When I last visited Chongqing more than a decade ago, what lingered most in my memory was not an economic statistic or an industrial park, but its food. The city’s famed hotpot, fiery and convivial, embodied the bustling street life and industrial character of an inland metropolis that was then still widely viewed as a traditional manufacturing base.
Returning to Chongqing in April this year, as part of a Hong Kong accounting professional delegation, I found a city that felt strikingly familiar in spirit, yet profoundly transformed in substance. What stood out this time was not merely the heat of the cuisine, but the dynamism of a city that has successfully reinvented itself — moving from an old industrial stronghold to a modern hub for automobiles, electronics, intelligent manufacturing and emerging technologies. This transformation speaks not only to Chongqing’s resilience and ambition, but also to the immense potential for a new phase of Hong Kong-Chongqing cooperation.
From April 21 to 25, I represented the Hong Kong Institute of Certified Public Accountants on a Chongqing exchange and study mission. As special adviser to the delegation, I joined colleagues from the auditing and business accounting sectors in meetings with the Chongqing Municipal Finance Bureau, the city government’s Hong Kong and Macao Affairs Office, and representatives of local enterprises and the accounting profession. We also visited the Jiangbeizui Accounting Industrial Park, gaining firsthand insights into Chongqing’s evolving professional services ecosystem and business environment.
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One highlight of the visit was our participation in the “Prominent Hong Kong Business Leaders Visit Chongqing” program hosted by the Chongqing Municipal People’s Government. I met Yuan Jiajun, the city’s Party secretary, and was given the opportunity to address a high-level forum organized by the municipal government.
The exchange was candid, forward looking and grounded in a shared understanding — that deeper collaboration between Hong Kong and Chongqing is not only desirable, but timely.
Closer Hong Kong-Chongqing collaboration in professional services, capital markets and talent development will be an important driver of balanced regional growth
From an economic perspective, the synergy is compelling. Chongqing’s gross domestic product stands at approximately $468 billion, comparable in scale to Hong Kong’s projected 2026 GDP of around $450 billion. Yet the structure of the two economies differs in a way that makes cooperation highly complementary. Hong Kong’s strength lies in financial and professional services, supported by a robust legal system, internationally aligned standards and deep global networks. Chongqing, by contrast, boasts comprehensive industrial chains, a vast domestic market and strong momentum in technological innovation. Bringing these strengths together represents a powerful combination of “institution plus industry”, “professional services plus the real economy”, and “international connectivity plus western hub opportunity”.
Having spent decades in senior roles across infrastructure, private equity and global capital markets, I have repeatedly seen how the right institutional bridges can unlock value across regions. In this context, Hong Kong is well positioned to assist Chongqing enterprises seeking listing in Hong Kong, and to support Chongqing companies expanding overseas through host country tax planning, due diligence and integrated financial and tax advisory services. In simple terms, Hong Kong can help inland enterprises tap into international capital markets and sail confidently into global waters.
During the visit, we also toured several leading local enterprises and key projects, including Seres Auto, Sevnce Robotics, Sanfeng Environmental Protection and Zybio. These site visits offered in-depth views of Chongqing’s progress in intelligent manufacturing, new energy, environmental technology and biomedicine. What impressed the delegation most was not any single project, but the coherence of Chongqing’s industrial footprint and the confidence with which local enterprises spoke about scaling up, upgrading, and engaging with international markets.
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Among delegation members, there was broad consensus that the four day program was both intensive and rewarding. It deepened our understanding of Chongqing’s business environment, industrial characteristics, cultural heritage and development planning. More importantly, it narrowed distances — between regions, professions and people — laying the groundwork for sustained dialogue and cooperation.
For Hong Kong, strengthening ties with Chongqing goes to the heart of Hong Kong’s role as a superconnector and super value-adder. The accountancy profession represented in this delegation came with different areas of focus, but with a shared purpose — to support and consolidate Hong Kong’s international financial center status, while contributing meaningfully to the country’s high quality development. With its mature institutional framework and highly internationalized market, Hong Kong can — and should — play a greater role in connecting Chongqing with the outside world.
As the country moves toward the implementation of the 15th Five Year Plan (2026-30), closer Hong Kong-Chongqing collaboration in professional services, capital markets and talent development will be an important driver of balanced regional growth. If my renewed impression of Chongqing can be summarized in one word, it would be “new” — not only in infrastructure or industry, but in outlook. The task before us is to ensure that this new chapter of cooperation is translated into tangible outcomes, shared growth, and lasting partnerships.
The author is a member of the National Committee of the Chinese People’s Political Consultative Conference, an adviser to the Ministry of Finance, and president of the Hong Kong Institute of Certified Public Accountants.
The views do not necessarily reflect those of China Daily.
