Initiative to boost Shanghai-Hong Kong cooperation

China's Belt and Road Initiative will further increase cooperation between Shanghai and Hong Kong and bring new momentum to the development of both cities, officials and experts said at a forum in Shanghai on June 8.

You Anshan, director of the Hong Kong and Macao Studies Center under the Shanghai Academy of Social Sciences, said that Shanghai could benefit from Hong Kong's rich experience in high-standard international services and its wide connections in the international community.

On the other hand, Hong Kong would gain from Shanghai's leading position in the Yangtze River economic zone and its expertise in construction engineering and manufacturing of large-scale equipment.

"The key to deepening cooperation is for the two cities, which serve as core engines for China's economic development in the Yangtze River Delta and the Pearl River Delta, to effectively integrate their resources and complementary advantages," said You at the forum held in the run-up to the 20th anniversary of Hong Kong's return to China on July 1.

"Thanks to the initiative, the two cities will in the years ahead see cooperation and development in multiple areas, such as finance, trade, shipping, talent cultivation, information technology, scientific and technological innovation, and industrial upgrading," added Regina Ip Lau Suk-yee, a Hong Kong legislator and chairwoman of the New People's Party.

Adam Li, chairman of the Hong Kong Chamber of Commerce in China, said that senior officials from the Hong Kong Trade Development Council and government authorities in Shanghai have on several occasions discussed about exploring opportunities in the countries involved in the initiative that can benefit both cities.

"Last month, a delegation comprising more than 40 infrastructure constructors and investors from Shanghai and Hong Kong organized their maiden trip to Thailand and Vietnam. The delegation included Hong Kong companies dealing in finance, planning, operation and management while those from Shanghai came from the infrastructure construction, real estate and industrial zone development sectors," Li said.

The delegation met with the prime ministers as well as government departments and industry associations of the two countries, which are important traffic and logistics hubs in Southeast Asia that have an urgent demand for infrastructure construction.

"The delegation was fairly optimistic about the investment prospects in the Eastern Economic Corridor in Thailand and Ho Chi Minh City in south Vietnam," Li added.

"It was a fruitful trip. Shanghai Construction Group and the Hong Kong branch of the China Development Bank are intending to sign a contract with Chia Tai Group in Thailand to develop markets of infrastructure construction in Thailand as well as Southeast Asia."