Source: China Daily    Published: 2015-5-19

Even without Financial Secretary John Tsang Chun-wah`s timely reminder in his Sunday blog, most Hong Kong people can still sense the current economic hardship arising from the city`s falling exports, tumbling asset prices and growing unemployment.

As Hong Kong people brace themselves for a prolonged slump, the government and some economists are seeing a ray of hope in the Belt and Road Initiative, which promises to open up new markets and create fresh opportunities. In essence, the initiative has thrown Hong Kong a lifeline that can save it from a seemingly endless drift with its traditional markets in a sea of uncertainty.

As an externally oriented economy, the SAR has thrived on providing trade and financial services to buyers and sellers from around the world. But the demand for such services has been shrinking in recent years amid haphazard global economic growth.

The biggest threat comes from the rising tide of trade protectionism in some developed economies. Stagnant wages have prompted workers in the United States and Europe to question the benefits of globalization. The mounting controversy over the issue has catapulted numerous anti-globalization politicians into prominence in their respective countries.

Hong Kong business people are well-known for their adaptability, but there`s really very little they can do in an increasingly restrictive global trade environment.

The most viable option, as they all know, is to explore new markets. But, it`s an extremely difficult and time-consuming task due to the many language and cultural barriers. Besides, the high risks involved in establishing business contacts in unfamiliar markets would be enough to deter all but the bravest or most foolhardy.

Thanks to the strategic Belt and Road blueprint, they can now follow its trail and identify the opportunities on offer, in which their expertise in finance, trade, management and other services are in demand. It`s an option Hong Kong simply cannot afford to ignore.