Officials from the central government and Hong Kong Special Administrative Region said on Friday that more global enterprises and professionals are casting a vote of confidence in Hong Kong by expanding their businesses in the city.
They also said that, as the cooperation between Hong Kong and the Chinese mainland deepens, mainland companies and professionals can make full use of Hong Kong’s advantages to go global.
They made the remarks during the opening ceremony of the 27th Beijing-Hong Kong Economic Cooperation Symposium and Beijing-Hong Kong Cooperation Promotion Conference, which was held in Beijing on Friday.
Chief Executive John Lee Ka-chiu, along with senior officials and business executives from Hong Kong, attended the event and witnessed the signing of 40 cross-boundary cooperation agreements between Hong Kong and Beijing. The agreements cover 12 fields including science, finance, healthcare and tourism.
In his opening speech, Lee reiterated the strength of the global community’s confidence and interest in Hong Kong, pointing out that his administration has assisted 390 companies in establishing or expanding operations in the city this year, representing a more than 40 percent increase over the same period last year and bringing an investment of HK$41 billion ($5.26 billion) to the city.
Over 100 top-notch technology firms have also expressed an interest in establishing a presence in the Hong Kong market or expanding their businesses in the city, which is expected to bring an additional HK$52 billion in investment into Hong Kong, according to Lee.
The special administrative government has approved about 230,000 applications from professionals seeking opportunities in Hong Kong, demonstrating Hong Kong’s ability to attract and recruit high-end talent for the development of the country and the SAR, Lee said.
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The trust and confidence in Hong Kong within the international community could benefit mainland companies and talent through deeper cross-boundary collaboration, Lee said.
By the end of 2023, Hong Kong's investment in Beijing had amounted to nearly $136 billion, accounting for nearly 65 percent of non-mainland investment Beijing has received, Lee said, adding that over 200 Beijing companies are listed in Hong Kong’s stock market.
The two cities have also developed comprehensive partnerships in innovation and technology, culture and tourism, the chief executive added.
Lee said that strengthening all-round cooperation between Beijing and Hong Kong will complement each other's strengths, enabling more Beijing enterprises to develop their business in Hong Kong and globally.
In a separate speech, Zhou Ji, executive deputy director of the Hong Kong and Macao Affairs Office of the State Council, said that Hong Kong’s remarkable results in attracting investment prove that the city has always been “a paradise for global enterprises and talents to invest and start businesses”.
He said that the central government's favored measures to benefit Hong Kong have greatly enhanced the city’s economic momentum, and such support will only increase in the future.
Mayor of Beijing Yin Yong said Hong Kong has always been Beijing's largest source of non-mainland investment and more than half of Beijing's outbound investment, or over $50 billion, has gone to Hong Kong.
The mayor said Beijing and Hong Kong work cooperatively in terms of economic and social development, and he hopes the two cities can double down on their efforts in scientific research and innovation to jointly develop more products that are competitive on the global stage.
Hong Kong Financial Secretary Paul Chan Mo-po said more mainland enterprises are expanding their businesses around the world to cope with the instability resulting from geopolitical tensions, and Hong Kong’s robust professional services and its connectivity with overseas business networks can help those companies with fundraising, supply-chain management and risk control.
Chan also highlighted the two cities’ broad cooperation in finance, innovation and the digital economy.
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Initiated in 1997, the annual Beijing-Hong Kong Economic Cooperation Symposium has become an important communication platform for officials, entrepreneurs and investors from both places.
This year, the symposium featured 15 thematic promotion events and other supporting activities.
