ResearchQuestion: How will the One Belt One Road Initiative affect HongKong’s economy? Script: Felix: Myname is Felix and this is Adrian, today we will be discussing how the One BeltOne Road Initiative will affect Hong Kong’s economy. For 20 consecutive yearssince its induction in 1995, Hong Kong has been ranked the world’s freest economyby The Heritage Foundation. Hong Kong is also widely recognized as one of theworld’s most competitive and stable economies, furthermore, Hong Kong’sfinancial success is supported by an excellent legal structure and a strong governmentbacking. An important aspect in Hong Kong’s economy is trading, trading in HongKong makes up over 400 percent of the SARS’ GDP, which leads us to our maintopic regarding the One Belt One Road Initiative. The Initiative was proposedby China’s president Xi Jinping, the Initiative was approved by nearly 70countries and international organizations during the recent meetings held inBeijing regarding the very matter. The One Belt One Road Initiative is basedoff on the well-known “Silk Road”. The Silk Road, also known as the Silk Route,was an ancient trading route, used by merchants and traders from all countrieslinked to it, it stretched from China to as far west as Rome. It allowed allcountries connected to the route to trade with one another.
The most commonmaterial that was bound West was silk, as silk at the time was a commonresource found in the East. While wool, gold and silver mostly went Eastward. Chinaalso received strong religious influence from religions such as NestorianChristianity and Buddhism from the road. With the One Belt One Road Initiative,China aims to reestablish the foundations of trading routes between countriespreviously laid by the “Silk Road” and “Maritime Silk Road”.
China aims toestablish 6 “economical corridors” that will connect Asia, Europe and Africa. The6 corridors are as follows: “The New Eurasia Land Bridge Economic Corridor”, “TheChina-Mongolia-Russia Economic Corridor”, “The China-Central Asia-West AsiaEconomic Corridor”, “The China-Indochina Peninsula Economic Corridor”, “TheChina-Pakistan Economic Corridor” and “The Bangladesh-China-India-MyanmarEconomic Corridor”. Furthermore China hopes to achieve 5 main goals during theconstruction and trading process of the One Belt One Road Initiative.
Firstly,China hopes to achieve policy coordination, meaning, countries should equally consulateon development plans and measures, resolving problems that arise withconsultation, and should equally provide policy support regarding practicaloperations and large-scale project implementation. Secondly, China hopes toachieve facility connectivity by allowing complete access to areas directlylocated in One Belt One Road Initiative. Thirdly, China hopes to achieve unimpededtrade by solving investment and trade facilitation issues. Investment and tradebarriers should either be lowered or potentially be dismissed, countries shouldalso aim to lower the cost of trade and investments. Countries should also aimto promote regional economical integration.
Countries should also aim tobroaden the scope of trade within it’s population, attempt to increase tradedevelopment through investment, and strengthen co-operation in the chain ofindustry regarding all countries that have signed on the Initiative. Fourthly, Chinaaims to achieve financial integration, through countries further improving thequality of co-ordination in momentary policy, expanding the scopes of localcurrency settlement and currency exchange in trade and investment between allcountries along the route, and by deepening multilateral and bilateralfinancial co-operation, furthermore, countries should aim to build up regional developmentfinancial institutions, strengthening co-operation in monitoring financialrisks, and by enhancing the ability of managing financial risks throughregional arrangements. Fifthly and lastly, China aims to achieve people topeople bonds, through countries making an effort promoting exchanges anddialogues between different cultures, strengthening friendly interactionsbetween the population of different countries, and by heightening mutualunderstanding and traditional friendship. Adrian: