Xi'an, Hong Kong to promote cooperation

InvestHK, Hong Kong Special Administrative Region government's direct investment promotion agency, held an investment promotion symposium in Xi'an, capital of Shaanxi province, on Nov 12.

The symposium aimed at introducing Hong Kong’s business environment and tax advantages to Xi’an enterprises, encouraging them to expand their overseas business in Hong Kong.

Vincent Tang, associate director-general of InvestHK, said that Xi'an enterprises can utilize the platform of the Hong Kong International Finance Centre, as well as professional services to conduct business development and financing.

In the future, the two sides will further strengthen cooperation and take the opportunities under the Belt and Road Initiative (BRI), he added.

Tang Yugang, deputy director of Shaanxi Provincial Department, said that a growing number of Xi'an enterprises will explore the international market, making use of the unique advantages of Hong Kong.

In recent years, with the in-depth implementation of the BRI, Shaanxi and Hong Kong have become increasingly close in economic and trade cooperation. Hong Kong has been the first source of overseas investment in Shaanxi for many years and is also an important area for Shaanxi's import and export trade.

As of September 2019, Shaanxi has established 71 overseas enterprises in Hong Kong, with a cumulative actual investment of $2.59 billion, accounting for 48 percent of the province's total actual external investment.