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Hong Kong, Beijing Share Complementary Economies

Ten years ago, when the five-star red flag was raised in Hong Kong, there were some who questioned Hong Kong's future as an international centre for trade, but those familiar with business realities in Hong Kong and the Chinese mainland knew better. Today, Hong Kong and the mainland share promising futures, whether in industry, business or life in general. The ties between Beijing, China's capital city and Hong Kong have become closer and deeper.

By the first half of 2007, the realized investment in Beijing from the Hong Kong Special Administrative Region (HKSAR) had risen to US$8.98 billion, making Hong Kong the No.1 investor in Beijing. But Beijing invested a total of US$790 million in Hong Kong, a figure that is almost certain to grow.

Their mutual trade has flourished: in the first six months of 2007, trade volumes rose to US$2.34 billion, up 18 percent over the same period in 2006. Hong Kong remains the third export destination of Beijing after the United States and Japan.

Hong Kong companies in Beijing created 301,000 jobs and paid 21 billion yuan (US$2.7 billion) in taxes in 2006, accounting for 24.4 percent of the total tax revenue reported by foreign companies.

In addition to the visible progress expressed in numbers, cooperation between Beijing and Hong Kong experienced changes in terms of sectors and means as Beijing shifted its development focus to services industries and high-end sectors in which Hong Kong has better personnel and more experience.

New Trends in Investment and Trade

In the first half of 2007, investment from Hong Kong grew 93.6 percent year-on-year to US$910 million. Investment was mainly in real estate, commercial services and logistics and in the information and retail sectors, with the fastest growth in the commercial services sector, including consultancies, brokerages, research and others. In 2006, the commercial services sector in Beijing received US$160 million in investment, three times more than that of 2005; in the first half of 2007, it recorded another US$150 million in Hong Kong investment.

Trade between the two continued to focus on high-tech items such as wireless phones and components, liquid-crystal displays and integrated-circuit boards.

In addition to exchanges of goods, exchanges of services also increased. Trade in services was valued at US$6.92 billion in 2006, up 26.7 percent. Major contributors were involved in insurance, advertising, finance and transportation, making Hong Kong the second largest services trade partner of Beijing. 

Beijing is undergoing a structural adjustment: it plans to rely more on growth in its services industry.

Services Industry Fuels "Sound, Fast" Growth

At a press conference on the economic performance of Beijing in the first three quarters of 2007, "sound and fast" became a key word to describe the economic development in contrast to "fast and sound" used before. This is a reflection of the strategic adjustment of the country's economic development that was expressed in the 11th Five-Year Plan.

For "fast" development, it is more obvious: during the first three quarters of 2007, Beijing realized a regional GDP (gross domestic product) of 642 billion yuan (US$83.5 billion), a 12.6 percent increase over that of 2006, giving Beijing double digit growth rates for nine consecutive years.

Fixed asset investment in the period rose to 246.4 billion yuan (US$32 billion), up 18.9 percent. Foreign trade totalled US$138.3 billion, a 16.5 percent year-on-year growth, with exports increasing by 31.9 percent and imports by 12 percent. Foreign direct investment increased 6.6 percent to US$3.87 billion.

All these figures indicate that Beijing's economy is still on the move, in a positive direction. However, how to define the "sound" feature of the capital's economy is not so easy. Actually, many indicators are just starting to prove that.

According to the Beijing Municipal Bureau of Statistics (BMBS), the services industry now accounts for 71.7 percent of the whole economy, compared with the 1.1 percent and 27.2 percent of the primary and secondary industry. And more than 70 percent of employed people work in the services industry. In the first eight months, services-industry companies realized 151.8 billion yuan (US$19.7 billion) in profits, 1.8 times more than the same period in 2006.

The creative cultural industry and productive services industry are providing new impetus for the services industry. The creative cultural industry grew by 19.3 percent in the first three quarters of 2006 to account more than 10 percent of the total GDP of Beijing, while the modern services industry, accounts for about 40 percent.

