Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, poses for a photograph during an interview to members of the media at Wan Chai, Hong Kong, on June 30, 2023. (LIU YIFAN / CHINA DAILY)

With the deepening integration of the Chinese mainland and Hong Kong, the special administrative region’s role as a superconnector will reach new heights as the city demonstrates its advantages.

Peter Lam Kin-ngok, chairman of the Hong Kong Trade Development Council, made the remarks in a recent interview with China Daily.

Among a slew of highlights of Hong Kong’s comparative advantages is its status as an offshore renminbi hub, which offer mainland businesses convenient channels to tap the international market, Lam said

Highlighting the robust economic recovery momentum after the full resumption of cross-border travel, Lam said it’s a priority for Hong Kong to complement cities on the mainland by taking advantage of its strengths in areas such as finance, shipping, logistics, research and law.

READ MORE: Full integration entails broader collaboration

Among a slew of highlights of Hong Kong’s comparative advantages is its status as an offshore renminbi hub, which offer mainland businesses convenient channels to tap the international market, Lam said.

According to the Society for Worldwide Interbank Financial Telecommunications, about 75 percent of global offshore renminbi payments are processed in Hong Kong.

The issuance of offshore renminbi bonds in Hong Kong reached 330 billion yuan ($46.0 billion) last year, increasing by more than 100 percent compared to 2021.

Following the relaxation of the travel restrictions, a number of mainland provinces and cities came to Hong Kong to seek business and investment opportunities.

On Tuesday, the governments of Hong Kong and Fujian province facilitated 58 key cooperation projects in major industries such as electronic information, advanced equipment manufacturing and petrochemicals, with a total value of 74.83 billion yuan.

“Mainland cities’ arrival and investment in Hong Kong are important to them because they are indicative of their resumption of connectivity to the world,” Lam said.

READ MORE: Deeper integration with Chinese mainland is key

Looking ahead, Lam said strengthening the city’s cooperation ties is important, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area — one of the world’s wealthiest city clusters, which comprises nine cities in Guangdong province plus the Hong Kong and Macao SARs.

With a population of 87 million, the Greater Bay Area had an economic output that topped 13 trillion yuan last year — 2.8 trillion yuan more than that in 2017 — data from Guangdong’s Development and Reform Commission show.

Lam said there are vast opportunities for win-win collaboration, while at the same time, deepening communication is needed to see in which areas different parts of the city cluster could work more closely together.

Contact the writer at evanliu@chinadailyhk.com