The 35th Hong Kong Book Fair will launch in mid-July, with this year’s theme centered on “Culinary Culture and Future Living.” Coinciding with the event, a new book titled Haiming Asks Haiming: Hong Kong’s Future Role and Direction in Co-Building the Belt and Road Initiative is set for release. Uniquely authored by two individuals who share the same name—both PhDs and professors—the collaboration marks a rare occurrence in academic publishing. Working at different institutions yet both affiliated with Hainan University’s Belt and Road Research Institute, the authors have long studied Hong Kong’s evolving relationship with regional development.
This article expands on a chapter from their upcoming book, exploring how Hong Kong can redefine its strategic position within the upgraded Belt and Road framework—leveraging its strengths in technology, finance, and cross-cultural connectivity to transition from a passive intermediary to an active architect of multilateral cooperation.
👉 Discover how Hong Kong can become a global innovation hub under the Belt and Road Initiative.
From Infrastructure to Institutional Innovation
Since its inception in 2013, the Belt and Road Initiative (BRI) has evolved beyond infrastructure and trade into broader domains: technological innovation, green transition, cultural exchange, financial integration, and institutional interoperability. Over the past decade, tangible progress has been made—but new challenges have emerged. Rising geopolitical tensions, shifting Western strategies toward China, and regional security concerns demand more resilient, flexible, and institutionally sophisticated models of collaboration.
In this context, Hong Kong’s unique status under “one country, two systems” positions it not just as a facilitator, but as a potential institutional innovator. The question is no longer whether Hong Kong can participate—but how it can proactively shape the rules, standards, and frameworks that govern BRI cooperation.
Harnessing Technology as a Strategic Lever
Technological advancement is now a core driver of regional competitiveness. Across key BRI regions—Southeast Asia, Central Asia, and the Middle East—innovation ecosystems are rapidly maturing:
- Southeast Asia: Singapore leads in AI and fintech; Indonesia and Malaysia are investing heavily in digital infrastructure and renewable energy.
- Central Asia: Rich in critical minerals, these nations are building supply chain links with Europe while expanding tech-driven governance.
- Middle East: Countries like the UAE and Saudi Arabia are pursuing bold transformations through smart cities and national AI strategies.
Hong Kong’s role should not be limited to passive participation. With world-class universities, robust intellectual property protections, and established innovation hubs like Science Park and Cyberport, the city already has strong foundational assets. But to become a true technology cooperation platform, it must go further.
👉 See how Hong Kong can lead in cross-border tech standardization and R&D commercialization.
Building Institutional Infrastructure for Tech Collaboration
Rather than focusing solely on attracting startups or venture capital, Hong Kong should pioneer mechanisms that enable sustained multilateral innovation:
- Establish transnational research alliances linking Hong Kong-based labs with counterparts in ASEAN, the Gulf, and Central Asia.
- Develop mutual recognition agreements for technical standards—especially in AI ethics, data governance, and green tech.
- Create incubation pathways for foreign research outputs to be tested, scaled, and commercialized in Hong Kong before entering mainland China or global markets.
Such initiatives would transform Hong Kong from a talent and capital gateway into a rules-shaping node in the global innovation network.
Reinventing Financial Connectivity
Finance remains one of Hong Kong’s most powerful tools. As a mature international financial center with deep legal expertise and a strong regulatory framework, it plays a vital role in BRI financing. Many companies from Southeast Asia, the Middle East, and Central Asia choose Hong Kong for IPOs or bond issuances to access both Chinese and global capital.
The city has also strengthened its position as an offshore RMB hub through instruments like dim sum bonds, RMB settlement systems, and offshore clearing platforms. Yet competition from financial centers like Singapore and Dubai is intensifying.
To maintain leadership, Hong Kong must shift from leveraging existing advantages to delivering targeted financial innovations tailored to BRI needs.
Green Finance & Multicurrency Settlement: Two Strategic Frontiers
- Sustainable Finance Leadership
Hong Kong can establish a dedicated BRI Green Project Verification Mechanism, offering third-party certification and advisory services for sustainable infrastructure projects. By lowering financing barriers for environmentally sound initiatives across developing economies, Hong Kong would position itself as a steward of responsible investment—a role increasingly valued by global investors. - Regional Multicurrency Settlement Platform
Reducing dependence on the U.S. dollar enhances financial sovereignty for BRI nations. Hong Kong could develop a multi-currency clearing system enabling direct exchange between regional currencies such as RMB, Turkish lira, UAE dirham, and Malaysian ringgit. This would streamline trade settlement, reduce conversion costs, and deepen regional financial integration—all while reinforcing Hong Kong’s role as a neutral financial bridge.
