REGIONAL> Development
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REGIONAL> Development
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Cooperation crucial to Hunan and HK in battling global downturn
By Feng Zhiwei and Jia Jingqi (China Daily)
Updated: 2009-05-20 08:12
"Investment from Hong Kong now accounts for more than 50 percent of the total overseas investment in Hunan province, so it certainly is one of our most important trade partners," Gan Lin, vice-governor of Hunan province told the media from Hong Kong and Macau on the eve of the Hong Kong Investment Negotiation Week on May 18. Gan said trade value between Hunan and Hong Kong reached $799 million last year, 8.99 percent of the province's total. According to the vice-governor, the two areas have a long history of economic and trade cooperation, with business ties becoming even closer over the past few years. Hunan had $4 billion in foreign direct investment in 2008, $2.46 billion of it from Hong Kong, up 56.4 percent over the year previous. A large number of famed Hong Kong enterprises, including Hutchison Whampoa Ltd, Henderson Land Development Co Ltd and China Resources (Holdings) Ltd made large investments in the province in various fields, including electronics, electric power generation, chemicals, real estate, urban infrastructure, agricultural product processing and logistics. The companies made significant contributions to Hunan's economic construction and social development, while at the same time reaping great benefits, Gan said. Cooperation with Macau
 Gan said Macao is not only an important trading partner, but also a bridge for the province to cooperate with Portuguese-speaking countries, which he said are highly complementary for Hunan's resource development, trade and cultural communication. The province imports $200 million worth of ore and cotton from Brazil every year. Companies from Hunan are building three large projects in the South American nation valued at 1.1 billion yuan. "And we still have great potential for further cooperation," said Gan. During the business week, leaders of the Hunan provincial government will meet top officials from Hong Kong and Macau, as well as tycoons in industrial and commercial circles and representatives of commercial chambers. Meetings will be held between Hunan Governor Zhou Qiang and Hong Kong SAR Chief Executive Donald Tsang Yam-kuen, Macau SAR Chief Executive Ho Hau Wah, Li Ka Shing, chairman of Cheung Kong (Holdings) Ltd, Lee Shau Kee, chairman of Henderson Land Development Co Ltd and other noted entrepreneurs. Promotional projects
Hunan will unveil 203 provincial-level projects in the week and invite investment of more than $40 billion. Gan told China Daily that three improvements characterize the projects compared with those promoted last year. Great importance has been attached to pivotal projects that better meet China's industrial policies and Hunan's development needs. Projects in modern services and new industrialization are highlighted bright prospects and a high rate of return. It is especially notable that Hunan has selected tourism as a core industry to stimulate domestic consumption, said Yang Guangrong, director of the Hunan Provincial Tourism Bureau. The province will showcase 32 construction projects for scenic attractions and ancillary facilities with the hope of attracting strategic investment from Hong Kong and Macau, Yang added. Great effort has been made to improve project packaging so investors have detailed descriptions of every project, both in hard copy and CD formats. The Hunan government will also open a rapid response channel for investors to ensure they receive convenient services on land use and project approval. According to Gan, a range of promotional activities and negotiations were held before the business week, with agreements already made on many projects, so it is expected that a batch of official contracts will be signed during the week. Gan said that strengthened cooperation and industrial transfers with Hong Kong and Macau will meet Hunan's need to further open up and accelerate development, while helping enterprises from all areas fight the financial crisis.
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