Shaanxi seeks $102.6b investment for 210 projects

Shaanxi province, the economic powerhouse in northwestern China, kicked off the second Shaanxi-Guangdong-Hong Kong-Macao Economic Cooperation Week in Hong Kong on Wednesday, seeking $102.6 billion investment for 210 projects.

Shaanxi has brought various projects from industries ranging from agriculture and energy sources to chemical industry across seven other categories to attract investors from Hong Kong, Macao and Guangdong.

Lou Qinjian, executive vice-governor of Shaanxi, said Shaanxi and Hong Kong have different economic structures that complement each other, and the potential for cooperation between the two regions is huge.

"Hong Kong has a blend of (Chinese and) Western cultures, a free trade port and international financial center with strong financing capability, and unobstructed channels connected to overseas markets," said Lou at Wednesday's opening ceremony of the event, adding that Shaanxi, as an important province connecting eastern and western China, needs to work closely with Hong Kong.

Lou urged the two regions to deepen the cooperation in the modern service industry, especially in logistics, as Hong Kong has advanced experience in this sector.

He pointed out that Shaanxi, which is China's transport hub with an advanced aircraft manufacturing industry, offers many opportunities.

"Working together, I believe we can create the next 'FedEx' in Shaanxi," he said.

Lou also encouraged greater enhancement in cooperation in emerging industries, culture and tourism industry as well as in the infrastructure sector.

The executive vice-governor promised that the Shaanxi government will continue to improve local investment environment, enhance government efficiency and strengthen government services for overseas investors.

Lou mentioned that during last year's Shaanxi-Hong Kong Investment and Trade Week, the two regions signed 58 contracts totalling $19.77 billion.

Gregory So Kam-leung, HKSAR's secretary for commerce and economic development, said that Hong Kong and Shaanxi have been closely related in commerce and trade.

"Hong Kong is Shaanxi's largest overseas investment source. Investors have been investing in the commerce, real-estate, food and beverage as well as manufacturing industries in the province," said So at the opening ceremony.

He mentioned that for the first nine months of this year, there were a total of 100 newly approved overseas-investment enterprises in Shaanxi, of which 56 were Hong Kong companies. During the same period, the contracted Hong Kong investment in Shaanxi was $1.5 billion, a 75 percent increase from a year ago.

So said that he hopes the Shaanxi government can provide more convenience for Hong Kong investors and facilitate Hong Kong companies to expand their business in Shaanxi.

Meanwhile, he also encourages Shaanxi companies to establish regional offices in Hong Kong and taking advantage of Hong Kong's unique position as an international financial center.

"(Shaanxi companies) should cooperate with Hong Kong enterprise to enhance corporate governance and go overseas together," said So.