Unlocking Potential in Halal Economy & Islamic Finance
Beyond tech and finance, Hong Kong has untapped potential in serving the global Muslim market, which includes over 2 billion people today and is projected to reach 30% of the world’s population by 2050. Demand for halal-compliant food, pharmaceuticals, tourism, and financial products is growing rapidly across Southeast Asia and the Middle East.
Hong Kong issued Islamic bonds (sukuk) three times between 2014 and 2017, laying early groundwork. Now is the time to scale up:
- Expand Sharia-compliant financial instruments.
- Partner with Malaysia and Indonesia to certify halal supply chains.
- Position Hong Kong as China’s gateway to Islamic finance and halal trade.
Given its religious freedom, legal neutrality, linguistic diversity, and international credibility, Hong Kong is uniquely equipped to serve as a trusted intermediary between China and the Islamic world—an area where mainland institutions still face trust gaps.
Overcoming Structural Challenges
Despite its strengths, Hong Kong faces real obstacles:
- Policy Coordination Gaps
Strategic sectors like tech and finance span multiple departments—Innovation & Technology Bureau, Financial Services & Treasury Bureau, Commerce & Economic Development Bureau. Without centralized oversight and inter-agency coordination, efforts risk duplication or misalignment. - Talent & Scale Limitations
While home to elite universities, Hong Kong lacks the industrial base and large domestic market needed to scale innovations. Attracting and retaining top-tier global talent remains a persistent challenge. - International Perception Risks
Geopolitical narratives—particularly in Western media—have clouded perceptions of Hong Kong’s autonomy and openness. Rebuilding trust requires proactive international engagement, transparent communication, and visible participation in global forums.
Addressing these issues demands not just funding or isolated policies, but a comprehensive national strategy that integrates institutional design, talent development, and global branding.
FAQs: Common Questions About Hong Kong’s BRI Future
Q: Can Hong Kong really compete with Singapore in fintech and green finance?
A: Yes—but not by copying Singapore. Hong Kong’s advantage lies in being China’s most international city. By focusing on BRI-specific services like multicurrency settlement or halal finance certification, it can carve out differentiated niches.
Q: What makes Hong Kong suitable for Islamic finance despite its small Muslim population?
A: It's not about local demographics but institutional credibility. With common law, English proficiency, tax neutrality, and prior sukuk experience, Hong Kong offers a trusted legal environment for cross-border Islamic financial transactions.
Q: How can Hong Kong influence technology standards along the Belt and Road?
A: Through pilot programs—such as joint AI ethics guidelines with ASEAN partners or data-sharing frameworks with Gulf smart cities—Hong Kong can serve as a neutral testing ground for new standards before wider adoption.
Q: Is political risk undermining Hong Kong’s international role?
A: Perception matters. While legal frameworks remain strong, proactive diplomacy—through academic exchanges, track-two dialogues, and multilateral partnerships—can help reaffirm Hong Kong’s reliability as a neutral platform.
Q: Should Hong Kong focus more on mainland China or global markets?
A: The answer is both. Its power lies in bridging them. For example, helping Middle Eastern green funds invest in China’s renewable projects via Hong Kong creates win-win value.
Q: What immediate steps should policymakers take?
A: Launch a BRI Institutional Innovation Task Force; expand incentives for cross-border R&D; fast-track specialized financial licenses for Islamic and green products; launch global roadshows showcasing Hong Kong’s upgraded role.
👉 Explore how policy innovation can unlock Hong Kong’s next-generation economic potential.
Conclusion: From Connector to Co-Creator
As the Belt and Road Initiative enters a new phase defined by digital transformation, sustainability, and institutional maturity, Hong Kong must evolve accordingly. No longer sufficient as a mere conduit for capital or trade, it must become a co-creator of systems: designing tech collaboration frameworks, pioneering inclusive financial instruments, and enabling culturally sensitive economic bridges.
This transformation won’t happen by accident. It requires vision, coordination, and courage—to move beyond comfort zones and embrace the role of an institutional pioneer. If successful, Hong Kong won’t just sustain its relevance—it will redefine it for a new era of global cooperation.
Core Keywords: Belt and Road Initiative, Hong Kong technology innovation, financial connectivity, green finance, Islamic finance, institutional innovation