Commerce and trade between Zibo city in East China's Shandong province and the Hong Kong Special Administrative Region is going from strength to strength.
Fortune 500 companies from Hong Kong such as China Resources and China Everbright Bank have invested in 19 projects in Zibo, with a total investment of $1.47 billion. These involve the disposal of hazardous waste, infrastructure construction, general business and many other fields.
As a result, in recent years, Hong Kong has emerged as one of the main sources of foreign investment in Zibo. There are currently 206 companies from Hong Kong investing in the city, with a total investment of more than $10.7 billion.
In 2021, Zibo attracted $508 million in investment from Hong Kong, up 58.8 percent year-on-year, accounting for 61.95 percent of total foreign capital actually used in the city, according to an official at the municipal bureau of commerce.
The financial sector has always been the focus of cooperation between the two. Three Zibo-based enterprises – the Dongyue Group, Cnnhomedia and Shandong Shengli Steel Pipe Co Ltd – have listed in Hong Kong and their combined current market value has reached 14.21 billion yuan ($2.12 billion).
Zibo and Hong Kong now have well-established communications channels. The Shandong-Hong Kong Economic Cooperation Fair held on June 10, for example, saw more cooperation reached between the two.
More and more Hong Kong enterprises are bringing their investments and factories to Zibo and Zibo, in turn, has embraced Hong Kong investors.
A night view of Zibo. [Photo/VGC]
