Hong Kong’s role in the Belt and Road: from super-connector to value-adding partner; Injecting steady and innovative “Hong Kong momentum” into the global economy

• Hong Kong’s core strength lies in its unique ability to seamlessly align national priorities with its own distinctive advantages and translate them into tangible outcomes.
• The Belt and Road (B&R) ecosystem in Hong Kong is built on five pillars: policy, finance, industry and trade, professional services, and talent and culture.
• Through industrial upgrading, institutional optimization and functional enhancement, Hong Kong will become a vital platform for B&R collaboration – effectively linking the Chinese mainland with B&R partner country markets, driving high-quality economic development in the region.

EY¹ today unveiled a special edition of its Navigator report for the Belt and Road Summit 2025 in Hong Kong – Hong Kong’s role in the Belt and Road: from super-connector to value-adding partner (“the report”). As a leadership piece, the report examines Hong Kong’s key achievements and strategic transformation over the past 12 years of the Belt and Road Initiative (BRI). It explores how Hong Kong's role has evolved from a participant to a “value-chain enhancer” by leveraging its unique advantages under the “One Country, Two Systems” framework. Hong Kong has built an ecosystem encompassing the five pillars of the Belt and Road (B&R) ecosystem – policy, finance, industry and trade, professional services, and talent and culture. The report also analyzes the current state and potential of Hong Kong-Middle East connectivity from three dimensions: macroeconomics, tax environment and key industry opportunities.

Jack Chan, EY China Chairman and Greater China Regional Managing Partner, says: “This year marks the 12th anniversary of the BRI. Over the past 12 years, Hong Kong has actively participated in this national strategy, evolving from a contributor to a key driver and value creator. Hong Kong’s core strength lies in its ability to seamlessly align national priorities with its own distinctive advantages and translate them into tangible outcomes. Looking ahead, we will continue to leverage the advantages of “One Country, Two Systems”, draw strength from our national backing and capitalize on the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) as a strategic platform. With this foundation, Hong Kong will further connect domestic resources on the Chinese mainland with international markets, foster synergies between the real and digital economies, and deepen connectivity with key regions including the Middle East, ASEAN, Eurasia and Latin America. As we embark on this new chapter of high-quality B&R development, EY will move forward with all stakeholders to contribute Hong Kong’s unique strengths toward achieving national success and shared prosperity.”

Hong Kong is not only a super-connector between the Chinese mainland and international markets – it is increasingly emerging as a global hub for resource allocation, innovation and value creation. Its established capitalist system and high degree of autonomy enable Hong Kong to operate independently in areas such as law, finance and trade, cementing its role as a vital gateway linking the Chinese mainland with the world.

Loletta Chow, Global Leader of EY China Overseas Investment Network (COIN) and Belt and Road Task Force Leader, says: “To strengthen synergies under the BRI, we recommend the Hong Kong SAR Government adopt a strategic framework focusing on three core dimensions – people, data and region – highlighting Hong Kong’s pivotal role in the dual-circulation development pattern. This includes establishing a fast-track B&R visa scheme and a cross-border data flow pilot zone, as well as jointly setting up cross-border industrial funds with other GBA city governments to attract investment from governments, enterprises and international capital into strategic B&R projects.”

Since the launch of the BRI, Hong Kong has successfully attracted numerous enterprises from the Chinese mainland and B&R partner countries (“partner countries”) to list in the city. Between 2014 and 2023, more than half of Southeast Asian companies that listed overseas chose Hong Kong. Moreover, Hong Kong hosts the world’s largest offshore RMB liquidity pool, with deposits exceeding RMB1 trillion and handling approximately 75% of global offshore RMB transactions. Over the past 12 years, Hong Kong has evolved from a financing platform for mainland enterprises “going global” to a comprehensive financial hub connecting the Chinese mainland and partner countries. The report recommends that Hong Kong enhance the cross-border use of the local currency by strengthening the offshore RMB ecosystem coordination mechanism; establish a family wealth management bridge to unlock long-term capital potential; and establish a dedicated “Green Technology Board" and "Cross-border Green Bond Connect" mechanism to strengthen green capital connectivity and reinforce Hong Kong’s role as a green bond pricing center, further consolidating its position as a financial hub for B&R development.

