By Yuling Chen, iChongqing News
Chongqing-From March 25 to 27, 2019, the Hong Kong Trade Development Council (HKTDC) led a delegation, comprised of corporate executives from famous Hong Kong-based enterprises in the service sector, including Deacons, PricewaterhouseCoopers Hong Kong, CitiBank Hong Kong, to Chongqing Municipality in Southwest China for Chinese Outbound Investment.
From March 25 to 27, 2019, the Hong Kong Trade Development Council led a delegation to Chongqing Municipality in Southwest China for Chinese Outbound Investment.
At the cooperation seminar and the “one-on-one” business matching negotiation, 23 enterprise representatives fromHong Kong Special Administrative Region communicated and negotiated with nearly 200 representatives of relevant institutions and enterprises in Chongqing on March 26.
Peng Heliang, Deputy Director of the Chongqing Municipal Commission of Commerce addressed at the cooperation seminar and business-matching in Southwest China's Chongqing Municipality, March 26, 2019.
The event was designed to promote Chongqing enterprises to use the experience of Hong Kong professional services organizations to "go global". Moreover, its cohosts were the Chongqing Municipal Commission of Commerce, Chongqing State-owned Assets Supervision and Administration Commission, Hong Kong and Macao Affairs Office of Chongqing Municipal People' Government, Chongqing Federation of Industry and Commerce and HKTDC. Peng Heliang, Deputy Director of the Chongqing Municipal Commission of Commerce, and Wu Ziheng, general representative of the Hong Kong Trade Development Council in the Chinese mainland addressed at the event.
In addition, during the three-day visit, the delegation also inspected some companies in the municipality and held in-depth discussions on overseas cooperation. Both sides have reached a number of preliminary cooperation intentions.
60% of Chongqing's foreign investment is from Hongkong
As the city's largest source of foreign capital, an important trading partner and a window of “going global”, Hong Kong has played a supporting role in Chongqing's opening up. With the in-depth implementation of the Mainland and Hong Kong Closer Economic Partnership Arrangement, all-round cooperation between Chongqing and Hong Kong in various fields has been continuously deepened, and remarkable achievements have been made in economic, trade as well as cultural and travel exchanges.
By the end of 2018, Chongqing actually used Hong Kong capital of USD 56.73 billion, accounting for nearly 60% of Chongqing's foreign investment. In September 2018, the Chongqing Municipal Commission of Commerce and the HKTDC signed a strategic cooperation agreement.
The two sides established economic partnerships to jointly promote cooperation in finance, logistics, law, accounting, brand design, and market promotion. It aims to assist Chongqing enterprises to transform and upgrade, and promote win-win development.
Under the guidance of the strategic agreement, the high-level interaction between the two sides has become increasingly frequent, and economic and trade cooperation has become closer. The economic and trade cooperation between Chongqing and Hong Kong has continuously made new progress. The visit of the cross-border investment service industry delegation is an important measure to implement the agreement.
Foreign investment cooperation business in 37 countries and regions
In 2018, a total of 82 enterprises in Chongqing carried out foreign investment cooperation business in 37 countries and regions around the world, with a total foreign direct investment of USD 1.11 billion, and a new contract value of USD 3.24 billion for foreign contracted projects, mainly involving the internet, automobile manufacturing and manufacturing of transportation equipment, real estate, sports and entertainment industries.
Relevant links:
Consul Generals in Chongqing’s Comments on New Foreign Investment Law: Encouraging Investment and Enhancing Cooperation
Chongqing’s Foreign Business Community on China’s New Foreign Investment Law