Belt and Road Forum centering on Digital Economy&Payment Settlement held in Hong Kong, exploring Hong Kong's role in promoting digital silk road development

HONG KONG,Dec. 7, 2024/PRNewswire/ -- Belt and Road Forum themed Digital Economy& Payment Settlement, co-organised by the Ng Teng Fong• Sino Group Belt and Road Research Institute of the Hong Kong Chu Hai College, Silk Road Economic Development Research Center and Maritime Silk Road Society was held on 5^thDecember inHong Kong. MrChristopher Hui, Secretary for Financial Services and the Treasury, MrZhou Qiang, Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, MrsRegina Ip, Convenor of Hong Kong Executive Council and Co-Chair of the Maritime Silk Road Society, Mr LAM Kwong Siu, Chairman of Board of Governors of Hong Kong Chu Hai College, MrJoseph Chan, Chairman of Silk Road Economic Development Research Center, MrLiu An Ning, Second Secretary of the Commissioner's Office ofChina'sForeign Ministry in the Hong Kong Special Administrative, MrAlexander Ng, Director of Ng Teng Fong Charitable Foundation and General Manager of Sino Group, Mr Tan Yueheng, Member of Legislative Council and Chairman of the BOCOM International Holdings Company Limited, MsJane Zhang, Interim President of Hong Kong Chu Hai College, ProfessorThomas Chan, Director ofNg Teng Fong• Sino Group Belt and Road Research Institute of Hong Kong Chu Hai College, ProfessorShi Yongof University of Chinese Academy of Sciences, Counsellor of State Council ofthe People's Republic of Chinaand Director of CAS Research Center on Fictitious Economy& Data Science, along with near 300 distinguished guests, including prominent business leaders fromHong Kong, mainlandChina, and overseas, Consul-Generals of Consulates-General inHong Kong, government officials, entrepreneurs, and academics attended the Forum.

The Hon John KC LEE, Chief Executive of the Hong Kong Special Administrative Region delivered an opening address in video, in which he noted that in recent years, tokenisation technologies have revolutionised the global economy, creating new opportunities for the traditional financial market. The HKMA has launched a wholesale CBDC initiative called Project Ensemble this year, by leveraging advanced tokenisation technology. At present the Project has entered the Sandbox stage in August, with a focus on transactions involving tokenised assets. HKSAR Government will continue to capitalise on the growing influence of this key technology in the financial realm. He expressed his confidence thatHong Kong'srobust financial Infrastructure will support the financial services sectors to fully adapt to this new wave of digital economy, amidst the large array of opportunities offered by the digital"silk road". In so doing,Hong Kongwill consolidate its position as an international financial centre, and bring new development opportunities to other Belt and Road economies.

In his opening address MrChristopher Huinoted that the Belt and Road initiative is more than just a platform for infrastructure and trade. It is a vision for global connectivity and shared prosperity. As we integrate digital innovation into this framework, the opportunities for economic transformation and cooperation are boundless. From providing world-class financial and professional services to advancing the adoption of cutting-edge technologies,Hong Kongstands ready to contribute to the continued success of the Belt and Road Initiative. He encourages all participants to seize these emerging opportunities, foster meaningful partnerships and work together to build a more interconnected, inclusive and prosperous future for all.

MrsRegina Ipgave welcome remarks and highlighted the significant progress achieved in the Belt and Road Initiative (BRI) over the last ten years. Apart from the remarkable expansion of BRI membership, substantive achievements in infrastructural development and trade among BRI members also call for increased cross-border payment settlement under the digital economy. It is therefore timely to explore the prospects of digital economy and examine the challenges and opportunities in payment settlement facing us under the BRI. She acknowledged the strong support from venue sponsors, Sino Group and Ng Teng Fong Charitable Foundation and all guests at the end of her remarks.

ProfessorShi Yongdelivered a keynote speech on the"Prospect of Digital Economy under the Belt& Road Initiative and Its Impact on Mainland China andHong Kong", in which he stressed the strategic importance of digital economy to the development of BRI and he added that over the past 10 years since the launch of BRI in 2023, with the support of the central government,Hong Konghas actively responded to the BRI, strived to serve the needs of the country with its own strengths and become an active participant and contributor and beneficiary in the construction of the Belt and Road.Hong Kongwill further consolidate its own advantages and enhance its competitiveness in the process of fully promoting the"digital industrialization"and"industrial digitization"of BRI members.

Mr LAM Kwong Siu on behalf of the main organisers expressed his gratitude to all participants of the forum. He said the BRI is entering its next golden decade andHong Kongis facing a once-in-a-lifetime opportunity to play a crucial role in promoting Belt and Road and Digital Silk Road. We believe as we accelerate the development of the Digital Silk Road and the Silk Road of Innovation, more opportunities for cooperation will be created.

The panel discussion was divided into two sessions, respectively"Cross-Border Payments Fuelling the Accelerated Growth of Global E-Commerce"and"the Development and Implementation of Web 3.0 inHong Kong". The first session was moderated by MsJulia Charlton, Managing Partner of Charltons, panelists included Dr Shen Jianguang, Vice President and Chief Economist of JD.com, MrRonan Zhong, Vice President of LianLian Global, MrEsmond Lee, Deputy Branch Manager of Euroclear Bank Hong Kong Branch and MrHerbert Siu, CFO of Payment Cards Group Limited together explored the critical role that cross-border payments play in driving the global e-commerce. In the second session moderated by MrJoseph Chan, the Chairman of Silk Road Economic Development Research Center, MrIvan Chan, Co-Founder& COO of Web3.0 Technology Limited, Mr Furuzonfar Zehni, Partner and Portfolio Manager of Fresco Capital, MrMarco Lim, Web3 Partner of Solowin Holdings and ProfessorJames Lei, Secretary General of the Institute of Web3.0Hong Kongjoined the session and delved into the development and implementation of Web 3.0 inHong Kong, the challenges facing, and the strategies employed to navigate through them.

The organizers have been consistently holding BRI forums on specialized topics related to global BRI development trends since 2017, as one of the leading pioneers in promoting BRI andHong Kong'scommitment in integrating into the overall development of mainlandChina.

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SOURCE Silk Road Economic Development Research Center