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Economic Watch: Hunan emerges as central China's new magnet for Hong Kong-based foreign businesses

Xinhua
| June 29, 2026
2026-06-29

by Xinhua writer Wang Xinyi

HONG KONG, June 29 (Xinhua) -- For foreign diplomatic and business circles based in Hong Kong, central China's Hunan Province was long defined mainly by its natural scenery. Few were familiar with the province's industrial strength and urban development.

That perception is rapidly changing. Booming advanced manufacturing, technological innovation and vibrant local life have emerged as Hunan's new hallmarks. Leveraging Hong Kong's global platform, the inland province is expanding its international presence across industries and tourism.

A delegation of foreign consular officials, multinational executives and chamber of commerce leaders recently completed a field visit to Hunan. Organized by the Commissioner's Office of China's Foreign Ministry in the Hong Kong Special Administrative Region (HKSAR), the tour covered three cities, namely Changsha, Xiangtan and Zhuzhou, home to major industrial enterprises and innovation demonstration zones.

Members explored Hunan's strengths in advanced manufacturing, biomedicine and green energy. Most first-time visitors said the experience exceeded their expectations, reshaping their views of China's central inland regions.

The delegation toured leading local enterprises, including Zoomlion, CRRC Zhuzhou Locomotive Co., Ltd. and Broad Group. Officials and business leaders praised the firms' global competitiveness and expressed interest in deeper trade and investment cooperation.

David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong, said Zoomlion's signature green machinery is a common sight on Hong Kong's construction sites. He underscored Hunan's booming advanced manufacturing, green tech and farming, eyeing closer industrial links with New Zealand.

Darya Bohdan, acting consul general of the Consulate General of the Republic of Belarus in Hong Kong, highlighted Zoomlion's long-term presence at the Great Stone Industrial Park, a flagship project of Belarus-China economic cooperation. She was also impressed by Broad Group's highly efficient modular construction technology, the Holon Buildings, believing that such a system can meet Belarus' residential and commercial construction needs.

During the visit, CRRC's Autonomous-rail Rapid Transit (ART) system caught the attention of Alfred Cheng Man On, head of corporate banking at the Hong Kong Branch of Bank Negara Indonesia (Persero) Tbk. He said the energy-efficient, flexible transit solution fits Indonesia's urban upgrade needs, with strong potential for wider adoption.

Hong Kong's professional service ecosystem bolsters foreign firms' expansion into Hunan. Adrian Voss, head of property for Hong Kong & Greater China at Allianz Commercial, believed Hong Kong's mature legal and talent ecosystem can support Hunan firms' global expansion with risk management and compliance services.

Thomas D. Fang, head of China Global Markets at UBS, said Hunan's rail transit, energy equipment and medical devices have reached international standards, noting that upgraded transportation links between Hunan and Hong Kong have unlocked growing opening-up dividends for central China, creating ample opportunities for foreign investors to deepen their presence in the region.

Hong Kong serves as the largest overseas trading partner for Hunan Province, said Cathy Li, assistant commissioner for the development of the Guangdong-Hong Kong-Macao Greater Bay Area at the Constitutional and Mainland Affairs Bureau of the HKSAR government.

Leveraging the world-class Shenzhen-Hong Kong-Guangzhou innovation cluster, Hong Kong offers Hunan's tech and innovative enterprises a full spectrum of services, including financing support, cross-border trade facilitation and intellectual property protection, she said.

Bernard Chan, under secretary for commerce and economic development of the HKSAR government, said Hong Kong acts as a critical "super connector" and "super value-adder" partner for Hunan. New dedicated mainland outreach teams will further empower Hunan's industrial globalization via cross-border collaboration.

Beyond industry, the delegates experienced Hunan's profound cultural heritage. Trips to Shaoshan and the millennium-old Yuelu Academy deepened their understanding of Hunan's pioneering cultural spirit, which many said underpins the province's industrial vitality.

Direct high-speed rail and air links have cut travel time between Hong Kong and Hunan. The delegates have had their perceptions of China's inland cities renewed by the province's vibrant night economy and open, welcoming social vibe.

Business leaders left energized by the trip, eager to share Hunan's business and tourism advantages with chamber members and global partners. Many delegates are planning return visits, as the central Chinese province is emerging as a growing hub for trade, industrial cooperation and cultural ties via Hong Kong. Enditem

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