HK, Shanghai foster ties for win-win development

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, a significant event during the seventh China International Import Expo.

Addressing the 2024 Hong Kong Investment Promotion Conference-Shanghai Forum, Hong Kong 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 related mainland businesses, welcoming more enterprises to leverage Hong Kong for global expansion.

He said 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 — boasting a total market value exceeding HK$2 trillion ($260 billion).

"Leveraging each other's strengths, Hong Kong and Shanghai can sail together toward new horizons," Lee said.

He believes that the two cities can further strengthen cooperation in areas such as global talent attraction, services and employment so as to advance the development of talent hubs in both locations.

At the same event, Hong Kong Financial Secretary Paul Chan Mo-po extended an invitation to mainland enterprises to establish headquarters in Hong Kong, highlighting the city's status as a premier treasury center with unrestricted capital movement and tax incentives offered by the SAR 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 pledged 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 stated 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, Gong mentioned that 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 advantages as a super-connector, 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 are participating 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 Hong Kong government signed agreements with numerous Shanghai enterprises to deepen cooperation.

amberwu@chinadailyhk.com