"This means factors that could cause economic instability have significantly decreased, and the economy is growing more stably," said Yu Xiuqin, deputy director of the BMBS.

Even in the primary and secondary industries, growth has occurred more in the modern rather than in the traditional sectors of the economy.

Agriculture grew by 17.2 billion yuan (US$2.2 billion) in value, or by 3.7 percent year-on-year in 2006. However, sightseeing, tourism and other modern sectors in the agriculture industry have recorded a growth of around 30 percent.

In the secondary industry, modern and high-tech manufacturing sectors grew by 23.5 percent and 18.8 percent, both higher than the average growth of 13.9 percent for the entire secondary industry.

What's more, the high-end sectors, which Beijing is trying hard to promote, are contributing more to the overall economy. In the first three quarters of 2006, the six sectors recorded an increase of 26.8 percent, much higher than average growth of the economy.

At the same time, Hong Kong also maintained a rapid rate of development, growing at an average rate of 7.7 percent during the past three years. The main contributors are high-end sectors like trade, finance, logistics and its advanced commercial services, which have reached international levels. These sectors are also the focus of future development of Beijing.

New Business Opportunities

All the changes in the structure of the capital's economy have led to new trends in its cooperation with Hong Kong and new business opportunities.

Finance

The CEPA5 supplement signed in June 2007 provided more favourable policies for Hong Kong financial institutions to conduct business on the Chinese mainland: it reduces the required assets of Hong Kong banks that have stakes in mainland banks to US$6 billion from US$10 billion. It coincides with a municipal policy of promoting the development of its financial sector. Beijing could rely on the abundant financial industry experts of Hong Kong to improve its market. It could also take advantage of the "financial centre" role of Hong Kong to encourage more Beijing companies get listed there as a step toward entering the international market.

Creative Cultural Industry

Market, talent and cultural resources in Beijing are a perfect match with the management, fund-raising and marketing models of Hong Kong. Extensive cooperation can be carried out in sectors of performances, publishing, movie production and distribution, online games, cartoons, advertising, exhibitions, antiques and art works trade, design and tourism. Collaboration in the film industry was a highlight of this year's symposium. More works taking the real life of Chinese people as their subject will be produced and promoted through the platform of Hong Kong to let the world learn more about modern China.

Logistics

The 2008 Beijing Olympic Games provides great opportunities for the logistics industry. Hong Kong has advanced technologies and mature business models in this sector, which could help propel the internationalization and specialization of the logistics industry of Beijing.

Tourism and Fashion Industry

By the end of September 2007, sales revenues of consumer products increased by 15.1 percent year-on-year to reach 277.58 billion yuan (US$36.1 billion). Hot items included cars, food, clothing, jewellery and electronic and electrical appliances.

Businesspeople are already eyeing opportunities provided by the Olympics to develop new tourism packages and to explore the US and European markets. As Beijing's consumer market improves, there will be a need for more fashion elements, an area in which Hong Kong could take advantage of its fame as a "fashion city" to help Beijing expand its fashion market.

Outsourcing

Beijing is one of the 11 service outsourcing bases identified by the Ministry of Commerce, Ministry of Information Industry and Ministry of Science and Technology. Beijing has strong advantages in software, IT service, computer expertise and talents, while Hong Kong has advanced business networks, operational experience as well as sound mechanisms for protecting intellectual property rights. Therefore, they are highly complementary in developing the IT service outsourcing business.

