Strategic Public Policy Research Funding Scheme 策略性公共政策研究資助計劃 Project Number : 項目編號： S2016.A1.009.16S Project Title : Hong Kong Professional Services in the Co-Evolving Belt- 項目名稱： Road Initiative: Innovative Agency for Sustainable Development 香港專業服務與一帶一路：推進可持續發展的創新能動 性 Principal Investigator : Professor LI Che Lan, Linda 首席研究員： 李芝蘭教授 Institution/Think Tank : City University of Hong Kong 院校 ／智庫： 香港城市大學 Project Duration (Month): 推行期 (月) ： 39 Funding (HK$) : 總金額 (HK$)： 3,400,000.00 This research report is uploaded onto the website of the Policy Innovation and Co- ordination Office (PICO) for public reference. The views expressed in this report are those of the Research Team of this project and do not represent the views of PICO and/or the Assessment Panel. PICO and/or the Assessment Panel do not guarantee the accuracy of the data included in this report. Please observe the “Intellectual Property Rights & Use of Project Data” as stipulated in the Guidance Notes of the Strategic Public Policy Research Funding Scheme. A suitable acknowledgement of the funding from PICO should be included in any publication/publicity arising from the work done on a research project funded in whole or in part by PICO. The English version shall prevail whenever there is any discrepancy between the English and Chinese versions. 此研究報告已上載至政策創新與統籌辦事處（創新辦）網站，供公眾查閱。報告 內所表達的意見純屬本項目研究團隊的意見，並不代表創新辦及／或評審委員會的意 見。創新辦及／或評審委員會不保證報告所載的資料準確無誤。 請遵守策略性公共政策研究資助計劃申請須知內關於「知識產權及項目數據的使 用」的規定。 接受創新辦全數或部分資助的研究項目如因研究工作須出版任何刊物／作任何宣 傳，均須在其中加入適當鳴謝，註明獲創新辦資助。 中英文版本如有任何歧異，概以英文版本為準。 Hong Kong Professional Services in the Co-evolving Belt-Road Initiative: Innovative Agency for Sustainable Development 香港專業服務與一帶一路：推進可持續發展的創新能動性 Strategic Public Policy Research Scheme S2016.A1.009.16S 1 Final Report2 2020.06 1 The Strategic Public Policy Research (SPPR) scheme is funded by the Policy Innovation and Coordination Office of the HKSARG. Funding for this project (the Study) was awarded in January 2017 and execution formally commenced in March 2017 until June 2020. Project Team includes: Prof Linda Chelan Li (Principal Investigator), Prof Phyllis Mo, Prof Lin Feng, Dr Chan Ho Mun, Dr Michael Wong, Dr Iris Kam, Dr Raymond Wong, Mr David Holloway (since 11 September 2018), Mr David Yip, Dr Liang Yuqing, Prof Yue Fangmin (collaborator) and Dr John Ho (till 11 September 2018). 2 Acknowledgements to members of the report-preparation support team for their contributions to the compilation of the report: Kin On Li, Jeffrey Chung, Man Luo, Chun Kit Chui, Jennifer Hung, Xin Yan, Dingyi You, Cleo Wong, and more names (Ji Chao, Benny Kwok, Jason Chan, Yamin Xu, Linda Tjia, Wilson Chan, Raymond WM Wong, Chunlaing Gao, Socheat Oum, Charles Wong, Xiaohe Zheng, Guilan Zhu and many others) contributing to the research leading to this report. 1 Table of Contents Executive summary ............................................................................................................ 3 Introduction .................................................................................................................... 11 PART 1 Overview report ................................................................................................... 12 PART 2 Findings chapters ................................................................................................. 68 Chapter 1 Belt-Road Initiative: Defining Feature ................................................... 69 Chapter 2 The Coevolving Views on Hong Kong’s Role in BRI ................................ 91 Chapter 3 Belt and Road Project Financing and Hong Kong ................................ 116 Chapter 4 The Hong Kong Accountancy Profession and Belt and Road ................ 161 Chapter 5 Hong Kong as Belt and Road Initiative Dispute Resolution Hub ........... 189 Chapter 6 Belt & Road Sustainability and Role of Hong Kong .............................. 215 PART 3 Overseas research activities reports ................................................................... 243 Overseas Research Activity 1: Cambodia ............................................................ 244 Overseas Research Activity 2: Vietnam ............................................................... 266 Overseas Research Activity 3: Sri Lanka .............................................................. 283 Overseas Research Activity 4: Myanmar ............................................................. 299 APPENDICES .................................................................................................................. 316 Appendix 1: Summary Report for Guangdong Research ...................................... 317 Appendix 2: Collaboration Infrastructure ............................................................ 