new vitality into Hong Kong’s diversified economic development, particularly in the areas of innovation and technology and creative industries.

The Belt and Road Initiative (BRI) seeks to improve cooperation and coordination amongst the 60+ countries involved. Likewise, the more localised Greater Bay Area Initiative (GBA Initiative) aims to build a world-class city cluster across the Guangdong-Hong Kong-Macau region. This is where logistics comes into play.

Improvements in logistics can provide significant contributions to Hong Kong by creating employment, growth and a new wave of foreign investment influx. Furthermore, logistics development can spur new economic growth

promoted by the formation of new industries and optimising existing regional industrial structure. The Hong Kong-Zhuhai-Macau Bridge (HZMB) is one of the front-running projects of the GBA Initiative and the larger BRI.

The bridge is likely to provide significant social and economic benefits for the Pearl River Delta region by linking up Hong Kong and its neighbouring cities into one seamless business hub. The distance between Hong Kong, Macau and Zhuhai will be shortened and journey times will be reduced to half an hour, down from approximately

封面故事COVER STORY

Administrative Region and Macau Special Administrative Region. The Agreement sets out the industry advantages of Guangdong, Hong Kong and Macau, the division of work among the four parties and the directions for complementing one another’s strengths and cooperate to achieve win-win for the four parties etc. Hong Kong will take on the “super liaison agent” role, the countries and regions along the “Belt and Road” will create great demand in the areas of financial investments, shipping and logistics, infrastructure development, professional services and trading etc and Hong Kong has unique advantages exactly in these aspects within the Bay area.

While consolidating its stronghold in traditional sectors such as international finance, trading and shipping services, Hong Kong can also give full play to its unique strengths by extending them to the

to become the world’s largest shipping and logistics centre. Hong Kong sees a booming growth in the high value-added marine services sector, is familiar with the operation and rulemaking processes for international trade activities, and has a large number of talents and global network connections in these areas. In terms of the aviation sector, Hong Kong International Airport is a mature international and regional aviation hub and has a comprehensive international route network. Leveraging on Hong Kong’s advantages as an international shipping centre, other cities in the Bay area can jointly develop a world-class seaport and airport cluster and ultimately become the high-end shipping service cluster in the Asia Pacific region. Being the most international city in the Bay area, Hong Kong is accomplished to match the “Belt and Road” strategies, enter into deep collaboration with other cities

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路。憑藉香港作為國際航運中心優勢，將帶動大灣區其他城市共建世界級港口群和空港群，以至成為亞太區的高端航運服務業群，香港作為大灣區內國際化程度最高的城市，必能配合國家「一帶一路」策略，與區內其他城市深度合作，全面拓展未來的發展空間。

除了繼續發揮香港作為國際金融、航運和貿易中心的優勢外，香港亦會建設亞太區國際法律及解決爭議服務中心，充分利用大灣區帶來的機遇，拓展新興產業，為香港經濟多元發展注入新動能，特別是在創新及科技和創意產業方面。

社會和經濟效益珠江三角洲是內地主要的經濟區之一，也是佔內地生產總值比重較大的主要製造業中心之一。外資本來是該地區經濟發展的主要貢獻者，通過縮短三角洲東岸與西岸之間的交通時間，西岸的欠發達地區以及廣東省的西南部地區將受益於新的外資，最終促進勞動力以及商品流動量。

社會經濟效益包括緩解現有跨境檢查站

four hours by road. It is envisioned that the bridge will enhance Hong Kong’s status as a premier logistics hub, improve land connectivity and stimulate cooperation among GBA cities.

Social and economic benefitsThe Pearl River Delta is one of China’s leading economic regions and a major manufacturing centre, which accounts for a significant percentage of China’s GDP. Foreign capital is a major contributor to the region’s economic development and by slashing travel times between the eastern and western banks of the Delta, less developed parts of the western bank and the southwestern tip of Guangdong province stand to benefit greatly from new foreign direct investment, ultimately increasing the flow of labour and goods.

The socio-economic benefits include the alleviation of congestion at existing cross-border checkpoints, creation of employment opportunities, deeper integration between Hong Kong and the region, and the strengthening of Hong Kong’s position as an international logistics hub. Along with increased numbers of nearby quality innovation and technology and creative industry centres, Hong Kong provides an established platform for Mainland SMEs to explore overseas markets and international distribution networks.

