前回の入賞スピーチ　１位

Theme: What makes Hong Kong unique?

The Gateway to Integration: HK’s unique role to foster East Asian economic integration

Keita Sakoda / Waseda University

Ladies and gentlemen, my name is Keita SAKODA. I’m a junior student in WASEDA University. Today, I’m very delighted to speak to such a distinguished group of people like you.

My speech is about East Asia, and it’s about economic integration in this region. I’m going to talk about regional economic integration because it cannot be done without Hong Kong’s unique support. And of course, the integration has a lot to do with our future.

Hong Kong has a unique role to foster East Asian economic integration. The role is to invest in China’s infrastructures. With strong infrastructure, China will be able to achieve an inclusive development which benefits all the members of society. China’s healthy development creates a dynamo for East Asia’s prosperity. This will be a contribution to broader regional cooperation.

Before I move on to talk about Hong Kong’s unique role, I must answer a very important question. Why do we need economic integration? The answer to an important question is usually simple, and so is the answer to this question. We need regional economic integration in order to achieve the greater economic benefits for East Asia. Economic integration will bring prosperity to the region by increasing the mobility of people, goods, and money, by making use of globalization. Greater economic benefits mean more opportunities and less deprivation. Greater economic benefits will enable the region to compete more successfully on the international arena, and to reduce the poverty in East Asia.

Regional economic integration gives us a rosy picture of the future of East Asia. However, there are some problems to be solved. One of the most serious problems is the sustainability of investment in the infrastructure. This infrastructure problem hinders economic growth. The hindrance in economic growth delays cooperation among East Asian countries such as the conclusion of free trade agreements (FTAs).

According to a joint study released by Asian Development Bank, Japan Bank for International Cooperation, and the World Bank, it is estimated that developing countries in East Asia need to spend at least 200 billion dollars per year to cope with their rapidly expanding cities, increasing populations, and the growing private sector demands. The study emphasizes the need to fund new investment, maintenance of electricity and gas pipes, transport, information and communications technology, and water and sanitation systems. In other words, developing countries in East Asia need a lot of money for their infrastructure. Furthermore, it is notable that China is expected to require 80 percent of the total investment. This means China needs to spend at least 160 billion dollars per year. Can you imagine how much 160 billion is? With 160 billion dollars, you can build more than 10 Hong Kong Disneylands.

In this context, we now see that East Asian economic integration cannot be achieved unless there is sustainable investment in the region’s infrastructure, especially China’s.

So then, who is the best investor in China? To answer this question, it is important to recognize that Hong Kong plays a vital role in China’s economic growth. No other city can match the uniqueness of Hong Kong in investing in China.

Hong Kong is unique in that it is at the center of various networks. First, it is at the center of a network of Chinese Diaspora. The network of Chinese Diaspora is useful assets when it comes to expanding trade, investment, and mutual help towards China. Second, Hong Kong is also at the center of a network of multinational corporations. The English skills of the people of Hong Kong and the city’s legal system are important sources of international credibility. And Hong Kong is already serving as a transport and logistics base for multinational corporations from all over the world. Being at the center of these 2 networks, this city can make a great contribution for East Asia by investing in China.

Hong Kong is unique also because it is an independent negotiating body in WTO and has a de facto FTA with China, which is called Closer Economic Partnership Arrangement, also known as CEPA. I was discussing with my economics professor the other day and we agreed that if Hong Kong could conclude an FTA with Japan, it would further increase the mobility of people, goods, and money between China and Japan through Hong Kong. With a CEPA, HK has the potential to bridge the countries. Hong Kong - Japan FTA would likely be transformed into a China - Japan FTA. This would represent more than an increase in the investments in each country. It would be the first step towards regional economic integration.

As the center of 2 networks of Chinese Diaspora and multinational corporations, and as an independent negotiating body in WTO while enjoying a CEPA with China, Hong Kong’s unique role to foster the East Asian economic integration is easy to see.

Economic integration is the foundation for broader regional cooperation. EU gives us a valuable example. In Europe, economic integration was the necessary first step towards regional cooperation in many other fields like culture and security. Broader regional cooperation in East Asia will be a symbolic process of peace and trust building between people from different backgrounds. I hope that someday East Asian regional integration will be successfully achieved and will become a role model for peace and trust building in other parts of the world.

Thank you for your kind attention.

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