The economic cooperation and investment promotion conference between Hong Kong and Hainan was held in West Kowloon on Sept 25, 2023. (PHOTO PROVIDED TO CHINA DAILY)

Haitang district of southern China’s Sanya city signed cooperation agreements on Monday with five enterprises and institutions from Hong Kong and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, covering their strong industries, including health and wellness, financial services, and tourism.

During the economic cooperation and investment promotion conference jointly organized by Haitang Investment Promotion Bureau and other agencies, the government of Haitang district reached agreements with four enterprises, including Pukka Consultancy and a promotion association catering to the health industry of the Greater Bay Area. Asia-Pacific Financial Town, Hainan province’s first financial innovation park established in 2017, signed a contract with a Shenzhen-based asset management firm.

Sanya, nestled at the southernmost point of Hainan Island, is a globally renowned tropical beach destination and port city. Located in the eastern part of Sanya is Haitang district, which boasts a coastline of 21.8 kilometers and is home to the Wuzhizhou Island, the Sanya Paddy Field National Park, and seven rural tourist destinations. Total 21 top-tier resort hotels and an array of upscale tourist facilities have made their presence in Haitang district.

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Part of the demonstration zones of Hainan and Hong Kong economic cooperation is at Haitang Bay National Coastal Leisure Park in Sanya, with an area of 1,050 mu, or 70 hectares.

Hainan & Hong Kong Economic Cooperation, Sanya Demonstration Area focuses on six key industries, including jewelry, professional services, and high-end medical care. It also has a “1+2+X” spatial layout model, which includes one “Hong Kong City”, two centers — International Cultural and Tourism Center and International Tourism Consumption Center — and a reserved area for the coordinated development of the Haitang High-Speed Rail Station. 

Jin Zhi, member of the Investment Promotion Working Group of Haitang district government, presides over the economic cooperation and investment promotion conference between Hong Kong and Hainan held in West Kowloon on Sept. 25, 2023. (PHOTO PROVIDED TO CHINA DAILY)

“The Sanya Demonstration Area serves as a vital platform for bilateral exchanges and cooperation between Hong Kong and Hainan enterprises,” said Lin Chunhong, vice-president of the China Council for the Promotion of International Trade Hainan Sub-council.

Currently, projects such as a commercial complex jointly built by China Duty Free Group and Swire Properties as well as a large-scale shopping mall developed by China Resources Land have settled in the demonstration area. A total of 2570 enterprises have established their presence in the Asia-Pacific Financial Town, with a registered capital of 98.6 billion yuan ($13.5 billion).

Lin Chunhong, vice-president of the China Council for the Promotion of International Trade Hainan Sub-council, addresses the economic cooperation and investment promotion conference between Hong Kong and Hainan held in West Kowloon on Sept. 25, 2023. (PHOTO PROVIDED TO CHINA DAILY)

“The Sanya demonstration area’s investment promotion center has welcomed visits from many Hong Kong firms since its completion in July. With comprehensive services and utmost sincerity, we are ready to assist entrepreneurs in pursuing development opportunities in Haitang,” added Lin, who is also the vice-president of the Hainan Chamber of Commerce.

According to official release, Hainan and Hong Kong will continue to make joint efforts to advance the high-level opening of the demonstration area, broaden the active involvement in international trade exchanges, and provide comprehensive project tracking services.

Raymond Yip, chief representative of the Hainan International Economic Development Bureau Hong Kong Office, addresses the economic cooperation and investment promotion conference between Hong Kong and Hainan held in West Kowloon on Sept. 25, 2023. (PHOTO PROVIDED TO CHINA DAILY)

As the world’s largest free trade port, Hainan offers favorable tax conditions that include zero tariffs, low tax rates and a simplified tax system, as well as a business-friendly environment that facilitates trade, investment and capital mobility, investment promotion commissioners of the Haitang Investment Promotion Bureau introduced on Monday.

Raymond Yip, chief representative of the Hainan International Economic Development Bureau Hong Kong Office, expressed his belief that cooperation between the two sides will achieve mutual benefits and win-win outcomes. “Hainan has unique geographical positioning advantages as a hub connecting China with ASEAN and Oceania, while Hong Kong, with its bustling business activities, has always been the most important platform for mainland’s companies to expand internationally,” he said.

Haitang district, Sanya signs agreements with five enterprises and institutions from Hong Kong and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area on Sept 25, 2023. (PHOTO PROVIDED TO CHINA DAILY)

He added that Hong Kong’s internationally acclaimed status as a well-established port and free trade hub brings valuable experience that can contribute to Hainan’s development. Simultaneously, collaboration with the nation’s southernmost province can assist Hong Kong in better integrating into the nation’s development, he said.

Nearly 200 officials and business leaders participated in the event.

Contact the writer at irisli@chinadailyhk.com