Chongqing- The “2020 Chongqing-Hong Kong Online Investment Promotion Conference” was held on June 24 at the Chongqing Municipal Commission of Commerce. At the meeting, Chongqing has connected with the representatives of the Hong Kong Trade Development Council, the Invest Hong Kong, the Hong Kong Chinese Importers’ and Exporters’ association and other well-known business associations and key Hong Kong-funded enterprises through online video to discuss further strengthening investment cooperation between Hong Kong and Chongqing.
The online meeting aims to promote the project in the two cities to be implemented as soon as possible, attract more Hong Kong-invested enterprises to invest in Chongqing, and actively promote economic and trade cooperation between Chongqing and Hong Kong.
Li Bo, Deputy Mayor of Chongqing, introduced that Hong Kong has become one of Chongqing’s largest source of foreign investment, an important trading partner and has played a supporting role in Chongqing’s opening up. According to data provided by the Chongqing Municipal Commission of Commerce, from January to May 2020, the total import and export volume between Chongqing and Hong Kong was 10.88 billion yuan, with an increase of 113.3%. Hong Kong is the sixth trading partner of Chongqing in terms of import and export volume. From January to May 2020, Chongqing newly established 48 Hong Kong-invested enterprises, with an increase of 29.73% year-on-year, with contracted foreign investment of US$1.504 billion and actual use of foreign investment of US$1.571 billion. As of May 2020, Hong Kong has accumulated a total of 3,124 investment projects in Chongqing, with contracted foreign investment of US$53.387 billion and actually utilized foreign investment of US$62.793 billion. According to actual foreign investment statistics, Hong Kong accounted for 55.7% of Chongqing’s cumulative total of foreign investment.
Liu Huiping, Vice President of the Hong Kong Trade Development Council, said that Chongqing and Hong Kong could strengthen cooperation in innovative industries and welcomes Chongqing enterprises to take advantage of Hong Kong and the entire Guangdong-Hong Kong-Macao Greater Bay Area in areas such as scientific research, innovative industries, and finance to strengthen cooperation. Deng Zhiliang, Assistant Director of the Invest Hong Kong, said that Hong Kong’s investment in Chongqing is mainly concentrated in the fields of finance, real estate, and services, and will actively promote economic and trade cooperation between Chongqing and Hong Kong.
Zhang Zhikui, Director of the Chongqing Municipal Commission of Commerce, said that Chongqing has ushered in four major development opportunities brought by the in-depth adjustment of the globalization pattern, the major strategic layout of regional development, the construction of major logistics channels, and the development of new economies and new formats. He hopes to use today’s promotion meeting as an opportunity to enrich further the economic and trade cooperation between Chongqing and Hong Kong and upgrade the level of economic and trade cooperation, and jointly write a new chapter of win-win cooperation between the two places.
He said that Hong Kong is an important partner of Chongqing, establishing a total of 7171 market entities in Chongqing, with a total amount of 62.8 billion US dollars, accounting for nearly 60% of Chongqing’s overseas investment. Hong Kong is also an important window for Chongqing enterprises to go abroad.
The data shows that as of May 2020, Chongqing has accumulated 124 non-financial investment companies in Hong Kong, with a registered investment amount of US$3.22 billion, covering commerce, finance, logistics, and other industrial fields. In the next step, Chongqing will fully seize the opportunities of the “One Belt One Road” and the important platform of the New International Land and Sea Trade Corridor, and promote the economic and trade cooperation between Chongqing and Hong Kong to a new level.
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