Zhu Yi, deputy director-general of Shanghai Municipal Commission of Commerce, speaks during the "Invest in Shanghai, Share the Future" Overseas Promotion Campaign (Hong Kong) in Hong Kong on Jan 26, 2024. (CALVIN NG / CHINA DAILY)
Hong Kong and Shanghai, both economic powerhouses imbued with a spirit for global connectivity, enjoy great potential for collaboration in innovation and technology as well as investments, government officials and industry experts said at the “Invest in Shanghai, Share the Future” Overseas Promotion Campaign (Hong Kong) on Friday.
Zhu Yi, deputy director-general of Shanghai Municipal Commission of Commerce, shared her observations at the just-concluded Asian Financial Forum in Hong Kong. Citing the popularity of Blossoms Shanghai — a TV drama series directed by a Hong Kong filmmaker set against the backdrop of Shanghai in the 1990s — she said, “This highlights the close connection between the two cities,” Zhu said.
Zhu said that the economic and trade cooperation between the two metropolises has continued to deepen, despite the challenges posed by the three-year COVID-19 pandemic.
Over the past three years, Hong Kong investors have established over 5,000 companies in Shanghai, with investments totaling more than $50 billion. “This once again proves that the special administrative region has always been one of the most important sources of investment for Shanghai.”
In April this year, the sixth session of the Shanghai/Hong Kong Co-operation Mechanism will be held in Hong Kong, providing a platform for both sides to strengthen their common and complementary advantages.
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Zhu Yi, deputy director-general of Shanghai Municipal Commission of Commerce, speaks during the "Invest in Shanghai, Share the Future" Overseas Promotion Campaign (Hong Kong) in Hong Kong on Jan 26, 2024. (CALVIN NG / CHINA DAILY)
With over 200 multinational companies setting up high-level headquarters in Shanghai, Zhu said a characteristic that the two cities have in common is the importance they both attach to the development of a headquarters economy, adding that Hong Kong, as the location of many international firms’ Asia-Pacific head offices, can provide experience and insights for Shanghai’s development in this regard.
Shanghai’s Pudong New Area, which is focused on opening up and innovation, has taken the lead in aligning with international trade and economic rules, such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and Digital Economy Partnership Agreement, which enables the area to inspire confidence and motivation in global investors and businesses, including those from Hong Kong, Yang Chao, executive vice-mayor of the Pudong New Area, said.
With a wealth of world-class scholars and research personnel, extensive experience in international cooperation, and five universities ranked among the top 100 globally, Hong Kong boasts robust research capabilities, said Smilely Lam, director of merchandise trade and innovation at the Hong Kong Trade Development Council.
Smilely Lam, director of merchandise trade and innovation at the Hong Kong Trade Development Council, speaks during the "Invest in Shanghai, Share the Future" Overseas Promotion Campaign (Hong Kong) in Hong Kong on Jan 26, 2024. (CALVIN NG / CHINA DAILY)
Likewise, Shanghai holds a competitive advantage in new industries such as digital economy, artificial intelligence, and biomedicine.
“I do hope that Hong Kong and Shanghai can further intensify their collaboration, especially in areas such as the research and development of new technologies, and the effective commercialization of scientific breakthroughs,” Lam, who is also the director of external relations at the HKTDC, added.
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Lam said she warmly welcomes the increased number of Shanghai enterprises that will have a presence at the second edition of the InnoEX — an international innovation and technology expo — this April, which can serve as a platform for the mainland economic hub to forge connections with overseas partners.
During the event, co-hosted by the Shanghai Municipal Commission of Commerce and the government of Pudong New Area, officials from various government departments in Shanghai also provided an overview of the development of key industries and the investment resources available. More than 150 professionals from chambers of commerce, the finance industry, and business services providers participated in the event.
