China Committee
GBA Working Group Convenor Petrina Tam welcomed a delegation from the Commerce and Investment Promotion Bureau, Haitang District, Sanya, led by Head Ji Zhe, on 26 September.
Hainan is scheduled to close all its customs offices by 31 December 2025, by which time Hainan Free Trade Port is expected to offer import tariff exemptions for most goods. To promote the development of the port, Haitang District has boosted construction over the past few years and introduced multiple projects with a total investment value of RMB 200 billion. For example, a total of 35 hotels are coming up in Haitang District, of which 21 have been built.
China’s real estate market is facing new challenges, with concerns arising over the potential breaks in the capital chain and insolvencies of real estate giants, such as Country Garden and Evergrande Group. While the country’s economy is improving as normal travel resumes, the escalating real estate debt crisis is dragging down economic growth and prospects. At a business luncheon on 27 September, Le Xia, Chief Economist for Asia, BBVA Research, shared his views on the economic outlook and future opportunities and challenges for China’s real estate development.
Chamber Chairman Betty Yuen and Deputy Chairman Agnes Chan joined the “Reception by the Compatriots of Commercial & Industrial Circles of Hong Kong in Celebration of China’s 74th National Day” on 29 September. Over 500 guests attended the event, which was organized by HKGCC, Chinese General Chamber of Commerce, Chinese Manufacturers’ Association of Hong Kong, Federation of Hong Kong Industries, Real Estate Developers Association of Hong Kong, and the Hong Kong Chinese Enterprises Association.
Flora He, Marketing Executive, Fuzhou Office, HKTDC visited the Chamber on 12 October. At the meeting with Wendy Lo, Assistant Director of China Affairs & Projects, she talked about Fuzhou’s HKTDC office as well as the market situation, and looked forward to further cooperation opportunities between the two cities.
Deputy Chairman Agnes Chan represented the Chamber at the “2023 Jiangsu-Hong Kong Economic and Trade cooperation Conference” on 13 October. The event, which was attended by over 400 guests, was hosted by Fang Wei, Vice Governor of the Jiangsu Provincial People’s Government. Fang shared the latest updates on Jiangsu’s economic development and policy opportunities. Hong Kong is the largest source of foreign direct investment in the province.
It was a pleasure to welcome Antonio Lei, Director of the Economic Development Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, on 13 October. Lei and his delegation were received by Chamber Chairman Betty Yuen, CEO Patrick Yeung, Edmond Yew, Vice Chairman of China Committee and members.
Lei briefly introduced the features of the Cooperation Zone, including the “tier-specific” management policy, which fosters talent and capital flow between Macao and Hengqin. The two sides also discussed the business development of Hong Kong enterprises in the Cooperation Zone, in areas such as research and innovation, medical industry, data centres, etc.
The Cooperation Zone is committed to establishing and improving a new system for joint consultation, joint construction, joint management, and common use between Guangdong and Macao.
Meeting with CCPIT, Liaoning
Zheng Yi, Vice Chairman of CCPIT Liaoning, led a delegation to the Chamber on 24 October, where they were received by Felix Lee, Vice Chairman of the China Committee. Located at the heart of the Northeast Asian Economic Circle, Liaoning is an important industrial base in China. Zheng said the economic development of the three northeastern provinces, including Liaoning, was closely linked to Russia due to their geographical location.
Meeting with CCPIT, Fuzhou
A delegation from CCPIT Fuzhou led by Chairman Pan Wei called on the Chamber on 24 October. They were received by Felix Lee, Vice Chairman of the China Committee. Fuzhou, the capital of Fujian Province, recorded economic growth of about 5% in the first half of 2023, and actively provides various preferential policies for enterprises looking to start a business there, said Pan. He also invited members to participate in the Seventh 21st Century Maritime Silk Road Exposition and the 26th Cross-Straits Fair for Economy and Trade in Fujian, which will be held from 18-22 May 2024.
GBA Working Group
The Governments of Guangdong, Hong Kong and Macao are proactively working to develop the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Standards for different products and services. For the formulation of a new batch of GBA Standards, the Standardization Research Center for the GBA, established jointly by the People’s Government of Guangdong Province and the nation’s Standardization Administration, recently issued Guidelines on the Common Needs of GBA Standards in 2023 (Guidelines on the Common Needs) and the Guidelines on Applications for GBA Standards (Guidelines on Applications), respectively, to invite applications for GBA Standards from trade in Guangdong, Hong Kong and Macao.
The Trade and Industry Department hosted a briefing session about the formulation of the new batch of GBA Standard on 16 October, which was attended by Wendy Lo, Assistant Director of China Affairs & Projects.