MoU signed on Beijing HK Economic Cooperation Symposium, expanding areas of collaboration

The 27th Beijing Hong Kong Economic Cooperation Symposium's special event on the new development of building international consumption center cities was held in Beijing yesterday morning (Sept. 21).

At the event, the Beijing Municipal Commerce Bureau and the Hong Kong Trade Development Council (HKTDC) signed a memorandum of understanding for business cooperation 2024, aiming to deepen the cooperation mechanism further, expand collaboration areas, and achieve a higher level of mutually beneficial win-win development.

Piao Xuedong, Director of the Beijing Municipal Commerce Bureau, stated at the conference that Hong Kong has always been the largest source of foreign investment in Beijing and is also the region where Beijing enterprises invest the most outside mainland China. In the first half of this year, actual investment from Hong Kong to Beijing reached US$3.03 billion, accounting for 80.8% of its total; Beijing's direct investment in Hong Kong amounted to US$2.27 billion, making up 55.4% of its total.

When it comes to future cooperation between Beijing and Hong Kong, Piao emphasizes the need to focus on international collaboration and create a hub that integrates global consumption resources.

Piao highlighted the importance of consumer focus, the establishment of a new high ground for consumption upgrades and the enhancement of its influence through aggregation and the role of leading.

Zhong Yongxi, chief representative of the Hong Kong Trade Development Council in the Chinese mainland, noted that as a high-end international consumption center city, Hong Kong enterprises possess extensive overseas business networks and rich operational experience in establishing consumption brands and new landmarks closely linked to international markets.

Zhong also mentioned that Beijing, with its rich cultural connotations and numerous historic buildings, has the potential to develop spaces that combine cultural creativity with leisure retail, thus expanding the scale of cultural consumption. Hong Kong has experience in revitalizing historic buildings, such as the Tai O Heritage Hotel and the Tai Kwun in Central. Beijing could learn from Hong Kong's operational models to protect and restore the historical architectural style while integrating fashion and commercial management elements, thereby becoming a new landmark for leisure consumption.

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