Beijing, HK Cooperation Symposium Fruitful

Entrepreneurs from Beijing and Hong Kong inked contracts worth some 4.8 billion US dollars here Friday, testifying to the fact that both sides are eager for further cooperation against the backdrop of China's impending entry into the World Trade Organization (WTO).

After two days' cooperation-seeking symposium, business people from Beijing and Hong Kong signed 41 cooperation projects, including 8 high-tech projects, 4 industrial projects, 8 tertiary projects, 15 real estate projects, 3 urban infrastructure projects and 3 other projects.

Apart from the signing of the contracts, another fruit of the symposium is that both sides have reached the consensus that Beijing, as a "capital of human resources", has much potential for further economic cooperation with Hong Kong, the so-called" capital of finance."

During the three years after Hong Kong's return to China, Beijing-HK cooperation has been developing steadily. Ventures established by Hong Kong business people in Beijing have reached 6, 000, involving a total investment of 14.8 billion US dollars, ranking first among all other foreign investment.

With China's approaching entry into the WTO, Beijing and Hong Kong cooperation is coming to a new stage, and both sides are able to share the advantages of each other in more fields for mutual prosperity, said Zhang Mao, Vice-mayor of the Beijing Municipal Government.

Cooperation in high-tech, services, urban infrastructure construction and the talent exchange and training was highlighted in the symposium.

Beijing is positioning Zhong Guan Cun as a new point of growth in the capital's economy and as a powerhouse for the overall takeoff in the capital city's high-tech development.

Hong Kong, with a well developed capital market and good trend of high-tech development, can further the cooperation in high-tech industries with Beijing, aiming at world's leading high-tech industries, such as gene engineering, biochip, ultra scale integrated circuit, millimicron technology and so on, said Zhang Mao.

As for cooperation in services, Li Zhao, Director of the Beijing Municipal Foreign Economic & Trade Commission, hoped the two sides could seize the new opportunities to extend cooperation in areas other than traditional industries like tourism, communications and passengers transportation.

Cooperation in the new service sectors like finance, insurance, the movement of goods, information technology, law, accounting, consultancies, property renting and leasing and computer application, should also be strengthened, Li said.

To encourage foreign bidders to participate in Beijing's infrastructure construction projects, the Beijing Municipal Government has decided to adopt a compensation package that includes certain tax exemption, said Guo Junqing, standing deputy director of the Beijing Development and Planning Commission.

The implementation of these preferential policies will create a good climate for Beijing and Hong Kong cooperation in urban construction, said Zhang Mao, Vice-mayor of Beijing.



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