A 2017 joint survey by KPMG and Hong Kong General Chamber of Commerce in The Greater Bay Area Initiative report found a majority of respondents indicated strong support for the GBA initiative, citing enhanced market access, improved corporate synergies and a freer

flow of talent as its key advantages. As development and integration increases in the Pearl River Delta Region, this is expected to extend and play a key role in the Belt and Road initiative.

Logistics in Hong Kong Hong Kong has excellent infrastructure and telecommunications facilities and free circulation of funds, a well-established financial and legal system and was ranked as the world’s freest economy for the 24th year straight by U.S. think-tank Heritage Foundation. Historically, it has always been a maritime centre and as one of the largest and busiest logistics hubs in Asia, is home to many shipping and freight forwarding operators. These competitive advantages will strengthen its position as a transportation hub. The HZMB will provide a linkage to Mainland China’s vast network of expressways and provide passengers and freight for the western part of the delta with a faster and more efficient route.

There is little reason to doubt that there exists a direct relationship between the logistics sector development and economic growth -- all goods produced need to be transported to warehouses, ports etc. -- especially in less developed countries.

The port development of Mainland China cities has long surpassed Hong Kong’s, enhanced cross-border movement of capital, people, goods and services are essential for the region’s successful development; however, these are dependent on cross-institutional cooperation and efforts. The KPMG report found that the three factors considered most

important to the success of the GBA Initiative are governmental support, consistency of laws and regulations and infrastructure support. This will require collaboration on economic policies, environmental and transport issues and regulatory harmonisation. Further, the coordination of development throughout the Pearl River Delta region may be better achieved by reducing inter-city competition and building on each city’s existing strengths, for example, Hong Kong’s expertise in financial services. The tripartite government responsible for the HZMB has yet to confirm what its cross-boundary access policies will be; including cross-boundary traffic, emergency relief measures and arrangements for vehicles and personnel.

Looking aheadOn 28 March 2015, the NDRC, Ministry of Foreign Affairs and the Ministry of Commerce jointly promulgate the “Vision and Action for Promoting Joint Development of the Silk Road Economic Belt and the 21st Century Maritime Silk Road”, stating that the cooperation priorities of the “Belt and Road Construction” include five pillars, namely policy communication, facility connectivity, trade flow, financial financing, and communion. Strengthening policy communication is an important safeguard for the “Belt and Road” initiative. Infrastructure interoperability is a priority for the “Belt and Road” initiative. Investment and trade cooperation is a key component of the “Belt and Road” initiative. Capital financing is the key support for the “Belt and Road” initiative. Communion is the social foundation for the “Belt and Road” initiative.

的交通擠塞問題，創造就業機會，深化香港與內地之間的一體化，加強香港作為國際物流樞紐的地位 。此外，隨著鄰近優質的創新及科技和創意產業中心的增加，香港為內地中小企業開拓海外市場和國際分銷網絡提供了一個既定的平台。

由畢馬威會計師事務所（畢馬威）以及香港總商會於2017年有關大灣區報告的一份聯合調查顯示，大部分受訪者表示大力支持大灣區，認為加強市場聯繫、改善公司協同效應和人才流動是其核心優勢。隨著珠江三角洲地區的發展及一體化進程加快，預計這一趨勢將在一帶一路倡議中發揮關鍵作用。

香港物流概況香港擁有完善的基礎設施、資訊和資金自由流通，還有成熟的金融和法律體系，並連續第24年被美國智庫傳統基金會（U.S. think-tank Heritage Foundation）評為世界最自由經濟體。在歷史上，香港一直是亞洲最大的航運中心以及最繁忙物流中心之一，是很多航運以及貨運物流代理商的所在地。這些競爭優勢將鞏固本港作為交通樞紐的地位。港珠澳大橋將與中國內地的龐大高速公路網路連接，為三角洲西部的乘客和貨運提供更快更高效的路線。

毫無疑問，物流行業發展與經濟增長之間存在直接關係，其商品生產需要運輸

封面故事COVER STORY

The study by the NDRC and the Hong Kong Government on the transport linkage between Hong Kong and the western bank of the Pearl River Delta identified significant macro socio-economic benefits for the Greater Pearl River Delta Region as a deciding factor in its decision to proceed with the project. The main benefit from building the bridge is most prominently reduction in travel time and to some extent, reduction in long-distance transportation costs.

Looking beyond the initial effects of transport investment on journey time and costs, the wider economic impacts takes on its own dimension. There is also the potential to cause redistribution of economic impacts between regions.

