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Opinion | ‘Superconnector’ Hong Kong has US firmly in its sights in pivot to Middle East
- Hong Kong has shown that for the likes of Saudi Arabia, the option to incrementally drain the US capital pool and divert it to Asia is on the table
- The city’s ambitious list of superconnector aspirations is straight out of Sun Tzu’s Art of War, forcing the US to fight multiple fires at once
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Welcome to the multipolar interpretation of “Go West”, an idea perhaps most popularly expressed by the Village People. Instead of ending up on shores lapped by the Atlantic, many are heading for the sands of Arabia. “Superconnector” Hong Kong’s pivot to West Asia not only shows geopolitical boldness but is calculated to strengthen the city’s position as a financial and digital entrepot.
While Financial Secretary Paul Chan Mo-po has acknowledged that the slowing global economy faces the triple challenges of geopolitical risk, high inflation and high interest rates, his declaration that the Association of Southeast Asian Nations, Belt and Road Initiative countries and West Asia are Hong Kong’s target markets will make the US sit up.
Hong Kong has put itself in direct competition with the United States for capital, innovation and influence. The government describes it as a new “proactive and catalytic” mindset – a nod, perhaps, to the famed Lion Rock “can do” spirit.
At the “SCMP 120 Conversations” event, Chan spoke again of Hong Kong’s role as a superconnector. What he didn’t mention, however, was the triad of concepts articulated by Beijing that is driving this – the Global Development Initiative, Global Security Initiative and Global Civilisation Initiative.
All three initiatives reject American hegemony and are grounded in China’s “five principles of peaceful coexistence”, one of which is mutual benefit. All three are derided by the US, which sees them as part of a Chinese power grab.
The US has long been critical of China’s Belt and Road Initiative and wary of its investments in West Asia. The prevailing attitude in Washington, it seems, is that Iran’s rise must be stopped, and the Saudis controlled to counter Iran and prop up the petrodollar. Frustration is rising because the US-led Build Back Better World and the European Union’s Global Gateway programmes, meant to rival the Belt and Road Initiative, are dead in the water for lack of ideas and funding.
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