Hunan Promotes Economic and Trade Cooperation with Greater Bay Area
The Hunan (Hong Kong) Investment and Trade Fair was launched in Hong Kong in 1988. Since then, it has become an important platform for economic and trade exchanges and cooperation between Hunan and Guangdong, Hong Kong, and Macao. This year the trade fair has been renamed as the “Hunan-Guangdong-Hong Kong-Macao Greater Bay Area Investment and Trade Conference”. It takes place in Hong Kong, Macao, and Shenzhen between April 15 and 19. It is not only a name change, but an upgrade of the strategic location. Hunan will write a new chapter on opening up and cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area.
More than 5,000 Guangdong enterprises and 300,000 Cantonese individuals have invested in Hunan. Guangdong enterprises have invested the most in Hunan compared to other provinces, such as BYD and GAC Fiat. In 2018, more than 247.4 billion CNY capital came in from Guangdong, an increase of 23.8% over the previous year. The investments involve new energy, biotechnology, smart phones, and other fields.
Hong Kong is Hunan’s largest source of foreign capital. In the past, Hong Kong was first in terms of the number of investment projects, contracted foreign investment, and actual use of foreign investment in Hunan, accounting for more than half of Hunan’s total. In 2018, Hong Kong invested in 668 projects in Hunan, up 36.6% and accounting for 63.6% of the provincial total. This brought foreign investment of 23.65 billion USD, up 27.8% and accounting for 78%, and an actual use of foreign investment of 11.6 billion USD, increased by 14.3% and accounting for 71.6%.
Hong Kong is also Hunan’s main trading partner and its largest export market. In 2018, Hunan’s trade with Hong Kong was 6.63 billion USD, an increase of 17%. Hong Kong is also an important base for Hunan enterprises to “go global”. By the end of 2018, 239 enterprises had been approved and filed by the Hunan commercial authority to begin doing business in Hong Kong, with a contracted investment of 1.55 billion USD.
Macao's investment in Hunan has grown rapidly in recent years. In 2018, Macao invested in 15 projects in Hunan, an increase of 275%, with contracted foreign investment increasing 378.2% to 155.51 million USD, and actual use of foreign capital increased 99.74% to 68.57 million USD.
Luo Shuangfeng, deputy director of the Hunan Provincial Department of Commerce, said that the conference will further accelerate the pace of Hunan cooperation with Guangdong, Hong Kong and Macao.
The 2019 conference includes a main event and 33 special events. It will have more than 5,000 attendees, and will promote nearly 600 key investment projects worth 2.3 trillion CNY. It will be the largest one with the highest standards, compared with the previous sessions.
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