358 Appendix 3: Research Engagement and Dissemination Activities ........................ 361 Appendix 4: Interviewees ................................................................................... 384 Appendix 5: Survey questionnaires ..................................................................... 433 Appendix 6: Publications and Outputs ................................................................ 442 2 Executive summary Abstract of the research There is high expectation for Hong Kong professional services to contribute to the Belt-Road Initiative (BRI), especially from the governments of Hong Kong and mainland China, and also from overseas stakeholders in the Belt and Road (B&R) destinations. The expectation lies in the excellent professional strengths of the Hong Kong professional services and their alignment to international standards, the significant impact of which has been demonstrated in their instrumental role in the transformative development of the Chinese economy. The expansive scope of the initiative has posed challenges to effective communication and policy execution, however, as BRI has been described as a ‘highly imaginative venture’. The Hong Kong professionals have also found it difficult to match official enthusiasm, so that actual participation in BRI projects has been uneven and relatively low. This study starts with an objective to understand the divergence in expectations and assessments, and contemplates how the gap may be narrowed. The central research question is: What role can Hong Kong professional services play in the BRI, in the interest of the sustainable development of the BRI as well as Hong Kong? We adopt a mixed methodology premising an action research approach to find an answer. We identified and engaged with the main, but diverse, stakeholder groups in interviews, surveys and field observations in Hong Kong, Mainland, and selected B&R destinations. We organized and attended seminars, training workshops and conferences. We spoke in great lengths with government officials, business leaders, accountants, lawyers, investors, bankers, and policy analysts and academics. Understanding the dynamic agency of various stakeholders has contributed to a better understanding of their decisions and enabled us to formulate proposals which are reflected in the policy papers and other research publications, and summarized in the policy recommendations in this Final Report. In total, we have held 435 in-depth interview meetings, have organized or attended 86 major research dissemination and engagement activities and produced 45 major publications, including 9 policy papers, 12 journal articles, 9 book chapters, and a book volume within the 3-year period of the study. The Sustainable Hong Kong Research Hub of the Research Centre for Sustainable Hong Kong at City University of Hong Kong has developed a broad-based network of over 2,200 members to facilitate synergistic communications and foster understanding and collaborations, using social media as well as traditional means. 人們對香港專業服務在一帶一路建設中的貢獻有很高期望，特別是香港和內地政府， 以及一帶一路地區的海外持分者。他們的期望是建基於香港專業服務具備卓越專業實 力，並與國際標準接軌，其重要影響已在中國經濟轉型發展中發揮過重要作用。然而， 由於一帶一路倡議涵蓋面極廣，更被部分評論形容為是一場「極具想像力的冒險」， 因而給有效溝通和政策執行帶來了挑戰。香港專業人士很難與官方的熱情相提並論， 不同專業人士之間實際參與一帶一路項目的情況參差不齊，而且整體來說相對較低。 這項研究的目的，是了解和評估這種預期與實際的差距，並思考如何縮小差距。研究 的核心問題是，香港專業服務可以在一帶一路中扮演什麼角色，從而有利於一帶一路 3 以及香港的可持續發展。我們採用混合的方法，配合行動研究來尋找答案。我們在香 港、中國大陸和選定的一帶一路目的地採訪、調查和實地考察，確定了主要但又不同 的持分者，並與他們接觸。我們組織和參加了研討會、培訓班和會議，與政府官員、 商界領袖、會計師、律師、投資者、銀行家、政策分析師和學者有多輪深入的交談。 了解不同持分者，有助於我們更好地剖析他們作出決定背後的動因，使我們能夠透過 政策建議書及其他研究出版物來寫出我們的看法，並在本報告中總結出一系列建議。 在 3 年研究時間裡，我們共有 435 次深度訪談，組織或參加了 86 次重要的對談及發佈 活動，有 45 份主要出版物，包括 9 份政策建議書，12 篇學術期刊文章，9 篇書本章節， 以及一本專著。香港城市大學香港持續發展研究中心，利用社交媒體和傳統方式，建 立了一個基礎廣泛的網絡，由超過 2200 名成員組成，以促進協同溝通、理解和合作。 4 Layman summary on policy implications and recommendations This Study focuses on the identification of potential opportunities and contributions of Hong Kong professional services in the Belt and Road Initiative. This topic has important implications in three broad areas of policy: (1) the sustainable development of Hong Kong economy, in particular the professional service sectors; (2) the sustainable development of the Belt and Road initiative; and (3) the sustainable development of Hong Kong as a special administrative region of China and an international hub of modern business, financial centre, knowledge creation and innovations. The three areas of policy are inter-related, and together they pertain to not only the well-being of the local population of Hong Kong but also the broader interests of the national development of China on the whole. The findings of the Study have generated 20 policy recommendations, aiming at closing the gaps and deficiencies identified, and extending the capacities to enable a full play of potentials. The 20 policy recommendations