Invest Hong Kong (InvestHK) hosted a seminar in Taiyuan, Shanxi Province today (May 23), encouraging local companies to leverage Hong Kong's business advantages to access overseas markets through the city under the national Belt and Road Initiative.

     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), and the Hong Kong Economic and Trade Office in Wuhan (WHETO) of the HKSAR Government. It was co-organised by the Department of Commerce of Shanxi Province, the Hong Kong and Macao Affairs Office of the Shanxi Provincial People's Government, the Shanxi Federation of Industry and Commerce, and the China Council for the Promotion of International Trade of the Shanxi Provincial Committee. Associate Director-General of Investment Promotion, Mr Francis Ho; the Deputy Director of the Department of Commerce of Shanxi Province, Mr Zhang Wen; and the Director of the WHETO of the HKSAR Government, Miss Sara Tse, delivered welcome remarks at the event. 

     Commenting on Hong Kong's business advantages and the opportunities it has to offer Shanxi companies, Mr Ho said, "As the most important energy base in Mainland China, Shanxi is focusing on upgrading and transforming its energy industry and sharpening the edge of its equipment manufacturing industry and other new pillar industries. Meanwhile, Shanxi plans to expand its trade scope to meet the international production capacity transfer goal amid the Belt and Road construction projects. It is opportune for Hong Kong and Shanxi to join hands and benefit from the Belt and Road Initiative. Hong Kong can play a key role in areas such as financial and logistics industries and infrastructure investment and financing, and serve as a trading hub, offering a dynamic business environment for Shanxi companies to embrace the new opportunities arising from the Belt and Road Initiative."

     He continued, "Hong Kong enjoys 'super-connectivity' under the 'one country, two systems' arrangement. As an international city in Asia, Hong Kong offers effective financial, insurance, accounting, business and legal services, all of which work together to create a comprehensive and modern service industry platform useful for Mainland companies. It can act as a 'super-connector' between Mainland China and the rest of the world. In order to attract more companies to leverage the advantages of Hong Kong's financial market to set up their corporate treasury centres (CTCs) in Hong Kong, the HKSAR Government 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 fund raising. According to the Ministry of Commerce of the People's Republic of China, there were 4 000 Mainland companies investing in Hong Kong in 2016, and the non-financial direct investment reached US$86.2 billion. Under the Belt and Road Initiative, Mainland enterprises can continue to make use of Hong Kong's various advantages to 'go global'."
      
     The Head of Investment Promotion Unit of InvestHK in Wuhan, Ms Helen Zhang, also spoke at the seminar, introducing Hong Kong's business environment and ways to "go global" under the Belt and Road Initiative. She highlighted the various types of free services and assistance InvestHK can offer to Shanxi companies that intend to set up in Hong Kong and "go global".

     Other speakers at the seminar included Partner, China Tax & Business Advisory Services, Ernst & Young Tax Services Limited, Ms Lorraine Cheung; Executive Director, International Corporate, Corporate & Institutional Banking, Standard Chartered Bank (Hong Kong) Limited, Ms Celia Cheng; Representative, Beijing Representative Office, Hong Kong Exchanges and Clearing Limited, Ms Sarah Zhang; and the Chief Immigration Officer of the Office of the Government of the HKSAR in Beijing, Mr Michael Lee. They provided the latest update on Hong Kong's advantages as a corporate treasury centre, core strengths in business and professional services, securities market developments, and various forms of practical assistance for Mainland companies planning to "go global", such as work visa arrangement.

About InvestHK

     InvestHK is the department of the HKSAR Government established in 2000 to attract 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 an event photo, please visit: www.flickr.com/photos/investhk/albums/72157681082495153.     

Ends/Tuesday, May 23, 2017
Issued at HKT 14:00

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