Chongqing - Chongqing and Hong Kong clarified 47 points of future cooperation in 11 fields, marking the formal establishment of the Chongqing-Hong Kong Cooperation Conference Mechanism, according to a press conference held on May 12.

John Lee Ka-Chiu, chief executive of the Hong Kong Special Administrative Region, leads principal officials to visit the Chinese mainland city of Chongqing for three days starting on Wednesday to establish a cooperation mechanism between the two cities.

The mechanism is the third set up by the HKSAR with Chinese municipalities directly under the central government. Following the one created with Beijing and Shanghai, Lee told the weekly executive council meeting on May 9.

Specifically, the cooperation between Chongqing and Hong Kong involves the construction of the Belt and Road and economic and trade investment, finance, technological innovation, logistics, culture and tourism, education, talent exchange, youth development, legal and dispute resolution, medical and health care and Chinese medicine, facilitating the development of Hong Kong people in the Mainland. 

Building Two-Way investment and financing channels

"Hong Kong is Chongqing's largest source of foreign investment," said Ye Lina, deputy director of the Chongqing Municipal Commission of Commerce.

Ye said, as Chongqing's fourth largest trading partner, in 2022, Chongqing's total imports and exports to Hong Kong amounted to 56.11 billion yuan (about USD 8.07 billion).

Hong Kong is the largest source of foreign investment in Chongqing. As of the end of 2022, Hong Kong accounted for 73.2% of Chongqing's total overseas investment absorption in cumulative actual utilized foreign investment.

Hong Kong is also the top destination for Chongqing enterprises to invest abroad. Chongqing has registered 153 non-financial investment enterprises and institutions with a recorded investment amount of USD 10.5 billion.

In the future, Chongqing and Hong Kong will jointly build Two-Way investment and financing channels, support more potential Chongqing enterprises to issue domestic and foreign currency bonds and listing financing in Hong Kong, and promote the participation of Hong Kong-funded financial institutions in the pilot projects of Chongqing Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP). 

More exchanges and visits in economic and trade

Chongqing and Hong Kong will promote the investment environment and new opportunities for development in Chongqing by actively promoting high-level visits between the two cities and driving more resources and projects to gather. 

For example, Chongqing will strengthen cooperation and exchanges with the Hong Kong Trade Development Council (HKTDC), Invest Hong Kong, and relevant business associations and more frequently organize exchanges and visits between economic and trade delegations. 

Chongqing will accelerate the establishment of a platform for economic and trade cooperation and exchanges between Chongqing and Hong Kong, introducing Hong Kong's finance, science and innovation, design, modern logistics, medical and elderly care, education and training, culture and entertainment, and other advantageous fields. 

Organizing Chongqing enterprises to participate in key exhibitions such as the Hong Kong Food Expo and the Hong Kong Electronics Fair will help local enterprises to explore the international market relying on Hong Kong.