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Published: 10:15, July 01, 2022 | Updated: 10:17, July 01, 2022
HK-mainland trade surges more than sixfold in 25 years
By Xinhua
Published:10:15, July 01, 2022 Updated:10:17, July 01, 2022 By Xinhua

In this June 29, 2021 photo, a taxi travels on a street decorated with the national flags and Hong Kong Special Administrative Region flags in Tsim Sha Tsui East, Hong Kong. (EDMOND TANG / CHINA DAILY)

BEIJING - Trade between the Hong Kong Special Administrative Region and the Chinese mainland has surged more than sixfold since the region's return to the motherland 25 years ago, official data showed.

From 1997 to 2021, the value of trade between the SAR and the mainland increased 6.1 times from $50.77 billion to $360.33 billion, an average annual increase of 8.5 percent, according to the Ministry of Commerce.

While integrating itself into the country's overall development, Hong Kong has become an important participant in domestic circulation and a key contributor connecting domestic and international circulations, said Shu Jueting, a spokesperson for the Ministry of Commerce

By the end of 2021, investment from Hong Kong into the mainland had topped $1.4 trillion, the data showed.

Shu Jueting, a spokesperson for the commerce ministry, said at a press briefing on Thursday that economic and trade cooperation between the mainland and Hong Kong has continually deepened since 1997.

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While integrating itself into the country's overall development, Hong Kong has become an important participant in domestic circulation and a key contributor connecting domestic and international circulations, she said.

Over the past 25 years, the commerce ministry has worked with the SAR government on economic and trade cooperation mechanisms, facilitated the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and supported Hong Kong's participation in the Belt and Road Initiative.

Through the signature of the Mainland and Hong Kong Closer Economic Partnership Arrangement and related agreements, the liberalization of the goods trade between the mainland and Hong Kong has been fully achieved, and the liberalization of the services trade has been basically achieved, Shu said.

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Looking ahead, Shu said that the commerce ministry will continue to support Hong Kong's economic development and the improvement of its residents' well-being, as well as the region's integration into overall national development.  

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