The governments of Hainan province and the Hong Kong Special Administrative Region signed a memorandum of cooperation on Wednesday, pledging to deepen collaboration in trade and investment, finance, cross-border data flow, tourism and talent exchange.
The MoC also promises greater market access in Hainan for Hong Kong-registered professionals, unveiling more opportunities for the SAR’s robust professional services sector.
Welcoming the development, Hong Kong Chief Executive John Lee Ka-chiu said that it would open more doors for professionals in the city while also serving Hainan’s growth as a world-class free trade port by enabling it to leverage the two cities’ complementary strengths.
The MoC, covering in-depth cooperation in economic and trade investment, finance, data flow, tourism, and talent exchange, will integrate the advantages of Hong Kong and Hainan, and deepen economic and trade exchanges between the two regions, said Lee.
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Lee underscored that Hong Kong and Hainan shared clear affinities in cultural roots and geographical location — both sited on the southern coast of the country, and having long boasted robust connections in people, goods, and capital exchanges.
Thanks to a vast number of Hong Kong-based enterprises opting to expand their operations in Hainan, Hong Kong SAR has been among Hainan’s primary sources of foreign investment, Lee said.
Meanwhile, Hainan has championed Hong Kong’s development, Lee said, citing that Hainan is the first provincial government on the Chinese mainland to utilize Hong Kong’s financing platforms and services for its bond issuance.
For three consecutive years, the Hainan government has been issuing offshore RMB bonds in Hong Kong, totaling approximately 13 billion yuan ($1.79 billion), which signals Hainan’s full confidence in the SAR as the preferred platform for offshore RMB debt products and a regional green finance hub in Asia, said Lee.
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As Hainan reaches a tipping point this year for its operation as a free trade port, as it is set to establish independent customs operations by the end of the year, deeper dialogue and collaboration with Hong Kong can bear many advantages in upscaling its openness and market liberalization, said Lee.
Lee vowed that Hong Kong, as a stalwart of free trade and multilateralism with robust global connections, is well-positioned to connect stakeholders in Hainan to an array of overseas projects and resources, paving the way for their business investment in overseas markets.
“It is my hope that our two cities can tap the opportunities put forth by a ‘dual port synergy’ to broaden both of our development prospects, jointly contributing to the great rejuvenation of the Chinese nation,” said Lee.
In 2020, the central authorities outlined a comprehensive plan to build Hainan into a leading free trade port. The nation’s southernmost province has since been doubling down efforts in transforming itself into a key gateway that drives the country’s commitment to opening-up.
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The enhancement to Hong Kong-Hainan partnership came just weeks after this year’s Government Work Report reaffirmed the central government’s support for the establishment of the Hainan Free Trade Port and for Hong Kong to enhance international communication and exchanges.
The MoC was signed in Hainan’s Boao, a scenic town where the Boao Forum for Asia Annual Conference 2025 is being held until Friday.
Dubbed Asia’s Davos Forum, the Boao Forum this year gathers over 2,000 political, business, and academic leaders from over 60 countries and regions under the theme of “Asia in the Changing World: Towards a Shared Future”.
Also on Wednesday, the Boao Forum announced it would hold this year’s International Science, Technology and Innovation Forum in Hong Kong from June 6 to 7.
The two-day event will be themed “Technology Shapes the Future, Innovation Drives Transformation”, inviting experts from home and aboard to shed light on key topics driving sustainable development and technological transformation.