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到倉庫、港口等 。負責港珠澳大橋的三方政府尚未確認跨境通行政策；包括跨境交通，緊急救援措施和車輛及人員安排 。內 地 城 市 的 港 口 發 展 早 已 超 越 香港，加強跨境資本、人才、商品和服務的跨境流動對於該地區的成功發展至為重要；但這一切取決於機構間合作和努力 。畢馬威報告發現，對大灣區獲成功最為重要的三個因素是獲得政府支持、法律法規的一致性以及基建的支持。這將需要在經濟政策、環境、交通問題及監管協調方面展開合作 。此外，通過減少城市間之競爭和發揮每個城市的現有之優勢，例如香港在金融服務方面的專長，可以更好地實現珠江三角洲地區的發展及協調。

Benefits to Hong Kong’s financial sectorHong Kong’s financial sector stands as one of the key areas to benefit from China’s development strategies. Its status as an international banking and finance centre and the world’s largest offshore renminbi hub will play a crucial role in ensuring long-term growth.

Aside from the obvious boost of construction creating new employment opportunities for the residents of Hong Kong, it is a highly capital-intensive sector with many companies and related industries facilitating, as well as supplementing, the construction industry. In addition, once completed, the transport industry might leap into overdrive with the movement of goods, services and people in the Pearl River Delta region. The financial services sector has plenty to gain from an increased demand for their services. However, barriers whether regulatory, logistical, or operational have to be addressed to provide a seamless transition and ensure that the banking and finance sector of Hong Kong is prepared to

meet the new demands from the increased movement of people, goods and services in the region. Examples in which this could be achieved include; allowing the greater mobility of funds, providing credit and investment services between the three jurisdictions in an integrated manner, pre-empting anti-money laundering risks and introducing appropriate measures, overcoming regulatory differences, cross-border securitisation of assets, cross-border financial instruments, debt collection, and much more.

展望未來2015年3月28日，國家發改委、外交部、商務部聯合發布了《推動共建絲綢之路經濟帶和21世紀海上絲綢之路的願景與行動》，明確「一帶一路」建設的合作重點包括五大支柱——政策溝通、設施聯通、貿易暢通、資金融通和民心相通。其中，加強政策溝通是「一帶一路」建設的重要保障，基礎設施互聯互通是「一帶一路」建設的優先領域，投資貿易合作是「一帶一路」建設的重點內容，資金融通是「一帶一路」建設的重要支撐，民心相通是「一帶一路」建設的社會根基。

國家發改委與香港政府對香港與珠江三角洲西岸之間交通運輸聯繫的研究表

明，決定繼續該項目的一個決定性因素是，大珠三角地區的宏觀社會經濟效益顯著。建造大橋的主要效益就是明顯縮短通行時間，並在一定程度上減少了長途運輸成本。有關出行時間和成本的交通投資不僅取得初步成效，除了對經濟產生更廣泛的影響，對地區之間的經濟資源重新分配亦產生影響。

對香港金融業的益處香港金融業是內地發展戰略的重要領域之一。香港作為國際銀行和金融中心及世界最大離岸人民幣中心的地位將在確保長期增長方面發揮關鍵作用。

除了建築業明顯增加為香港居民創造新

2018-2020. Hong Kong stands to gain from this as the home to many global banks who may have better international reach and higher levels of cross-border talent than their international counterparts. With the aid of financial technology, decades of accumulated experience in finance and dealing with international investors from different parts of the world will play an important role. Whilst we are already an international finance centre with advanced transport networks and a highly skilled labour

force, customers demand more from financial service providers in this globalised digital age. This means there will be a greater need for investment in training and developing new talent and a higher demand for financial services professionals. The financial services sector must act now to groom a new generation of talent in order to meet the challenges of establishing Hong Kong’s place as the new logistics hub of the region, because there is no prize for those that come in second place.

