NDRC signs Belt and Road agreement with HKSAR

The National Development and Reform Commission (NDRC) Thursday inked an agreement with the Hong Kong Special Administrative Region (HKSAR) to strengthen Hong Kong's role in the Belt and Road construction.

Signed by NDRC Chairman He Lifeng and HKSAR Chief Executive Lam Cheng Yuet-ngor, the deal is designed to let Hong Kong play a bigger part in providing diverse financing channels for the Belt and Road projects.

Six areas were highlighted: finance and investment, infrastructure and shipping, economic and trade cooperation, people-to-people bonds, development of the Guangdong-Hong Kong-Macao Greater Bay Area, and project interfacing and dispute settlement.

Hong Kong will also make full use of its position as the offshore trading center of the Chinese yuan to step up the internationalization of the currency and push forward the green bond market.

The NDRC said the move will help ensure the financing of the Belt and Road and accelerate Hong Kong's development as well.