Invest Hong Kong encourages Shenyang enterprises to “go global”
Invest Hong Kong (InvestHK) hosted a seminar in Shenyang, Liaoning Province, today (6 April 2017), encouraging local companies to leverage Hong Kong’s business advantages to access overseas markets through the city under the national Belt and Road Initiative.
The Acting Director-General of Investment Promotion at Invest Hong Kong, Dr Jimmy Chiang, encourages Shenyang entrepreneurs to “go global” via Hong Kong at the “Hong Kong: Regional Business Hub and New Opportunities for Mainland Enterprises” seminar hosted in Shenyang today (6 April 2017).
The seminar, entitled “Hong Kong: Regional Business Hub and New Opportunities for Mainland Enterprises”, was organised by InvestHK in partnership with the Trade Office of the Economic Affairs Department of the Liaison Office of the Central People’s Government (LOCPG) in the Hong Kong Special Administrative Region (HKSAR), the Liaoning Provincial Department of Commerce, and the Foreign Affairs Office of Shenyang Municipal People’s Government. The Acting Director-General of Investment Promotion, Dr Jimmy Chiang; the Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the LOCPG in the HKSAR, Mr Liu Yajun; the Deputy Director of the Liaoning Provincial Department of Commerce, Mr Tang Shenfei; and the Vice Mayor of the Shenyang Municipal People’s Government, Mr Zhang Jinghui, delivered welcome remarks at the event.
Commenting on Hong Kong’s business advantages and the opportunities it has to offer Shenyang companies, Dr Chiang said, “In its efforts to enhance its international status, Shenyang is committed to developing its modern service industry and logistics, and upgrading its industrial transformation. Hong Kong can complement Shenyang’s economic development very well, as our city can provide a dynamic business environment for Mainland enterprises and help Shenyang companies embrace the new opportunities offered by the National 13th Five-Year Plan strategy.”
He continued, “As an international city in Asia, Hong Kong offers effective financial, insurance, accounting, business and legal services, all of which work together to create a comprehensive and modern service industry platform useful for Mainland companies. It is also an ideal location for companies to establish their corporate treasury centres (CTCs) and acts as a ‘super-connector’ between Mainland China and the rest of the world. In order to attract more companies to set up their CTCs in Hong Kong, the HKSAR Government announced a concessionary tax rate, which is half of the ordinary profits tax rate, for qualifying CTCs. It provides an attractive environment for multinational and Mainland corporations to centralise their treasury functions in Hong Kong. In fact, more and more Mainland companies have already set up their presence in Hong Kong, and used it as the platform to ‘go global’ and for fund raising. According to the Ministry of Commerce, there were 4 000 Mainland companies investing in Hong Kong in 2016, and the non-financial direct investment reached US$ 86.2 billion. Under the Belt and Road Initiative, Mainland enterprises can continue to make use of Hong Kong’s advantages in free flows of capital and information, free trade and a free market economy, a deep pool of international talent, a low and stable tax regime, and a broad range of professional services such as financing, logistics and transportation, as well as legal services.”
The Head of North China Investment Promotion at InvestHK, Mr Matt Hu, also spoke at the seminar, introducing Hong Kong’s business environment and ways to “go global” under the Belt and Road Initiative. He highlighted the various types of free services and assistance InvestHK can offer to Shenyang companies that intend to set up in Hong Kong and “go global”.
Other speakers at the seminar included the Team Head, Corporate Marketing Management Division, Global Corporate Banking Department, Bank of China (Hong Kong) Limited, Mr Chao Kin-chi; Partner, Tax and Business Advisory Services, Deloitte China, Mr Xu Jihou; Representative, Hong Kong Exchanges and Clearing Limited, Beijing Representative Office, Ms Sarah Zhang; and Principal Immigration Officer, the Office of the Government of the HKSAR in Beijing, Mr Benson Kwok. They talked about details on Hong Kong’s latest financial environment and services, how Hong Kong’s tax advantages benefit Mainland enterprises to “go global”, Mainland enterprises listing in Hong Kong, and visa arrangements for entry to Hong Kong from the Mainland. A representative from a Shenyang enterprise in Hong Kong, the Chairman of China Hanking Holdings Limited, Mr Yang Jiye, also encouraged Shenyang enterprises to make use of Hong Kong’s facilities and services to expand overseas.
InvestHK is the department of the HKSAR Government established in 2000 to attract foreign direct investment and support overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services to help businesses succeed in Hong Kong’s vibrant economy. For more information, please visit www.investhk.gov.hk.
For an event photo, please visit: www.flickr.com/photos/investhk/albums/72157678917007674.
Hong Kong has a critical role to play in China’s future, from the internationalisation of the RMB through to the Belt and Road initiative. The city has always found a way to stay relevant, and it’s exciting to see this every day.
Managing Director – International of Bloomberg Media Group