Chongqing - Data shows that trade between Chongqing and Hong Kong Secial Administrative Region increased to 39.1 billion yuan (about USD 5.37 billion) from January to September, making Hong Kong the third largest trading partner for Chongqing.
Significantly, investment from Hong Kong has consistently represented over 60% of Chongqing's total external trade. By the end of 2022, Hong Kong's investment in Chongqing soared to 73.2%, crowning it as the primary foreign investment source.
Many businesses have been set up across various sectors, including leasing, business services, hospitality, manufacturing, real estate, finance, and more. So far, Hong Kong companies have invested in more than 3,500 projects in Chongqing, with contracted foreign investment of USD 70.4 billion, according to Chongqing Municipal Commission of Commerce.
Chongqing and Hong Kong are experiencing unprecedented levels of economic and trade cooperation, with even more incredible heights anticipated, observed Gavin Tjong, the managing director of Cushman & Wakefield in West China.
Tjong has more than 22 years of extensive experience in commercial real estate agencies and consultancy businesses in mainland China and Hong Kong. His rich market experience in Western China and Hong Kong allows insights into the potential of bilateral cooperation.
This May, John Lee, Hong Kong's Chief Executive, spearheaded a delegation to Chongqing to operationalize the Chongqing-Hong Kong cooperation mechanism.
Areas highlighted in the new mechanism include the economy and participation in the Belt and Road Initiative, finance, innovation and technology, logistics, cultural exchanges and tourism, education, talent exchanges, youth development, legal and dispute resolution, health and TCM, and facilitation for Hong Kong people residing in the Chinese mainland, according to China Daily.
Thanks to this mechanism, Tjong predicts a qualitative leap in bilateral economic and trade cooperation, especially through the Chengdu-Chongqing economic circle as western China's most dynamic and promising area, which boasts a large population and market.
Tjong noted that Chongqing serves as the gateway for Hong Kong's high-tech firms and industrial parks within the Chengdu-Chongqing economic circle, providing plentiful investment and cooperation opportunities.
Moreover, Hong Kong's highly international environment and expertise in professional services could support Chongqing's businesses in expanding globally.
Tjong said that future cooperation between Chongqing and Hong Kong is expected to focus on technological innovation, economy and trade, finance, aviation logistics, and education.
Tjong sees the partnership between Chongqing and Hong Kong as a stepping stone for Chongqing's brands to reach global markets. He highlighted that these firms often struggle with foreign non-market challenges and are not well-versed in local legal and managerial practices.
This collaborative effort can also capitalize on Hong Kong's prowess in various business sectors, including finance, trade, logistics, and legal services.
He believes that Hong Kong's journey in the global marketplace can serve as a blueprint for Chongqing's businesses to scale internationally.
He suggested that Chongqing's businesses could adopt Hong Kong's methods for enhancing their market presence. This includes leveraging new technologies to boost core strengths, crafting unique brand strategies to penetrate specific markets, and forging international alliances to improve their competitive edge.
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