HK, Hangzhou pledge economic cooperation

Hangzhou — the capital of Zhejiang province and the city that is widely considered "China's digital-economy capital" — is exploring more cooperation opportunities with Hong Kong, especially in technology innovation and high-end services.

The two cities on Thursday signed eight agreements to enhance economic cooperation. The ceremony took place at the Hangzhou-Hong Kong Innovation and Cooperation Forum in the special administrative region.

The memorandums of understanding on smart city construction, high-end services, the financial industry, artificial intelligence applications and new energy are expected to provide further collaboration opportunities between Hong Kong and Hangzhou, as Hangzhou works to woo Hong Kong scientists, entrepreneurial teams and startups to set up research institutes and development centers there.

Zhang Zhongcan, deputy secretary of the Communist Party of China's Hangzhou Municipal Committee, said Hong Kong had about 6,400 projects in Hangzhou, with a total investment of more than US$140 billion, as of the end of last year.

Known for technology giant Alibaba and other innovative businesses such as fintech company Ant Financial, Hangzhou is a major center of entrepreneurship.

According to the Hangzhou Venture Capital Association, Hangzhou has 30 "unicorn" companies — startups with a valuation of at least US$1 billion — in areas as diverse as e-commerce, digital security, information software, smart healthcare, cloud computing and big data.

In addition, Hangzhou’s Shangcheng district plans to launch Wangjiang Intelligence Industrial Park — a high-end services site — to further beef up the integration of finance and technology. The industrial park will focus on the digital economy, finance, and professional services, and aims to become the city’s center of international NGOs.

The district government is already teaming up with the Hong Kong Trade Development Council to introduce Hong Kong high-end service companies to Hangzhou.

In addition, Hangzhou will host the 2022 Asian Games, an event that is expected to be a new channel for cooperation with Hong Kong.

Also at the conference on Thursday were Nicholas Yang Wei-hsiun, Hong Kong's secretary for innovation and Technology; and Timothy Fok Tsun-ting, vice-president of the Olympic Council of Asia.