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Chongqing Should Strengthen Economic and Trade Exchanges with Hong Kong丨Insights

By YUTING CHEN|Jan 13,2023

Chongqing - The first session of the sixth Chongqing Municipal Committee of the Chinese People's Political Consultative Conference (CPPCC Chongqing) opened on January 12. The CPPCC members of the Chongqing Municipal Committee offered proposals on how to strengthen economic and trade cooperation between Chongqing and Hong Kong.

With the gradual optimization of the new measures for the travel between the Mainland, and Hong Kong and Macao, the high-speed railway connecting the Mainland and Hong Kong will resume service on January 15. Chongqing has also begun to resume economic and trade exchanges with Hong Kong, strengthening closer linkage and promoting more in-depth cooperation.

More Economic and Trade Exchanges With Hong Kong

Xu Xiaozhe, a CPPCC Chongqing Municipal Committee member and assistant general manager of Huafu International (HK) Financial Holdings Ltd., said that the key is to enhance economic and trade exchanges and financial exchanges between Chongqing and Hong Kong.

Especially in recent years, relying on the construction of opening corridors, Chongqing has continuously improved the scale and efficiency of intermodality, including railways and sea routes, railways and railways, railways and waterways, and railways and air routes.

The advantages of opening corridors have been continuously revealed, building a new situation of coherent integration of the Belt and Road and the Yangtze River Economic Belt.

Xu suggested that Chongqing should reach Hong Kong by participating more various exhibitions, business fairs, and investment promotions, promoting products, expanding new international customers, and telling the story of Chongqing to the world.

Meanwhile, Chongqing can also introduce talents in technology, finance, and other fields from Hong Kong.

Hong Kong Accounts for 55% of Chongqing's Total Foreign Investment

Deng Yawen, born in Chongqing and moved to Hong Kong in 2005, is a new member of the CPPCC Chongqing Municipal Committee, and vice president and deputy secretary-general of the Hong Kong Chongqing Friendship Federation (Limited).

Deng Yawen is a new member of the CPPCC Chongqing Municipal Committee, and vice president and deputy secretary-general of the Hong Kong Chongqing Friendship Federation (Limited). (Photo / Shangyou News)

Deng said Hong Kong is an international financial center, international trade center, and international shipping center. It has long been an important source of foreign investment for the Mainland, a major destination for listing and financing Mainland enterprises, and a major carrier for international trade transit and settlement.

Hong Kong plays a unique and important role in constructing the Belt and Road and developing the Guangdong-Hong Kong-Macao Greater Bay Area.

"Chongqing should strengthen exchanges and cooperation with Hong Kong, and enhance the quality and level of cooperation between Chongqing and Hong Kong in various ways," said Deng.

"Hong Kong has always been the main force of foreign investment in Chongqing, accounting for 55% of the city's total foreign investment, and the cumulative amount of foreign investment has reached nearly USD 70 billion," said Deng. "Chongqing has 19 enterprises listed in Hong Kong, and has invested and set up more than 200 enterprises in Hong Kong."

Deng found that there are still problems in Chongqing-Hong Kong cooperation, including a decline in economic and trade cooperation and insufficient investment in the development of enterprises in Hong Kong.

In this regard, Deng suggested that the Chongqing-Hong Kong cooperation strategy should be studied at a higher level, by pooling resources of all parties to form a joint force to promote Chongqing-Hong Kong cooperation.

For example, this involves strengthening special training for talents in Hong Kong-related affairs, making use of the resources of Hong Kong counterpart departments and professional institutions, formulating training plans, and cultivating a group of professional talents who are familiar with Hong Kong affairs and know how to attract investment and promote two-way cooperation.

 

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