The Hong Kong Special Administrative Region and Zhejiang province on Thursday inked a landmark agreement outlining 51 joint projects across 13 strategic sectors, marking a significant step in regional collaboration, HKSAR Chief Executive John Lee Ka-chiu said.
Part of a new cooperation mechanism between the two regions, the memorandum of understanding spans key areas including Belt and Road cooperation, finance, investment, aviation, trade, and sci-tech innovation.
It was finalized at the first-ever Zhejiang-Hong Kong Cooperation Conference, establishing a new partnership framework to deepen ties between the two regions, Lee said in a social media post shortly after the meeting he co-chaired with Zhejiang’s Party Chief Wang Hao.
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Lee emphasized Hong Kong’s role as the largest source of foreign direct investment in Zhejiang province — more than $12 billion annually — and a gateway for local enterprises expanding globally.
“Hong Kong’s status as an international financial hub, combined with the unique advantages of ‘one country, two systems’,’ positions us as the ideal partner for Zhejiang companies entering global markets,” he said.
The partnership builds on existing synergies — last year, 14 Hangzhou tech firms established operations at Hong Kong Science and Technology Park, a trend Lee said he expects to accelerate under the new framework.
He noted that four supplementary agreements were also inked, covering joint research in cutting-edge technologies, affordable and innovative housing solutions, trade facilitation, and youth exchange programs.
A major focus will be supporting Zhejiang firms in leveraging Hong Kong’s global networks while fostering cross-border talent development.
Lee expressed confidence that the partnership would deliver tangible outcomes, urging stakeholders to capitalize on the opportunities to contribute to the nation’s reform, opening-up, and modernization.
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The meeting came on the third day of Lee’s four-day visit to Zhejiang starting Tuesday, underscoring Hong Kong’s deepening integration with Chinese mainland development strategies.
Contact the writer at lilei@chinadailyhk.com
