(Yicai) Nov. 5 -- Hong Kong and Beijing will deepen cooperation in three core areas, starting with advancing bilateral financial opening-up to inject momentum into economic transformation and promoting innovation and technology synergy, according to the special administrative region’s chief executive.

Finance remains a traditional strength for cross-city cooperation and a core pillar supporting the real economy and industrial upgrading, Lee Ka-chiu said at the opening ceremony of the 29th Beijing-Hong Kong Economic Cooperation Symposium yesterday.

“Beijing and Hong Kong will jointly refine capital market arrangements to support enterprises’ dual fundraising, scale up green and sustainable finance, and expand collaboration on offshore yuan business, wealth management, family businesses, and corporate treasury centers to break new ground in financial opening-up,” Lee noted.

Deepening innovation and technology collaboration and building an international hub for top-tier talent development is another area Beijing and Hong Kong should explore, according to Lee.

“Under Hong Kong’s five-year plan, we are pressing ahead with an international university town in the Northern Metropolis, which covers one-third of Hong Kong’s land area,” Lee pointed out. “The initiative will foster collaboration between industry, university, and research, integrating education, technology, and talent.”

The San Tin and Hung Shui Kiu university town projects have moved from blueprints to on-site construction, he said, adding that the Hong Kong government encourages participating institutions to partner with leading Chinese mainland and overseas universities and companies to develop shared facilities.

Moreover, Hong Kong should leverage its role as the ‘super-connector’ and ‘super-value-added’ partner to fully support Chinese mainland enterprises in going global, Lee noted. “Against a volatile international commercial and political landscape in recent years, overseas expansion is no longer an option but a necessity for many mainland firms.”

Established last year, Hong Kong’s Task Force for Supporting Mainland Enterprises in Going Global, better known as the GoGlobal Task Force, brings together high-caliber professional services across finance, law, accounting, and consulting. It leverages Hong Kong’s role as a multinational supply-chain management hub to help companies navigate global expansion.

The GoGlobal Task Force has supported more than 340 mainland enterprises, including over 60 Beijing-based firms, in securing financing in Hong Kong, aligning with overseas standards, obtaining industry certifications, and implementing compliance frameworks.

Christopher Hui Ching-yu, Hong Kong’s secretary for financial services and the treasury, delivered an ‘Invest in Hong Kong’ presentation. As a member of the GoGlobal Task Force, the Financial Services and the Treasury Bureau will actively encourage mainland companies to use Hong Kong as a regional base for overseas operations and a corporate treasury center to seize high-value opportunities.

Editor: Futura Costaglione