Hong Kong plans huge infrastructure drive

Hong Kong plans huge infrastructure drive

Financial Secretary Paul Chan Mo-po said in a forum that Hong Kong will invest US$30 billion (HK$235.23 billion) annually in infrastructure in the next five years, focusing on developing properties, hospitals, and transportations.

Also, he supported the Lantau Tomorrow Vision proposed by Chief Executive Carrie Lam, saying that the artificial island project could provide more housing to improve the living standards of Hong Kong residents.

Jin Liqun, president of the Asian Infrastructure Investment Bank, said the AIIB will provide member countries with lower interest rate financing as much as possible. In addition, Eddie Yue Wai-man, deputy chief executive of the Hong Kong Monetary Authority and director of the Infrastructure Financing Facilitation Office, said that IFFO’s partners have increased to about 100 since it was established two years ago.

As for the Greater Bay Area, international law firm Baker Mckenzie said the Hong Kong International Arbitration Centre can enhance mutual judicial assistance for arbitrations in the area since HKIAC has the largest caseload involving Chinese parties with expertise in China-related disputes.

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