Deriving public policy for Hong Kong as an infrastructure financing hub and super-connector in project finance: The Belt and Road Initiative (Final Report): 香港作為一帶一路的基建融資樞紐及超級聯繫人的公共政策研討

The action plan on the One Belt One Road (OBOR) Initiative (or Belt and Road Initiative) entitled ‘Vision and Actions on Jointly Building the Silk Road Economic Belt and 21st Century Maritime Silk Road’ was unveiled in 2015. The importance of this Initiative was explicitly highlighted in the ‘Outline of the 13th Five-Year Plan for the National Economic and Social Development’ (the 13-5 Plan) in 2016. This proposed strategic Initiative is currently of primary national importance in China’s global economic development plan, as it covers many countries and involves a huge amount of capital investment in a number of large-scale infrastructure projects. Although it has extensive economic significance, limited
“empirical” research has been conducted to develop competitive strategies and public policies to facilitate Hong Kong’s transition into an infrastructure financing hub in support of the OBOR Initiative.

To address this gap and enlighten policymakers developing long-term public policies to support the OBOR Initiative, we make the following contributions to current scholarship and public policy development. First, we develop competitive strategies and viable methods for transforming Hong Kong into an infrastructure financing hub by conducting quantitative and econometric analyses using data from a comprehensive project finance database and other financial databases. Second, we identify the policy implications and recommendations on the development of Hong Kong as an infrastructure financing hub in project finance.

2015 年，中國政府發布了《推動共建絲綢之路經濟帶和 21 世紀海上絲綢之路的願景與行動》。2016 年，《中華人民共和國國民經濟和社會發展第十三個五年規劃綱要》（「十三五」規劃）有專門一章圍繞 “推進 ‘一帶一路’建設” ，彰顯這一戰略的重大意義。 “一帶一路”改變中國對外投資的格局，利用中國基礎設施建設的優勢，為許多國家投資建設大型基建工程。作為國際金融中心，香港有望成為一帶一路的基建融資樞紐，然而當前關於香港在“一帶一路”倡議中的競爭策略和政策的 “實證” 研究極為稀缺。

這項研究將填補這一空白，並提供長遠可行的政策建議以支持“一帶一路”倡議。本文在學術和公共政策的貢獻包含：為香港成為基建融資樞紐提供競爭策略和可行的方案，定量分析翔實的項目融資數據以及相關的宏觀數據；提出公共政策建議，發揮香港的獨特優勢，以推動香港成為一帶一路的基建融資樞紐；通過各種的渠道傳播我們的研究成果，促進公眾對“一帶一路”倡議的理解。