Guangdong, HK sign $14b economic, trade deals

South China's Guangdong province and Hong Kong signed 126 economic and trade cooperation projects valued at more than 100 billion yuan ($14 billion) at the Guangdong-Hong Kong Deepening Economic Trade and Investment Cooperation Conference, demonstrating further integrated development of the two regions.

The projects signed at the event, held in Guangzhou, capital of Guangdong on Monday, mainly involved commerce, investment, financial cooperation, modern logistics, innovative science and technology, green development, low-altitude economy, culture, tourism and sports.

Huang Kunming, a member of the Political Bureau of the Communist Party of China Central Committee, urged Hong Kong enterprises to strengthen their confidence, seize opportunities, root themselves in the Guangdong-Hong Kong-Macao Greater Bay Area and actively invest in industries and technology in Guangdong in the coming months.

Guangdong and the Hong Kong Special Administrative Region should join hands to expand in the global market, he said.

"The Guangdong provincial government will continue to spare no effort to support the development of Hong Kong enterprises in Guangdong, vigorously promote the construction of a first-class business environment, and strive to build a sound market, industry, enterprise and service system, allowing investors from around the world to come and develop their business with peace of mind," said Huang, who is also Party secretary of Guangdong.

Huang made the remarks during his keynote speech at the conference.

John Lee Ka-chiu, chief executive of the HKSAR, said the business community of Guangdong and Hong Kong has, for decades, been a participant, beneficiary, and contributor to economic, trade, and investment cooperation between the two regions.

"The GBA has now become one of the most open and economically vibrant regions in China, bringing unlimited opportunities for investors from around the world," Lee said.

He said Hong Kong would continue to strengthen win-win cooperation with Guangdong to build the GBA into an international first-class bay area and world-class city cluster, as well as promote the formation of more effective economic and trade cooperation results.

Zheng Yanxiong, director of the Liaison Office of the Central People's Government in the HKSAR, said the central government attaches great importance to the construction of the GBA and shows great concern and care for it.

"Guangdong and Hong Kong can rebuild an upgraded and innovative cooperation model based on the previously successful creation of the 'stores in the front, factories in the back' economic cooperation mode, make good use of international platforms, innovation development center, world manufacturing base and the vast mainland markets to introduce various high-end global resources, deeply expand the international market to better serve the country's higher-standard opening-up to the outside world," he said.

Jean-Christophe Pointeau, senior vice-president of Pfizer Global and president of Pfizer China, said he was very proud to be a part of the development of China's healthcare industry.

Since 2022, Pfizer has conducted nearly 100 clinical trials in Guangdong, of which 26 are currently underway. Through GBA's preferential policies, two of Pfizer's products have been introduced and benefit patients in the GBA, he said.

Peter Wong, chairman of the Hongkong and Shanghai Banking Corp Ltd, said the GBA has gathered the talent, funding, market and policy support needed for innovation and has a first-class business environment.

"As a financial institution, we support the growth of science and technology innovation enterprises through services such as innovation banks and new economy credit funds," he said.