就業機會之外，金融業也是高度資本集中行業，許多公司和相關行業促進了建造業發展並與建造業形成補充。此外，大橋一旦完成後，運輸業可能會隨著珠三角地區商品、服務和人員的流動而快速發展。金融服務業從服務需求增長中獲益匪淺。然而，監管、物流或經營方面的障礙必須解決，才能實現無縫銜接，確保香港銀行和金融業為滿足本區域日益頻繁的人員、商品以及服務流動所帶來的新需求做好準備。建議措施包括：允許更廣泛的資金流動性，以綜合方式在粵港澳三地之間提供信貸及投資服務，防範反洗錢風險和採取適當措施，克服監管差異、跨境資產證券化、跨境金融工具、債務收回等等。

This presents the local finance and banking industry with a number of opportunities to ensure it hits the ground running. Firstly, Hong Kong can utilise its established infrastructure to strengthen capital flows within the GBA and the Belt and Road region. This could be achieved through the expansion of various cross-border share and bond trading schemes which would bolster the region’s status as an asset management centre. Secondly, it is uniquely positioned to facilitate the inevitable expansion

and internationalisation of RMB markets. An example of this has been demonstrated recently by Hong Kong’s gold exchange, the Chinese Gold and Silver Exchange Society. They are currently in talks with Singapore, Myanmar and Dubai to establish a ‘gold commodity corridor’ to promote yuan-denominated products under the BRI.

Analysts at Morgan Stanley estimate that investment in countries along the BRI trade route will grow at an annual pace of 14% between

封面故事COVER STORY

一帶一路的運行會為本地金融和銀行業帶來眾多機遇。首先，香港可以利用現有基礎設施來加強大灣區及一帶一路區域內的資本流動。這可以通過擴展各種跨境股票和債券交易來實現，藉此提升本港作為資產管理中心的地位。其次，香港擁有獨特的優勢，可以促進勢不可擋的人民幣市場擴張以及國際化。譬如，香港黃金交易所以及中國黃金和白銀交易所最近證實其正與新加坡、緬甸和迪拜商討建立

「黃金商品串連走廊」，在一帶一路倡議下推廣以人民幣計值的黃金產品。

摩根士丹利的分析師預測，2018-2020年中國對一帶一路倡議沿線國家的投資每年將增長14%。香港作為許多全球性

銀行的所在地將從中獲益，因為這些銀行可能擁有比其國際同行更廣泛的國際業務範圍及更高水準的跨境人才。借助金融技術，香港數十年來與來自世界各地的國際投資者打交道並且積累的金融經驗將發揮重要作用。雖然我們已經是一個擁有先進運輸網絡以及高技能勞動力的國際金融中心，但在這個全球化的數碼時代，客戶對金融服務提供商的要求更高。這意味著，對培訓和開發新人才的投資及對金融服務專業人員將有更大的需求。金融服務業必須立刻採取行動培養新一代人才，以應對香港成為本區域新物流中心的挑戰，獨占鰲頭。

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development of international advanced education, cooperation and development in the economic, industrial, technology, infrastructure and energy sectors, discovers potential in the regional markets, facilitates international cultural and education exchanges, enhances cultural exchange between the people of various countries along the route, allows people from various countries to meet and befriend, build mutual trust and respect, and enjoy harmony, peace and prosperity. Therefore, the overall strategy of the “Belt and Road” initiative is an all-rounded international cooperation opportunity. Since its inception, the “Belt and Road” development, Beijing-Tianjin-Hubei coordinated development, Yangtze River Economic Belt Development have been fully implemented and making steady progress.

In Hong Kong, the finance, innovation and trade sectors are the three main sectors which benefited from the “Belt and Road” development. Therefore, it is paramount that these sectors have their own strategies and respond properly in order to achieve success. Hong Kong has a mature financial sector, strategically-located seaports and is equipped to promote trade prosperity. In addition, Hong Kong has a mature legal system that excels at solving disputes and a reputation for high transparency and preservation of the rule of law. Adding logistics efficiency and high-tech talents to the formula, this will pave the

way for attracting investors from Mainland China and elsewhere. Banks and the financial sector are prepared to meet this need by investing in new technologies that promote simplicity and cross-border transactions. For example, as transactions are increasingly carried out via smartphones, particularly by small and medium enterprises, smartphone banking is used extensively, electronic payment methods such as Wechat payment and Alipay are massively popular in Mainland China. Other FinTech areas which require investments include artificial intelligence, blockchain technology, smart contracts and technologies related to cryptocurrencies, such as digital wallets.

Talent development is another approach to prepare for multi-jurisdictional trade, investing in regular training, and advocating continued professional development. For example, in anticipation of increased trade with less-regulated jurisdictions, adopt the Enhanced Competency Framework for Banking Practitioners (ECF) programme in AML/CFT and the upcoming Cybersecurity programme to pre-empt potential risk, and introduce appropriate measures.

Banks and the financial sector may also adopt policies to allow free circulation of different currencies and regional funds.

