Shanghai, HK to further co-op in service sectors
(Xinhua)
Updated: 2004-05-21 10:10

Shanghai and Hong Kong, China's two metropolises, are seeking breakthrough in the cooperation of airports, seaports, trade, banking, financing, logistics, exhibition, tourism and other service sectors.

Cooperation in the service sectors between Shanghai in east China and Hong Kong in the south, is going wider and deeper, according to Li Liangyuan, deputy secretary-general of Shanghai municipal government.

Li said here Thursday at a forum on Shanghai and Hong Kong service industry cooperation that Shanghai is learning from the experience of Hong Kong. And during the study process, the two cities are making efforts to achieve win-win results.

Hong Kong Airport Authority is helping Shanghai improving the management of Shanghai airport; Shanghai Pudong Development Bank is stepping up its process to upgrade its office in Hong Kong to branch; and Hong Kong's environment companies are vying to enter Shanghai market.

Cooperation in airports and seaports has been given priority by the two cities. Hong Kong Airport Authority signed a letter of intent with Shanghai Airport Authority last October, calling for sharing management experience in areas including airport safety and security management system, airport flow management, airport environment management, airport facility planning and management, as well as airport franchise business management.

More than 80 Shanghai seaport management officials have received training in Hong Kong. Recently Shanghai is drawing Hong Kong companies to take part in the construction and management of the facilities of Shanghai Yangshan Harbor.

Trade and commerce have always been the key of Shanghai and Hong Kong cooperation. On the basis of the Mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA), Shanghai is attracting Hong Kong businessmen to establish solely-owned companies or joint ventures in Shanghai in the industries including logistics, conference and exhibition, wholesale and retail.

More and more mainland enterprises choose Hong Kong as the springboard to enlarge their overseas business. Shanghai encourages large state-owned enterprises, as well as private companies, to get listed in Hong Kong Stock Exchange.

The World Expo to be held in Shanghai in 2010 will offer new opportunities for the two cities to strengthen cooperation in finance, logistics, information service, consultation, intermediary service, conference, exhibition and tourism.

In the financial sector, Hong Kong's Hang Seng Bank opened its first branch in Shanghai at the end of last year. Shanghai Futures Exchange has signed a cooperation memorandum with Hong Kong Stock Exchange.

From the end of last year, Shanghai has received applications of more than 7,000 Hong Kong professionals to work in Shanghai. Among them, over 700 have been approved.

On the sideline of the forum on Thursday, trade talks have also been held between Shanghai and Hong Kong enterprises. About 100 projects in Shanghai's service sectors were introduced to Hong Kong enterprises during the talks.

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