China Committee
Edmond Yew represented the Chamber at the Hengqin Global Investment Promotion Conference in Hengqin on 26 May, organized by the Executive Committee of the Guangdong-Macao In-Depth Cooperation Zone.
In his opening address, Lei Wai Nong, Director of the Executive Committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, said under the guidance of the national policy objectives and the strong support of the governments of Guangdong and Macau, the Cooperation Zone had introduced policies such as separated management, a “dual 15%” preferential policy for corporate and individual income tax, facilitation measures for mainland residents to visit Macau, and a multi-functional free trade account.
The policies aim to accelerate the efficient flow of people, goods, capital and information between Hengqin and Macau, boost the potential for mutual development, and further open up Hengqin and promote internationalization.
Chamber Vice Chairman PC Yu attended the opening ceremony of the 2024 Hong Kong-Macau-Shandong Week and Hong Kong-Shandong Cooperation and Exchange Conference on 27 May. Organized by the Shandong Provincial People’s Government and the Hong Kong Trade Development Council (HKTDC), it attracted over 600 business leaders and representatives from Hong Kong and Shandong Province.
Chamber Chairman Agnes Chan, Lin Wu, Secretary of Shandong Provincial Party Committee, key officials of Shandong Province and members of the Hong Kong business community attended a networking dinner on the same night.
Wang Bo, Deputy Mayor of Qingdao and member of the Qingdao Municipal Committee, expressed hope for further cooperation between Hong Kong and Qingdao at the Qingdao-Hong Kong Economic and Trade Cooperation Promotion Conference on 28 May.
Hong Kong is the largest source of foreign investment for Qingdao, with a cumulative investment of 6,444 projects and a total investment of over US$50 billion. Qingdao is looking for further collaboration with Hong Kong in five major areas: technological innovation, international shipping, international trade, modern finance and tourism.
Wang said Hong Kong offered significant advantages in its role as a global trade and financial hub, acting as an accelerator for connecting global innovative resources while jointly exploring broader markets, deepening economic and trade ties and promoting cultural exchanges. Felix Lee, then China Vice Chairman, attended the event.
Wen Ping, Deputy Director of the Qianhai Administration Bureau in charge of Hong Kong and Macau Affairs, met with representatives from key business associations in Hong Kong on 30 May to learn about their suggestions and insights into Hong Kong-Shenzhen cooperation and integrated development. Wendy Lo, Assistant Director, China Affairs & Projects attended the meeting.
Committee members joined the Tianjin-Hong Kong Entrepreneurs Matchmaking Event on 2 June, which saw more than 200 entrepreneurs sign up for on-site business matching and collaboration opportunities. Hong Kong is the largest source of foreign investment in Tianjin. In 2023, Hong Kong established 245 foreign-invested enterprises in Tianjin, with actual utilized foreign capital reaching US$3.891 billion. Tianjin’s investment in Hong Kong has also been growing, with 331 Tianjin enterprises currently investing in the city, with a total investment of US$6.2 billion.
To deepen financial connectivity within the Greater Bay Area and bolster Hong Kong’s position as an international financial centre and offshore RMB hub, HKSAR and Mainland regulators announced the revised guidelines for the Cross-Boundary Wealth Management Connect Pilot Scheme (WMC scheme). Richard Mazzochi, Minny Siu and Agnes Chan from King & Wood Mallesons discussed the amendments in a seminar on 5 June.
Chamber Chairman Agnes Chan attended the “Hong Kong Business Community Helps Improve People’s Livelihood Symposium” on 12 June, where she outlined HKGCC’s work in supporting the community in the past year. The event was jointly organized by HKGCC and other major chambers of commerce in Hong Kong.
Wen Nuan, Secretary of the Party Committee of Shaoxing City of Zhejiang Province, was among the key officials at the opening ceremony of the 2024 “Hong Kong-Macau-Shaoxing Week” (12-14 June). Felix Lee, then Vice Chairman of the China Committee, attended on behalf of the Chamber.
In his keynote address, Wen said the two cities should seize opportunities to continue deepening exchanges in various fields such as economy, technology, education, culture and sports, and strive to achieve more landmark collaborations.
William Zen, Chairman of the Board of Directors, Hong Kong Wai Kee Holdings Ltd, called on Chamber CEO Patrick Yeung on 13 June, along with Wu Haiming, Chairman of Zhejiang Zhenyuan Company Ltd, and Sun Aibao, Chairman of Shaoxing Yellow Rice Wine Group Company Ltd. They discussed strengthening cooperation and ways to assist Shaoxing enterprises access the international market. The Chamber was invited to organize a mission to Zhejiang to explore potential business opportunities.
Wing Chu, Principal Economist (Greater China Research Team), Research Department, Hong Kong Trade Development Council, briefed members on China’s economy and new quality productive forces at the committee meeting on 13 June. At the same meeting, Felix Lee was elected Chairman, while Gilbert Ho and Neo Wang were elected Vice Chairmen, and Edmond Yew was re-elected Vice Chairman.
Ryan Wu, Partner, PwC China, gave a talk on 14 June to explain the changes to China’s New Tariff Law, which will be implemented on 1 December 2024. He also provided suggestions on best practices in customs compliance.