Symposium deepens economic ties between Beijing, Hong Kong

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The 24th Beijing-Hong Kong Economic Cooperation Symposium opened online on Monday, with 11 agreements worth more than $8.8 billion signed by enterprises from the two sides.

These agreements cover key sectors such as biomedicine, artificial intelligence (AI), public health and new energy, and are expected to tap into the huge potential brought about by Beijing's development plans, which include the building of a global sci-tech innovation hub, the construction of the "two zones," developing a digital economy, deepening supply-side structural reform and accelerating the coordinated development of the Beijing-Tianjin-Hebei region.

The signed deals will maximize the unique advantages of both sides and boost industrial transformation and upgrading. For example, SmartMore, a Hong Kong-based smart manufacturing developer plans to establish its research and development (R&D) headquarters in Beijing, bringing the latest AI applications to the city. Meanwhile, other projects are set to help domestic firms explore opportunities in the wider global market.

Cooperation targeting finance and sci-tech innovation between Beijing and Hong Kong is another feature of the symposium. Start-up projects from both sides working in the fields of new energy and the metaverse were unveiled at a youth entrepreneurship competition held during the symposium.

Since the symposium was first launched in 1997, Beijing and Hong Kong have seen marked improvements to their economic ties and fruitful cooperation in the fields of finance, specialized services, science and technology, urban management and public service, and the construction of the Belt and Road Initiative.

As of September, Hong Kong had set up 17,782 companies in Beijing, and its total paid-in foreign investment in the capital exceeded $114.4 billion, accounting for 58.1% of Beijing's actualized use of foreign capital. 

Moreover, in the first ninth months of 2021 alone, 576 enterprises from Hong Kong opened branches in Beijing, and their actual use of foreign capital reached $10.63 billion, up 27.4% year on year, accounting for 79.1% of Beijing's total amount.

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