China Huarong Asset Management Co., Ltd. has established an office in Macao to support Beijing’s “One Belt, One Road” strategy.

In a filing to the Hong Kong Stock Exchange, the company said its newly established subsidiary China Huarong (Macau) International Co., Ltd., known as Huarong Macau, commenced operations on Wednesday.

“The company strategically established Huarong Macau to serve the Great China through its business network across Hong Kong, Macau and Taiwan based on the development strategy of internal and external collaboration in response to the national initiative of ‘Belt and Road’,” the company said.

President Xi Jinping proposed the “One Belt, One Road” strategy in 2013. The project would boost trade through the development of infrastructure that better connects the economies of the Asia-Pacific region, Africa, Europe and the Middle East.

Huarong Macau will specialise in “management and investment consulting, corporate management consulting, financial consulting, risk management consulting, economic and trade consulting and management of its commercial investment”.