National Development and Reform Commission Minister Zhang Ping (left) chats with Governor of the People's Bank of China Zhou Xiaochuan during an economic forum in Hong Kong on Wednesday. [Photo / Agencies]

More measures to boost cooperation between mainland and Hong Kong companies

HONG KONG - The central government will further encourage cooperation between mainland and Hong Kong enterprises to tap opportunities in the international market, Vice-Premier Li Keqiang pledged during his visit to Hong Kong.

Attending the Forum on the National 12th Five-Year Plan and Economic, Trade and Financial Cooperation and Development between the mainland and Hong Kong on Wednesday, Li unveiled six policies from the central government in support of Hong Kong.

According to Li, the central government will grant more preferential policies to facilitate joint efforts by enterprises on both sides, making the best use of Hong Kong's advantages in services like finance, law, accounting and investment consulting.

Policy support will cover areas including project pitching, investment, information exchange and talent training. The pledge aims at "actively directing mainland enterprises and Hong Kong enterprises when working together to explore the international market and establish global marketing and sales networks," according to Li, who added that "efforts like joint investment, joint bidding and joint contracting when pitching for investment and infrastructure projects will be encouraged".

At the Forum on the 12th Five-Year Plan and the Opportunities for Hong Kong organized by the Hong Kong Institute of Certified Public Accountants this July, Henry Tang Ying-yen, chief secretary of administration of the special administrative region's government, said that Hong Kong will play a more successful role in the future in helping and leading mainland enterprises to the international stage, since foreign players are more familiar and trustful of Hong Kong's established systems, and at the same time Hong Kong people enjoy an advantage in understanding the language and culture of their mainland partners.

Hong Kong has become a very important forefront for mainland enterprises eyeing a wider market outside the domestic arena both in terms of capital and trade.

By the end of July, there were 616 mainland companies listed on the Hong Kong Stock Exchange, representing 42 percent of the listed companies and 55 percent of total market capitalization.

Total exports and imports between the mainland and Hong Kong exceeded $230 billion, up 24.5 percent from a year ago, about half of which were for re-exporting to other parts of the world.

Anthony Wu, chairman of the Hong Kong General Chamber of Commerce, said that to the business community this is a supportive and encouraging move which helps further promote a closer economic and trade relationship between Hong Kong and the mainland and enhance Hong Kong's competitiveness.

Roy Chung, chairman of the Federation of Hong Kong Industries, believes that strong support from the central government will boost Hong Kong's confidence in weathering the current global economic volatility.

Chung said the federation welcomes support from the central government in strengthening Hong Kong's technology and innovation capability. The setting up of the Hong Kong branch of the Chinese National Engineering Research Center will see closer ties between technological talent and enterprises on both sides, boding well for Hong Kong to develop into a high-tech center, according to Chung.