Hong Kong and Shenzhen plan to strengthen economic cooperation, as cities in the Greater Bay Area accelerate partnerships to rejuvenate growth following China’s easing of Covid-19 restrictions.
A delegation from Shenzhen’s Futian district signed 25 agreements with the Hong Kong government on Friday to enhance cooperation in a number of fields, including technology, business and commerce.
“Hong Kong is transitioning to the stage of systematic regulation towards prosperity, while the mainland is also trying to revive every sector,” Huang Wei, the Communist Party head of Futian district, said at a briefing in Hong Kong on Friday. “Across the nation [people and cities] are striving for economic growth.”
He added that Futian would provide comprehensive support to “our friends in Hong Kong” as the district seeks to attract investment and talent to drive growth.
Local Chinese governments are encouraging in-person meetings and business trips as they vie for investment and talent to boost economic growth, after the country’s gross domestic product grew by 3 per cent last year, missing the annual target of around 5.5 per cent.
Futian, an important business and commercial centre and home to large multinational companies such as Walmart and Ping An Insurance Group, aims to innovate its economy with three growth engines – technology and innovation, finance and fashion.
The partnership underscores the mutual need to speed up the integration of the 11 cities in the Greater Bay Area, as economic recovery tops the agenda set by Beijing for this year.
The two cities will undertake joint initiatives to attract foreign investment and companies, said Bernard Chan Pak-li, undersecretary for commerce and economic development.
On Thursday, Hong Kong Chief Executive John Lee Ka-chiu wrapped up his first official trip to cities in the region.
“We are actively planning [to open] our AI dry lab into Hong Kong, and we hope to have 10-30 colleagues relocate to Hong Kong,” said Tam.