十年风雨成果丰硕 力推合作走向深入

——京港两地经贸合作回顾

文/薛京晶

随着京港两地“优势互补、共创繁荣”局面的不断深化，香港目前已经成为北京重要的贸易伙伴、最大的外商直接投资来源地以及北京企业“走出去”的首选目的地和融资平台，双方的这种紧密合作取得了累累硕果。

2006年，京港双方贸易总额达到41.1亿美元，同比增长2.8%。双方贸易主要集中在无线电话机及零部件、液晶显示板、航空煤油、集成电路等领域。2006年，北京在香港累计设立企业68家，累计投资金额7.9亿美元，协议投资额3亿美元；香港在北京累计批准投资项目8616个，占北京全市累计批准外商投资项目的33.4%，实际外资80.7亿美元，占北京全市累计实际外资的24.8%。

进入2007年以来，京港双方的经贸合作更加密切。2007年1乣6月，双方贸易总额达到23.4亿美元，同比增长18%。北京在香港设立企业7家，投资总额449.4万美元，协议投资额194.9万美元；香港在北京新投资项目243个，同比增长25.3%，实际投资9.1亿美元，同比增长93.6%。

京港两地经贸合作扩向新领域

北京、香港这两座令世界瞩目的中国城市，携手发展、优势互补，共同创造着经济的繁荣发展。

北京巨大的市场空间、丰富的人才储备、良好的政策优势和不断优化的投资环境，都在吸引着香港企业的进驻。而香港作为北京最大的外商直接投资来源地、北京企业境外投资最多的地区和北京货物贸易、服务贸易重要的合作伙伴，又以其强势的现代服务业极大地带动了北京第三产业的发展，为优化北京的产业结构起到了巨大的推动作用，双方投资贸易始终保持着稳定发展的态势，并且拓展到新的领域：

香港在京投资领域重点转向服务业

2006年，香港在北京实际投资8.7亿美元，同比增长51.5%；2007年1乣6月，香港在北京的实际外资达到9.1亿美元，同比增长93.6%。香港在北京的投资行业主要集中在房地产业、商务服务业、物流业、信息服务业以及批发零售业五个领域，尤其以咨询调查、中介服务为主的商务服务业增长迅猛。2006年，北京商务服务业实际吸收港资1.6亿美元，同比增长3倍；2007年1乣6月达到1.5亿美元，同比增长57.6%。

京港货物贸易主要集中在高科技产品上

2006年，京港双方贸易总额达到41.1亿美元，同比增长2.8%；2007年1乣6月，双方贸易总额为23.4亿美元，同比增长18.0%。双方贸易产品主要集中在无线电话机及零部件、液晶显示板、集成电路等领域。香港已经成为继美国、日本之后北京的第三大出口地区。

京港服务贸易发展迅速

2005年，京港两地服务贸易总额为54.6亿美元，同比增长48.3%；2006年，京港两地服务贸易总额达到69.2亿美元，同比增长26.7%。双方服务贸易主要集中在保险、金融服务运输等领域。香港已经成为继美国之后北京的第二大服务贸易地区。

京港两地经贸合作面临新形势

北京聚集了中国党、政、军首脑机关和中国大型国有企业的总部、行业总会、金融机构总部，是中国的各项决策和宏观调控中心。巨大的市场潜力、完善的基础设施、雄厚的科技实力、丰富的人力资源使北京的经济社会保持着又好又快的发展势头。

2006年，北京全市实现地区生产总值7720.3亿元，比上年增长12%，连续第8年实现两位数增长。其中，以信息、物流、金融、会计、咨询、法律服务等行业为首的现代服务业实现增加值5405.1亿元，占地区生产总值的比重达到70％，达到普遍被认可的发达国家第三产业占地区生产总值标志性比例的水平，使北京的三次产业结构由上年的1.4：29.5：69.1变化为1.3：28.7：70，二、三产业共同推动经济增长的产业格局已经形成并继续强化。2006年，北京人均地区生产总值为6210美元，提前两年实现人均地区生产总值6000美元的目标，这标志着北京经济进入新的重要发展阶段。2006～2010年，北京正处于城市化、市场化、国际化和现代化的加速期，始终保持经济又好又快发展的势头，实现地区生产总值年均增长9%左右，人均地区生产总值达到10000美元；产业结构进一步优化，第三产比重达到72%以上。

