Guangdong and Hong Kong Forge Deeper Ties with $14 Billion in Agreements
On November 25, Guangdong Province and Hong Kong SAR solidified their partnership by signing 126 economic and trade agreements worth over 100 billion yuan (approximately $14 billion) during a high-profile conference in Guangzhou. Co-hosted by the Guangdong and Hong Kong governments, the event underscores the strategic role of the Greater Bay Area (GBA) as a hub for trade, innovation, and sustainable development.
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Strengthening Collaboration Across Key Sectors
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The agreements cover a diverse range of industries, including trade and investment, financial services, modern logistics, innovative technology, green development, low-altitude aviation, and cultural and sports projects. These collaborations reflect a shared commitment to leveraging each region's strengths to fuel long-term growth and competitiveness.
Hong Kong's Chief Secretary for Administration Chan Kwok-ki noted that over 2,100 mainland enterprises have established a presence in Hong Kong, with more than 1,400 listed on the Hong Kong Stock Exchange. These businesses are central to driving cross-border economic integration and enhancing Hong Kong's position as a leading financial and business hub.
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Corporate Leaders on the GBA Opportunity
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Several corporate leaders highlighted their contributions and future plans in the region:
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Pfizer: Jean-Christophe Pointeau, President of Pfizer China, emphasized the importance of Guangdong for the company's research efforts. Since 2022, Pfizer has launched nearly 100 clinical trials in the province, with 26 ongoing. Through the GBA's streamlined pharmaceutical policies, two of its products have already been introduced to benefit local patients. Pointeau expressed optimism about bringing more innovative treatments to the area.
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HSBC: Peter Wong, Chairman of HSBC Hong Kong, highlighted Guangdong's strategic importance to the bank's growth, disclosing new investments of $743 million over the past five years. Wong emphasized that HSBC is committed to supporting cross-border financial services within the GBA.
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Midea Group: Wang Jianguo, Vice President of Midea, noted the company's successful listing on the Hong Kong Stock Exchange in September. This milestone will enhance Midea's global manufacturing capabilities and help it integrate international R&D resources to strengthen its global market presence.
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Guangdong's Competitive Edge
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Guangdong's economic prowess is evident in its high-tech ecosystem, with over 76,000 tech enterprises and global leadership in manufacturing sectors such as drones (70% of global production), smartphones (40%), and electric vehicles (25% of China's total). The province's robust industrial base and innovative culture make it an ideal partner for Hong Kong's financial and business expertise.
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