HK, Ningbo poised to deepen economic links

Hong Kong and the Chinese mainland port city of Ningbo can expect closer collaboration, particularly in the fields of insurance, travel, education and entrepreneurship amid growing economic links between the SAR and the mainland, experts told the 2017 Ningbo-Hong Kong Economic Cooperation Forum in Hong Kong on Tuesday.

Organized jointly by the Hong Kong Trade Development Council (HKTDC) and the Ningbo Municipal People’s Government, the 16th NingboHong Kong Economic Cooperation Forum is being held in the SAR from Tuesday to Thursday. The theme is on deepening cooperation and communication between Hong Kong and the historic city in Zhejiang Province, especially in the construction industry, and exploring the opportunities offered by the Belt and Road Initiative.

Zhao Jun, vice-director of the Overseas Chinese Affairs Office of the Ningbo government, said cooperation between Hong Kong and Ningbo can be strengthened in various aspects, including opening up more of Ningbo to enterprises, helping Ningbo corporations to go out and invest abroad, especially in the regions involved in the Belt and Road Initiative, industrial transformation, ports development, and enhancing communication among talents.

He noted that Hong Kong has its advantages in areas like financial services, port construction and attracting talents while, Ningbo, as a major port and industrial hub in eastern China, can learn from the SAR in these fields through the links with, and assistance from the HKTDC.

With the mainland’s first national insurance innovation comprehensive pilot zone initially established in Ningbo last year, Zhao said Ningbo is seeking opportunities for cooperation with Hong Kong insurance companies in developing its insurance business.

Ningbo, he added, welcomes large corporations, financial institutions and social capital

from Hong Kong or overseas to set up branches or conduct projects in Ningbo to share development dividends under the insurance sector’s transformation.

Winsome Chan, senior manager of International and Mainland Relations at the HKTDC, said Hong Kong is Ningbo’s largest investment origin region, as many Hong Kong companies already have investment projects in Ningbo.

He said the HKTDC has been bringing enterprises from Ningbo to Hong Kong to attend conferences here and overseas, and organizing visits to Ningbo by Hong Kong people to build up business links.

According to Chan, nearly 600 companies from Ningbo have set up offices in Hong Kong as of April this year. The SAR’s approved and real overseas investments amounted to $6.72 billion and $3.89 billion, respectively, in fields such as retail and distribution, scientific research and services, plus economic and trade representative offices.

This year’s forum is expected to be attended by more than 800 representatives of various corporations.