More than 600 senior government officials and business leaders from Mainland China and Hong Kong gathered at a conference last week in Ningbo – a major trading hub and port city in Zhejiang province – to discuss deepening ties and collaboration opportunities as the impact of wide-ranging US tariffs reverberated across the world.
The Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum cum Ningbo-Hong Kong Economic Co-operation Forum was coorganised by the Hong Kong Trade Development Council (HKTDC), the Hong Kong SAR Government and the Ningbo Municipal People’s Government.
While speaking at the conference, John Lee, Hong Kong SAR Chief Executive, highlighted the city’s capabilities in helping mainland companies manage offshore trade and supply chains.
“We are well positioned to offer mainland enterprises new supply chain services and lead these businesses in exploring emerging markets, breaking through the US blockade,” Mr Lee said.
These services include a new value-added supply chain mechanism, which was set up at the end of last year by the Hong Kong SAR Government and HKTDC. The mechanism is designed to make it easier for mainland companies to set up international or regional headquarters in Hong Kong.
At the same time, the Chinese Government fully supports mainland companies listing in Hong Kong, emphasised Yan Bojin, Chief Risk Officer and Director General of the Department of Public Offering Supervision at the China Securities Regulatory Commission.
After new regulations were introduced in March 2023, 141 mainland enterprises have completed the filing process for listing in Hong Kong, including 19 from Zhejiang. Among these, 13 Zhejiang enterprises and one Ningbo enterprise have completed their listing.
The Commission’s next step is to further increase the transparency, efficiency and predictability of the regulatory environment for overseas listings, Mr Yan said.
An enduring connection
Other senior speakers also highlighted ongoing exchanges and partnerships between Zhejiang and Hong Kong during the conference.
The two regions are already benefiting from long-standing cultural ties and commercial linkages, observed Zhou Ji, Executive Vice Director of the CPC Central Committee’s Hong Kong and Macao Work Office and the State Council’s Hong Kong and Macao Affairs Office.
Mr Zhou described the collaboration as an exemplary model of regional cooperation between the mainland and Hong Kong.
Hong Kong is Zhejiang’s largest source of foreign investment, its largest partner in trade in services and the second-largest destination for Zhejiang’s overseas investments, he noted.
By the end of 2024, Hong Kong had established over 30,000 enterprises in Zhejiang, while Zhejiang had invested in over 3,000 enterprises in Hong Kong.
During the event, InvestHK – the Hong Kong SAR Government department overseeing foreign direct investment – signed MOUs with 12 Zhejiang enterprise representatives, advancing key Zhejiang-Hong Kong and Ningbo-Hong Kong collaboration projects.
HKTDC, InvestHK and the Hong Kong SAR Government Immigration Department also ran consultation booths on-site, providing attendees with professional advisory services.
In addition to these initiatives, a Zhejiang/Hong Kong cooperation mechanism was established during the First Plenary Session of the Hong Kong/Zhejiang Co-operation Conference, which had taken place a day earlier, marking a new chapter for comprehensive exchange and collaboration between the two regions.
The Hong Kong and Zhejiang Governments signed MoUs on 13 key areas at this meeting, covering 51 projects.
The HKTDC also pledged to organise trade delegations to visit Zhejiang and to encourage more Hong Kong businesses to invest and expand in the province in an MoU signed with Zhejiang Province’s Department of Commerce.
