Economic cooperation between Beijing and Hong Kong has seen remarkable progress over the past decade - thanks to the many ways their economies complement one another. Now with Beijing accelerating efforts to build a smart city, the capital city is offering Hong Kong enterprises the biggest business opportunities it has ever offered, as showcased at the annual Beijing-Hong Kong Economic Cooperation Symposium held today (Tuesday) and Wednesday in Beijing.

As part of its strategy to comply with the strategic positioning established by the central government for the Beijing-Tianjin-Hebei region, Beijing is now moving faster in developing its modern services industries. This is aimed at improving its residents' quality of life.

Hong Kong has considerable expertise in many of these areas. This will provide outstanding opportunities from which Hong Kong businesses can benefit.

For a start, with the rapid expansion of Beijing's subway network, Hong Kong's MTR Corporation can anticipate winning more franchises in the capital. And the proliferation of private hospitals, clinics and other medical service outlets in Beijing also offers Hong Kong's medical professionals and institutions unlimited scope for business expansion.

Beijing's efforts to promote the "headquarters economy" could also bring numerous opportunities to Hong Kong's legal and accounting sectors.

As part of its strategy to boost the expansion of its green economy, Beijing will attract more multinational corporations to set up regional headquarters thereby offering policies with incentives. A stronger economy will mean greater demand for the professional services of lawyers and accountants well-versed in international standards and Chinese practices.

With both Beijing and Hong Kong spearheading efforts to promote innovative and technological development in their own cities, there is also much room for cooperation in this area. Future cooperation will prove fruitful for both sides. Hong Kong enjoys the edge in infrastructure, market sophistication and business expertise - as suggested by the Global Innovation Index 2013. But Beijing is strong in research and development with a huge network of research institutions supported by numerous well-established universities. A combination of these strengths on both sides will in future result in many significant achievements.

Economic ties between Hong Kong and Beijing will be further boosted at the economic cooperation symposium. This is now sponsoring a number of business forums and deal-matching activities in Beijing. This annual symposium has been instrumental in boosting economic ties over the past 17 years.

(HK Edition 11/25/2014 page10)