Chongqing, Hong Kong join forces in modern services, trade

Companies from Chongqing and Hong Kong sign business agreements at the Chongqing Modern Producer Services Industry Promotion Conference in Hong Kong. [Photo provided to liangjiang.gov.cn]

The Chongqing Modern Producer Services Industry Promotion Conference was held in Hong Kong on June 27.

At the event, four projects, including Deloitte China's smart center project and Hong Kong Harvest Field Holdings' Chongqing Yibaolai import and export international trade project, signed agreements to be constructed in the Liangjiang New Area – located in Southwest China's Chongqing municipality.

Deloitte's project new smart center will involve a total investment of 1 billion yuan ($137.6 million). It will be co-developed by the Chongqing Free Trade Port Area Development and Management Group Co and Deloitte to settle Deloitte Consulting (Shanghai) Co's Chongqing branch in Liangjiang.

It will also introduce Deloitte delivery center and other business sectors to build up Deloitte's innovation, R&D and business center – adapting to digital industry developments and creating a benchmark global headquarters for Deloitte.

Elsewhere, Chongqing Yibaolai Import and Export Trade Co – established by Hong Kong Harvest Field Holdings – will engage in the imports and exports of seafood, health products and daily necessities to and from Africa, Southeast Asia, Hong Kong and Macao.

Its operations will also include cross-border e-commerce, headquarters settlements, as well as exhibition and sales.

Hong Kong is Chongqing's third-biggest trading partner. In May 2023, the first Chongqing-Hong Kong cooperation conference was held, marking the establishment of an official cooperation mechanism.

Over the past year, practical cooperation between the two regions has expanded in finance, trade and investment, as well as in technological innovation.

Data showed that in 2023, the total import and export volume between Liangjiang and Hong Kong was worth 25.04 billion yuan, accounting for 45 percent of Chongqing's total foreign trade.

Over the past three years, actual foreign investment from Hong Kong in Liangjiang came to $1.73 billion, representing 75 percent of Liangjiang's total foreign investment.