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The view of Hong Kong Photo: VCG

The 27th Beijing-Hong Kong Economic Cooperation Symposium kicked off in Beijing on Friday, with 40 cooperation deals signed covering tech services, finance, biotechnology, and culture and tourism, injecting fresh impetus into the economic development of Hong Kong and the capital city.

Under "One Country, Two Systems," Hong Kong's unique advantage of enjoying the backing of the motherland and being open to the world will be further strengthened, Hong Kong Special Administrative Region (HKSAR) Chief Executive John Lee Ka-chiu said in a speech delivered to the symposium.

In addition, Hong Kong plays an active role in the country's reform and opening-up by actively participating in the country's 14th Five-Year Plan (2021-2025), the construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the Belt and Road Initiative and other national strategies, Hong Kong Commercial Daily cited Lee as saying.

Hong Kong is the largest source of actual use of overseas capital in the Chinese mainland, accounting for over 50 percent of the total amount. There were more than 9,000 offshore companies in Hong Kong by the end of 2023, of which over 2,100 are companies from the mainland, the most for six consecutive years, according to Lee.

On Thursday, the HKSAR government and the Ministry of Industry and Information Technology signed a cooperation agreement on the Development of New Quality Productive Forces and the Promotion of New Industrialization in Beijing, underscoring the city's efforts to integrate into national development, according to a statement on the HKSAR government website.

As international trade is further streamlined through the use of cutting-edge technologies, Hong Kong can expect to see increased foreign investment as more companies see the city as a gateway to the GBA and the rest of Asia, King Leung, head of fintech at Invest Hong Kong, a department responsible for attracting foreign investment, told the Global Times on Friday.

Hong Kong is increasingly being positioned as an international headquarters by mainland tech companies. For example, the Shenzhen-based WeBank has already expanded to Hong Kong with a plan to broaden its solutions regionally and beyond, with potential investment of $150 million, according to Leung.

China is on a unique technological development path that is leading it to produce more generative artificial intelligence patents than any other country, which is conducive to the development of new energy, intelligent mobility, and sustainable growth in the coming years, Leung said.