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Henry Tang Ying-yen, former Chief Secretary for Administration of Hong Kong [Photo/IC]

Hong Kong should utilize its advantage as a major international financial center to help the national "Belt and Road Initiative", Henry Tang Ying-yen, former Chief Secretary for Administration of Hong Kong said on Thursday.

Tang said the mainland could take advantage of Hong Kong's mature financial service sector to provide financing services for the projects under the Belt and Road Initiative, which is designed to improve regional connectivity between Asia, Europe and Africa.

Tang, also a member of the Chinese People's Political Consultative Conference National Committee, made the comments at a plenary session of the country's top political advisory body.

He also suggested that Hong Kong could serve as a business center for the Asian Infrastructure Investment Bank, which would allow the bank to gain efficient financial services and build closer relationship with enterprises.

Meanwhile, Tang said that Hong Kong, as the largest offshore yuan center, will continue to facilitate the internationalization of renminbi.

"Hong Kong is a regulated international financial center with stable market conditions, a rich pool of financial talent and mature technology," he said.

"Hong Kong can coordinate with the ongoing financial reforms of the mainland and utilize its advantage to help raise the global profile of yuan and promote it into a freely usable and convertible currency," he added.