Yantai, Hong Kong sign cooperation agreements worth over $2 billion

Themed "Green and low-carbon development for a win-win future", the Yantai-Hong Kong Dialogue was hosted by the People's Government of Yantai on May 29.

During the event, deals for four projects worth over $2 billion were signed. These projects are related to fields including financial services and new materials.

Zheng Deyan, mayor of Yantai, said during the event that Hong Kong is the earliest and largest source of overseas funds for Yantai, and that a group of well-known Hong Kong enterprises such as China Resources (Holdings) Co Ltd and China Merchants Group have invested in and established over 4,100 investment projects in the city.

He noted that the actual use of Hong Kong capital in Yantai currently stands at $17.9 billion, which accounts for 41.4 percent of the city's foreign investment utilization.

"We welcome Hong Kong financial institutions to establish their headquarters in Yantai and provide more financial products and services in industries such as industrial development, infrastructure construction, and high-end cultural tourism," he said.

Shi Lide, president of the Chinese Manufacturers' Association of Hong Kong, noted that Yantai's powerful environmental protection industry technology will complement Hong Kong's advantages in green finance and professional services as they work together to build a green supply chain.

"Yantai's strong economic strength, coupled with its superior geographical environment and favorable policies for convenient business operations, makes it highly attractive to Hong Kong merchants," he said.

A signing ceremony is held during the Yantai-Hong Kong Dialogue. [Photo provided to chinadaily.com.cn]