一帶一路——戰略或倡議？

自根據「一帶一路」倡議的走向，陸上依託國際大通道，以沿線中心城市為支撐，並以重點經貿產業園區為合作平台，共同打造新亞歐大陸橋、中蒙俄、中國－中亞－西亞、中國－中南半島等國際經濟合作走廊。海上以重點港口為節點，共同建設通暢安全高效的運輸大通道。

中國為推動區域經濟一體化作出了很多戰略規劃，包括：21世紀海上絲綢之路戰略、絲綢之路經濟帶戰略、中印緬孟經濟走廊戰略、中巴經濟走廊戰略、東北亞經濟整合戰略等。這些戰略中，每個規劃都是以區域經濟一體化為核心的，每個規劃都是以中國的國家戰略為基礎的，符合亞太，乃至亞歐幾乎所有成員國的戰略利益。

當中除了在金融、工業、科技、基建、能源等經濟領域的合作與開發，發掘區域內市場的潛力、促進投資和消費、創造需求和就業，亦包括了文化教育上的國際交流，增進沿線各國人民的人文交流與文明互鑒，讓各國人民相逢相知、互信互敬，共享和諧、安寧、富裕的生活。由此可見，「一帶一路」倡議的大戰略，可說是全方位的國際合作機遇。自提出以來，「一帶一路」建設、京津冀協同發展、長江經濟帶發展三大戰略全面落實、穩步推進。

在香港，受惠於一帶一路建設發展的三個主要行業為金融、創新以及貿易，因此確保這些行業擁有自己的戰略及

作出正確回應是成功的關鍵。香港擁有成熟的金融業，且作為關鍵位置的海港，具備良好條件促進預期的貿易繁榮。此外，香港擁有成熟的法治體系，擅長解決糾紛問題，具有高透明度和維護法治的聲譽。加上物流效率和高技術人才，這為吸引中國內地及其他地方的投資者鋪路。銀行及金融業通過投資促進簡易及跨境交易的新技術為滿足這一需求做好準備。例如，隨著越來越多的業務在智能手機上進行，尤其是中小企業，手機銀行得到廣泛使用，微信支付及支付寶等電子支付方式在中國內地備受歡迎。需要投

資的其他金融科技領域包括：人工智能、區塊鏈技術、與加密貨幣相關的智能合約和技術，如數碼錢包。

為多國管轄權貿易做準備的另外一個主要途徑是發展人才，在定期培訓方 面 投 入 資 源，並 宣 揚 持 續 專 業 發展。例如，跟監管寬鬆地區之間的貿易往來增多，將使用反洗錢/打擊資助恐怖主義融資方面的「銀行專業資歷架構」(Enhanced Competency Framework, ECF)課程專案和即將來臨的網路安全課程來防範潛在風險，並引入合適的措施。

ABOUT THE AUTHOR ABOUT THE ADVISOR| 關於作者 | 關於諮詢人

Dr Wilson ChanAssociate Director, MBA Programme, City University of Hong Kong

陳鳳翔 博士

香港城市大學工商管理課程協理主任

Belt and Road – Strategy or Initiative?

The “Belt and Road” initiative relies on the International Corridor and is supported by the central cities along the route and, uses the key economic and trade industrial parks as the cooperation platforms to jointly develop create corridors for international economic cooperation such as the New Asia-Europe Continental Bridge, China-Mongolia, China-Central Asia-West Asia, China-Indochina Peninsula, etc, and uses key ports as the nodes to jointly develop a smooth, safe and efficient transport channel.

China has made extensive strategic planning to promote regional economic integration, including the 21st Century Maritime Silk Road Strategy, Silk Road Economic Belt Strategy, China-India-Member-Mongolian Economic Corridor Strategy, China-Pakistan Economy Corridor Strategy, Northeast Asia Economic Integration Strategy, etc. In these strategies, regional economic integration is the core of each plan and China’s national strategic is the foundation for each plan, and each and every plan is in line with the strategic interests of almost all member countries in Asia Pacific and Asia and Europe.

In addition to finance, the “Belt and Road” initiative promotes investment and consumption, creation of demand and employment for Hong Kong SAR’s

Dr. Angus Young Senior Lecturer, Department of Accountancy and LawProgramme Director, MSc in Applied Accounting and Finance, Hong Kong Baptist University

楊意堅 博士

香港浸會大學會計及法律部門高級講師及應用會計與金融理學碩士課程項目主任