On Wednesday, Hong Kong will host a two-day Belt and Road Summit. We asked Alicia Garcia-Herrero, a regular BRINK contributor on the Chinese economy, what to expect:
“This summit comes at an interesting time for China, Hong Kong and the world. Hong Kong is embroiled in a huge identity crisis, which has generated social unrest and weakened its economy. In addition, the global image of the Belt and Road Initiative (BRI) has been worsening quite rapidly, including in Hong Kong, at the same time in which China has had to confront an increasingly aggressive US administration on import tariffs and beyond.
The Chinese leadership is increasingly aware of the high cost of China’s deteriorating global image. This has prompted them to change gears in their strategy. At the BRI summit in Beijing in April, China turned to the rest of the world for help to improve infrastructure and connectivity at a global scale. While embryonic, the call for a more multilateral model for BRI is good news for this summit.”