Hong Kong: Where Belt & Road Business Opportunities Connect

25 February 2022

On February 22nd, the China-Italy Chamber of Commerce (CICC), in collaboration with InvestHK, the Government of the Hong Kong Special Administrative Region and Shanghai Council for the Promotion of International Trade (CCPIT Shanghai), held a hybrid seminar "Hong Kong: Where Business Opportunities Connect".

Five speakers kicked off the discussion in a webinar that offered the opportunity to interact and exchange real situations in Hong Kong business.

Special thanks to the speakers, the moderator and all the 80 participants who joined the seminar.

QUOTE BY SPEAKERS

Welcome remarks by Mr Valtero Canepa

"The China-Italy Chamber of Commerce is the only business organization recognized by both the Italian Government and the People’s Republic of China Government. We provide important assistance and consultancy to your business, thanks to our deep knowledge and long-standing experience in China, as well as our rooted connections covering every industrial sectors." — Valtero Canepa, Vice Chairman China-Italy Chamber of Commerce (Shanghai)

Welcome remarks by Dr Jimmy Chiang

"Hong Kong is a great business hub where you can easily develop connections with various international companies to form business partnerships for your global expansion. The National 14th Five Year Plan provides strong impetus for the continuous development of Hong Kong as an international business city. Under China’s dual circulation economic strategy, Hong Kong is expected to play an even bigger role as a trade and investment conduit between Mainland and the rest of the world, in order to facilitate international circulation for our country. Hong Kong has also an important role to play in the Belt & Road Initiative (BRI) and the Guangdong-Hongkong-Macau Greater Bay Area (GBA) Development. Italian and Mainland companies can utilise Hong Kong as an effective platform to develop business in the B&R regions and GBA." — Jimmy Chiang, Associate Director-General of Investment Promotion (Business Development) Invest Hong Kong

Welcome remarks by Mr YANG Dong Sheng

"Hong Kong is a highly prosperous free port and the third largest financial center in the world. This international metropolis is also one of the freest and most competitive economies in terms of international finance, trade, shipping, innovation and technology. In recent years, mutual investment between mainland and Hong Kong has been increasing, and a higher degree of economic integration is witnessed. Diverse and close cooperation has been achieved between Shanghai and Hong Kong. Shanghai-Hong Kong Cooperation Conference has been held for 5 times ever since its establishment in 2003. The MOU on Promoting High-quality Development of Overseas Economic and Trade Cooperation Zones” was signed by the government of the Hong Kong SAR and the Ministry of Commerce during the 6th Belt and Road Summit Forum, which allows Hong Kong to use the overseas economic and trade cooperation zones as a platform to participate deeply in the Belt & Road Initiative for exchanges and cooperation with other countries and regions; enables mainland and Hong Kong to draw on each other's strengths while further advancing cooperation among the mainland, Hong Kong and countries along the Belt and Road for common development. As a non-governmental economic and trade organization, CPIT Shanghai plays an active role in promoting trade and investment activities between Shanghai and countries/regions worldwide. CPIT Shanghai will offer further assistance for substantial progress of Belt & Road Initiative." — YANG Dong Sheng, Vice Chairman Shanghai Council for the Promotion of International Trade

Keynote speech by Mr Philip Kung

"Despite under multiple challenges over the past years, with the evolving situation of the COVID-19 pandemic, Hong Kong's status as an international financial center remains very solid and its inherent strengths remain intact. Hong Kong’s unique business advantages are prominent from the perspectives of world-leading platform for financing, simple and low tax regime, professional services, legal system and intellectual property protection, funding schemes support to SMEs, development opportunities with interconnectivity cooperation in the GBA area, free flow of capital, and unique access to investment opportunities in the Mainland. It’s encouraged to leverage Hong Kong as the Springboard for “Stepping out” to capture the business opportunities under Belt & Road initiatives. Hong Kong plays the role of two-way portal as a bridge connecting to the Mainland and International Market. It offers an internationalised and diversified, vibrant business environment. To tap into a wide range of opportunities in the city, a pool of well-qualified international talents can bring insights and expertise to help enterprises develop outside markets. InvestHK is the government department of HKSAR responsible for supporting overseas and mainland businesses to set up or expand in Hong Kong, with free advice and customised services to support companies from the planning stage right through to the launch and expansion of their business succeeded in HK." — Mr Philip Kung, Deputy Director of Hong Kong Economic and Trade Office in Shanghai Head of Investment Promotion InvestHK Shanghai Office

Keynote speech by Mr Tony Xu

"By adopting a territorial basis of taxation with simple and low tax rate, Hong Kong’s taxation system has ranked as one of the most competitive tax environment among other economies. By taking advantage of its well-established treaty network and current available tax incentives, Hong Kong can be an ideal choice acting as the investment platform for both outbound and inbound investments. PwC has been providing one-stop assistance in helping Clients designing the shareholding structure involving HK presence during investment, holding and exit stage. Depending on the commercial rationale of the given transaction, PwC can help you navigate through potential hurdles and explore tax planning opportunities as your tax advisor." — Mr Tony Xu, Tax Senior Manager (M&A) PwC Shanghai Office

Keynote speech by Mr Paul Allen

"The Guangdong-Hong Kong-Macao Bay Area (‘Greater Bay Area’) is an initiative that will form a new chapter in South China’s history. The Greater Bay Area aims to bring together Hong Kong SAR and Macao SAR with nine cities in Guangdong. It combines the strengths of each city to build itself into a world-class city cluster that is positioned as an international technology and innovation hub with global influence, a pivot for the Belt and Road Initiative, a demonstration zone of deepened cooperation between the Mainland and the two Special Administrative Regions and a robust community for living, working and travelling. The GBA is set to become a major powerhouse that leverages each city’s strengths in a synergistic manner to drive trade and economic growth. When that vision is perfectly aligned with current opportunities, consistent financial innovation and deeper cross-border cooperation are essential for companies to grow their business in the region." — Mr Paul Allen, Country Head of International Subsidiary Banking HSBC Bank (China) Company Limited

Keynote speech by Ms Rebecca FAN

"HSBC recognizes the vast potential of the Greater Bay Area. With a significant presence across the Greater Bay Area cities, weare well positioned to help companies seize the business opportunities available within the region. HSBC has launched its latest series ofdigital solutions, including Account Connect, Payment Connect, Service Connect and Credit Connect, to help more businesses tap into the emerging opportunities in the GBA for renewed growth." — Ms Rebecca FAN, Senior Vice President of International Business HSBC Bank (China) Company Limited

Keynote speech by Mr Fabio Stella

"Hong Kong has been our stepping stone into the APAC market opportunities and will always be our engine for growth and evolution of our presence and practice. We hope companies attending the seminar online and offline were able to grasp the reasons that still make Hong Kong a place where business goes to grow when looking both ways towards the Mainland and overseas. Our Shanghai and Suzhou entities here are both invested via our Hong Kong Regional HQ, with the support of Invest HK and the access to several rounds of incentives, benefits and funding matched with soft-landing programs by the municipal investment attraction officers in the Mainland we were able to make the most out of a reasonated and sound structuring with physical offices, staff and operations on the ground. Hawksford is confident that the restated importance of the HK SAR for the Mainland and vice versa will deliver a stage to go global for local businesses here and a user-friendly and easy-to-use holding locations for FDI towards the Chinese economy." — Mr Fabio Stella, China Head of Sales & Business Development Hawksford Corporate Services Hong Kong Limited