Invest Hong Kong encourages Changzhou enterprises to "go global" (with photo)
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The seminar, entitled “Belt and Road, Together We Grow”, was organised by InvestHK in partnership with the Trade Office of the Economic Affairs Department of the Liaison Office of the Central People’s Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR), the Changzhou Bureau of Commerce, the Changzhou Federation of Industry and Commerce, and the China Council for the Promotion of International Trade, Changzhou Sub-Council. It was also co-organised by the Hong Kong Economic and Trade Office in Shanghai (SHETO) of the HKSAR Government.
Associate Director-General of Investment Promotion at InvestHK, Mr Francis Ho; the Deputy Director-General of the Economic Affairs Department and Head of the Commerce Office of the LOCPG in the HKSAR, Mr Yang Yi; and the Director of the Changzhou Bureau of Commerce, Mr Pan Dongling, delivered welcome remarks at the event.
Commenting on Hong Kong’s business advantages and the opportunities it has to offer Changzhou companies, Mr Ho said, “The historical city of Changzhou has evolved into a key modern manufacturing base in the Yangtze River Delta area. Hong Kong has been an important economic and trade partner as well as a key conduit of foreign investment for Changzhou over many years. The city has also been the largest source of investment of Changzhou. Under the National 13th Five-Year Plan, Changzhou is focusing on upgrading its service industry, enhancing internationalisation in all industries, and actively exploring construction opportunities in the Belt and Road countries. Under the Belt and Road Initiative, Changzhou will enhance the economic and trade co-operation with the countries and regions along the route. Hong Kong, as a ‘super-connector’ between Mainland China and the rest of the world, can provide a dynamic business environment for Mainland enterprises, helping Changzhou companies to embrace the new opportunities offered by the Belt and Road Initiative.”
He continued, “As an international city in Asia, Hong Kong offers effective financial, insurance, accounting and legal services, all of which work together to create a comprehensive and modern service industry platform to assist Mainland companies. It is also an ideal location for companies to establish their corporate treasury centres (CTCs). In order to attract more companies to set up their CTCs in Hong Kong, the HKSAR Government recently announced a concessionary tax rate, which is half of the ordinary profits tax rate, for qualifying CTCs. It provides an attractive environment for multinational and Mainland corporations to centralise their treasury functions in Hong Kong. In fact, more and more Mainland companies have already set up their presence in Hong Kong and used it as the platform to 'go global' and for fundraising. According to the Ministry of Commerce of the People's Republic of China, there were nearly 3 500 Mainland companies investing in Hong Kong in 2015, an increase of more than 12 times compared to 282 companies 10 years ago. According to the International Institute for Management Development World Competitiveness Yearbook 2016, Hong Kong has regained its position as the world's most competitive economy.
"Together with the Belt and Road Initiative, Hong Kong could provide professional services to Mainland enterprises such as financing, logistics and transportation, as well as legal services. InvestHK will strengthen the co-operation with the provinces and cities along the routes and jointly organise investment promotion activities to encourage companies in the regions to use Hong Kong as the platform to 'go global' and promote Hong Kong as the important hub as part of this initiative.”
The Head of the Shanghai Investment Promotion Unit of InvestHK, Miss Ada Yeung, also gave a presentation during the seminar, introducing Hong Kong's business environment and ways to "go global" under the Belt and Road Initiative. She also highlighted the various types of free services and assistance InvestHK can offer Changzhou companies that intend to set up in Hong Kong and "go global".
Other speakers at the seminar included Partner, Tax and Business Advisory, Deloitte China, Mr Calvin Lam; the Team Head, Corporate Marketing Management Division, Global Corporate Banking Department, Bank of China (Hong Kong) Limited, Mr Chao Kin-chi; the Assistant Vice President, Mainland Affairs, Market Development, Hong Kong Exchanges and Clearing Limited, Mr Mark Liu; and the Jiangsu Representative of the Hong Kong Trade Development Council (HKTDC), Mr Jim Zeng. They each talked about how Hong Kong's tax advantages and financing environment benefits Mainland enterprises to expand in Belt and Road countries, the latest developments in Hong Kong's stock market, a case study from a Mainland enterprise in Hong Kong, and the services and information from the HKTDC for Mainland companies. The key message was to encourage Changzhou enterprises to make use of Hong Kong’s facilities and services to expand overseas.
About Invest Hong Kong
InvestHK is the department of the HKSAR Government established in July 2000 to take responsibility for foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. For more information, please visit www.investhk.gov.hk.
For event photo, please visit www.flickr.com/photos/investhk/albums/72157670016852613.
Ends/Wednesday, August 31, 2016
Issued at HKT 14:52
Issued at HKT 14:52
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