Officials vowed on Tuesday to deepen collaboration between Shanghai and Hong Kong to further unleash the two economic engines’ potential in the nation’s further opening-up, emphasizing the special administrative region’s springboard role for mainland enterprises to go global.
They made the pledge at a high-level conference promoting Hong Kong’s investment opportunities in Shanghai during the seventh China International Import Expo, which opened on Tuesday and runs through Sunday.
Addressing the 2024 Hong Kong Investment Promotion Conference-Shanghai Forum, Chief Executive John Lee Ka-chiu stressed that Hong Kong possesses the capacity to serve as an investment and financing hub for the development of Shanghai and other mainland businesses, welcoming more enterprises to leverage Hong Kong for global expansion.
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He said that Hong Kong is home to over 1,400 mainland companies listed on the city’s Stock Exchange, with close to 200 originating from Shanghai alone and boasting a total market value exceeding HK$2 trillion ($257 billion).
“Leveraging each other's strengths, Hong Kong and Shanghai can sail together toward new horizons,” Lee said.
He said he believes that the two cities can further strengthen cooperation in areas such as global talent attraction, services and employment to advance the development of talent hubs in both locations.
During the same event, Hong Kong Financial Secretary Paul Chan Mo-po emphasized Hong Kong's progress in international finance and its diverse funding advantages. He said that mainland companies aiming to enter the global market could leverage Hong Kong to raise capital. The availability of multiple international currencies in Hong Kong could greatly streamline business operations.
He extended an invitation to mainland enterprises to establish their headquarters in Hong Kong, highlighting its status as a premier treasury center with unrestricted capital movement and tax incentives offered by the special administrative region government.
Zhou Ji, executive deputy director of the Hong Kong and Macao Affairs Office of the State Council, highlighted that both Shanghai and Hong Kong serve as vital gateways in China, connecting international and domestic markets.
Zhou promised that his office will continue to support Hong Kong's unique role in Shanghai-Hong Kong cooperation and the country's external opening, as well as to back ongoing research and implementation of favorable policies to facilitate Hong Kong’s development.
Shanghai Mayor Gong Zheng said that Shanghai will further encourage its enterprises to invest in Hong Kong, while particularly strengthening cooperation between the two cities in emerging industries such as artificial intelligence and biomedicine. Furthermore, he said, Shanghai will support more qualified enterprises to list on the Stock Exchange in Hong Kong.
He also pledged that the two cities will work together to jointly explore overseas markets. Shanghai will fully leverage Hong Kong's advantage as a superconnector, assisting businesses in establishing a presence in international markets and participating in international cooperation as well as competition, he said.
This year, more than 300 Hong Kong enterprises participated in the Import Expo to promote Hong Kong's quality goods and services, accounting for one-tenth of the total number of exhibitors.
During the promotion conference, Invest Hong Kong under the HKSAR government has signed agreements with numerous Shanghai enterprises to deepen cooperation.
Aiming to bridge the two cities and explore fresh opportunities, the forum brought together a lineup of distinguished speakers to discuss Hong Kong's strengths and prospects across various sectors. It drew over 500 participants, including a substantial number of entrepreneurs. In September, a similar forum achieved success in Beijing.
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Led by Lee, a Hong Kong delegation arrived in Shanghai on Monday. High-level officials participated in the opening ceremony of the expo and a series of events on Tuesday.
On Tuesday morning, Lee accompanied Chinese Premier Li Qiang on a tour to the HKSAR’s exhibition area at the expo's China Pavilion. In the afternoon, Lee and some other Hong Kong officials visited two exhibition zones showcasing Hong Kong products, with a total area of 1,500 square meters.
A total of 52 Hong Kong companies join the two exhibitions, bringing Hong Kong’s latest developments in areas like food, inno-tech, professional services, and logistics. The delegation expressed support to the participating Hong Kong businesses.
Contact the writer at amberwu@chinadailyhk.com
