Ma Jun, chairman of the Green Finance Committee at the China Society for Finance and Banking, delivers a speech at a promotion event held by Huzhou, Zhejiang province in Hong Kong on March 15, 2023. (PROVIDED TO CHINA DAILY)

Hong Kong, as an international financial center, has become the top choice for companies from Huzhou, Zhejiang province, seeking investment and financing opportunities outside the Chinese mainland, government officials and experts said at an investment promotion event on Friday.

“There’s great potential for collaboration between the two cities in green finance and investment,” said Ma Jun, chairman of the Green Finance Committee at the China Society for Finance and Banking.

The city in east China’s Zhejiang province achieved a gross domestic product of 401.5 billion yuan ($55.8 billion) in 2023, marking a year-on-year growth of 5.8 percent 

Hong Kong boasts the largest green finance market in Asia, with more than $80 billion in green and sustainable bond issuances in 2022, accounting for about one-third of the entire Asian market.

Thus, the Hong Kong Special Administrative Region can serve as a platform for Huzhou enterprises and institutions looking to issue green bonds outside the mainland, added Ma, who is also the chairman and president of Hong Kong Green Finance Association.

Another area of cooperation lies in Hong Kong’s ability to assist mainland enterprises in enhancing their environmental, social, and governance (ESG) performance, as Hong Kong is at the forefront of ESG practices, Ma said.

In a bid to assist companies and financial institutions in sustainability reporting and the analysis of relevant data, the HKSAR government’s 2024-25 Budget released on Feb 28 proposed the formulation of sustainability disclosure standards.

“Leveraging professional services available in Hong Kong, which is well-connected with the international market, we would like to assist Huzhou enterprises in expanding globally,” Bernard Chan Pak-li, undersecretary for commerce and economic development, said.

As a national innovation demonstration zone for sustainable development, Huzhou also places great importance on ecological civilization and green finance, and its sustainable development index ranked first among the 11 demonstration zones in 2023.

The city in east China’s Zhejiang province achieved a gross domestic product of 401.5 billion yuan ($55.8 billion) in 2023, marking a year-on-year growth of 5.8 percent. 

Wang Xiaojun, vice-mayor of Huzhou, Zhejiang province, delivers a speech at a promotion event held in Hong Kong on March 15, 2023. (PROVIDED TO CHINA DAILY)

“Huzhou has a strong financial foundation and has been at the forefront of green finance,” Wang Xiaojun, vice-mayor of Huzhou, said. 

As one of the first pilot zones for green finance reform and innovation in China, Huzhou’s loan balance has exceeded 1 trillion yuan, with a growth rate ranking among the top three in Zhejiang province in eight consecutive years.

Huzhou has issued a total of 63 green bonds, raising 43.5 billion yuan, placing it among the top cities in the Yangtze River Delta region in terms of both the number and value of green bond issuances.

The cooperation between Huzhou and Hong Kong continues to deepen, with 13 out of Huzhou’s 56 listed companies going public in Hong Kong, Wang said.

Bernard Chan Pak-li, undersecretary for commerce and economic development, delivers a speech at a promotion event held by Huzhou, Zhejiang province in Hong Kong on March 15, 2023. (PROVIDED TO CHINA DAILY)

During the event, officials from Huzhou also introduced the favorable policies launched to attract talent. 

The city has devised a plan to attract 200 leading professionals and teams in technology and innovation in 2024, offering policy support of up to 10 million yuan and a talent fund of a maximum of 10 million yuan. Moreover, high-level talent has the opportunity to be granted housing subsidies of up to 6 million yuan.

Contact the writer at irisli@chinadailyhk.com