In 2024, Hong Kong’s trade with partner countries surpassed US$300 billion, up nearly 60% from 2013, while cumulative mergers and acquisitions in partner countries exceeded US$90 billion. Trade and investment ties between Hong Kong and partner countries continue to deepen, with Hong Kong’s competitive industries playing a vital role in facilitating smoother trade flows.

Benny Cheung, EY Greater China Financial Services South Market Leader, says: “Hong Kong can position itself as a new financial anchor for partner countries by leveraging the strategic model of “Hong Kong + GBA + ASEAN/Middle East + digital and green transition”, integrating multilateral connectivity with institutional innovation. To further capitalize on Hong Kong’s industry strengths and facilitate smooth trade under the BRI, we recommend establishing a ‘Hong Kong digital Silk Road platform’ and a ‘Hong Kong green Silk Road platform’. These platforms would integrate trade and investment information, provide ESG certification and mediation and arbitration services aligned with international standards and promote green supply chain management.”

With its robust tax, legal and regulatory systems, Hong Kong demonstrates strong competitiveness in providing professional services for B&R projects. One of Hong Kong’s core advantages lies in its deep pool of professionals well-versed in international standards and experienced in cross-border operations, enabling the city to deliver end-to-end, full-cycle solutions for the B&R projects. As a cosmopolitan hub where Eastern and Western cultures converge, Hong Kong’s internationalized education system nurtures a diverse talent pipeline each year, equipping graduates with global perspectives and professional expertise, providing crucial educational support for B&R development.

Wilson Cheng, EY Hong Kong and Macau Tax Leader, says: “To further strengthen Hong Kong’s role in advancing the BRI through professional services, we recommend promoting mutual recognition of professional standards; establishing a B&R tax advisory center; creating an express channel for enterprise onboarding; encouraging more B&R companies to set up captive insurance operations in Hong Kong, and reinforcing the city’s position as a center for arbitration and mediation. On talent and culture, we propose developing Hong Kong into a training hub to cultivate talent familiar with the laws and conditions of partner countries, while encouraging youth exchange programs. In view of accelerating connectivity with the Middle East, we also suggest strengthening cooperation with Muslim markets in areas such as tourism and Halal certification, positioning Hong Kong as an international talent hub for the B&R and a world-class Muslim-friendly metropolis.”

Hong Kong has been actively leveraging its unique strengths within the B&R ecosystem to build multi-level partnerships with more partner countries in recent years. For example, following the two visits to the Middle East by the Hong Kong SAR Chief Executive, collaboration between Hong Kong and Middle Eastern countries in finance and infrastructure — particularly digital infrastructure — has continued to deepen. Looking ahead, Hong Kong can further leverage its role as a platform connecting the Chinese mainland and the Middle East, linking finance with industry. Through financial product innovation, mutual regulatory recognition and the expansion of green and tech investment and financing channels under the BRI, Hong Kong will continue to broaden bilateral capital flows between the Chinese mainland and the Middle East. As Middle Eastern countries increase investments in energy and infrastructure, Hong Kong is well-positioned to become a strategic hub for guiding Chinese enterprises to “go global” and attracting Middle Eastern capital into China, jointly shaping a high-quality and sustainable global investment landscape.

Reflecting on Hong Kong’s future role, Hoffman Cheung, EY China North Managing Partner, concludes: “After 12 years of deep engagement and continuous advancement in the B&R, Hong Kong has undergone a strategic transformation – from a ‘super connector’ to a ‘value chain enhancer’. Hong Kong will continue to leverage its unique advantages, including the immense support from the motherland and a close connection with the world, along with a robust international financial system, world-class legal environment, strategic geographic location and top-tier talent pool. By deepening cooperation with the Chinese mainland and partner countries in areas such as innovation, digitalization, green development and healthcare, Hong Kong will foster higher-level connectivity and inject the ‘Hong Kong momentum’ of stability and innovation into the global economy.”

1. EY Greater China Belt and Road Task Force

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