与此同时，香港的经济也呈现出良好的发展态势，保持着年均7.7%的增长速度，是20年来最大的持续升幅，保持增长的主要贡献因素仍然集中在贸易、金融、物流和发达的商务服务等方面。香港在这些领域具备很强的优势，达到了国际水平，这些领域也正是北京下一步要大力发展的产业方向。

2007年，在香港回归祖国十周年之际，中央政府和香港特别行政区政府签署了《内地与香港关于建立更紧密经贸关系的安排》（CEPA）补充协议，进一步加强了内地与香港的经贸关系，也为京港之间架起一座加强经贸合作的直通桥梁。

京港两地经贸合作拥有新商机

《北京城市总体规划（2004-2020年）》确立的“国家首都、国际城市、文化名城、宜居城市”的城市发展目标和“两轴—两带—多中心”的城市空间新格局、按照规划重点建设的通州、顺义、亦庄三个新城以及被列为六大高端产业功能区的中关村科技园区、金融街、北京经济技术开发区、奥林匹克中心区、临空经济区、北京商务中心区，都将为北京和香港两地的经贸合作提供不竭的动力。

此外，结合国家环渤海区域发展战略部署，北京还将推进高端产业发展，把现代服务业发展放在优先位置，特别是把吸引国内外大型生产性服务企业在京落户作为对外开放的重要内容，这也为京港两地在服务业领域的深化合作创造了有利条件。

2008年，第29届奥林匹克运动会在北京的举办，更为北京、香港之间的合作创造了新的条件，开启了新的篇章。

在金融领域：深入落实CEPA补充协议，发挥北京鼓励金融业发展的政策效应，为香港参与北京金融业发展提供优质服务；利用香港丰富的国际金融保险人才优势，深度开发北京金融保险市场；继续发挥香港国际金融中心的作用，促进北京企业在港上市融资，通过香港实施“走出去”战略，共同开发国际资本市场。

 在文化创意领域：把北京的文化资源、市场和人才优势与香港的产业化发展、管理、融资、市场开拓等优势结合，在文艺演出、出版发行、版权贸易、影视节目制作和交易、动漫和网络游戏制作交易、广告会展、古玩艺术品交易、设计创意和文化旅游等领域开展广泛深入的合作。特别注重开发一批高水准的华文题材影视作品和反映中华民族文化传承的动漫作品，向世界推广华文题材的文化创意产品，共同开拓国际文化市场。

在物流业领域：2008年奥运会的举办为发展物流产业提供了广阔的空间，北京拥有巨大的消费市场，对中国北方甚至全国具有很强的消费示范作用和辐射作用，香港具有发展第三方物流的先进技术和运作模式。今后，京港两地将深化在奥运物流、空港物流以及第三方物流和专业物流的合作，进一步提高北京物流业方面的国际化、专业化服务水平。

在旅游领域：紧抓奥运机遇，合作开发旅游组合产品，共同开拓欧美旅游市场。

在时尚领域：把握北京消费升级、时尚需求大幅度提升的时机，强化京港两地在服装、配饰、礼品等时尚领域的产品设计、品牌推广等方面的合作。

在发展服务外包方面：根据国家“十一五”发展规划，将大力发展服务外包等高增值产业。目前，北京已经成为国家商务部、信息产业部、科技部认定的全国11个服务外包基地城市之一。北京具有较强的软件和计算机服务业发展基础优势，拥有丰富的知识储备和专业人力资源；香港拥有发达的国际商贸网络和高效的商业运作经验及健全的知识产权保护制度，京港两地企业完全具备在服务外包领域加强合作的条件，携手共同开拓国际服务外包市场，实现互利双赢，促进两地服务外包产业做大做强。

第11届北京·香港经济合作研讨洽谈会在营造北京、香港国际城市新形象、挖掘京港经贸合作新商机的主题下，全面展示未来北京的投资前景和香港的投资潜力，这使京港双方的经贸合作将站在更新的起点上筹划新举措，在更加广阔的发展前景中携手共创辉煌！