Belt and Road Initiative facilitates Beijing-HK cooperation

BEIJING — Cooperation and investment projects worth about 8.8 billion U.S. dollars were signed at the 24th Beijing-Hong Kong Economic Cooperation Symposium that closed Tuesday in Beijing.

The projects under the framework of the Belt and Road Initiative (BRI) are expected to inject new impetus for high-quality economic development in fields including biological medicine, artificial intelligence and new energy.

Wang Wenjie, deputy secretary-general of the Beijing municipal government, said that in the face of the COVID-19 pandemic, Beijing and Hong Kong have been committed to working together to contain the virus while striving for economic recovery.

In the first three quarters of 2021, Hong Kong’s direct investment in Beijing hit 10.6 billion U.S. dollars. Meanwhile, from January to October, Beijing’s direct investment in Hong Kong chalked up 2.7 billion U.S. dollars, a year-on-year increase of 1.13 times, according to data from the Beijing municipal commission of development and reform.

Based on Beijing’s 14th Five-Year Plan (2021-2025) on the high-quality BRI development, cooperation projects prioritize science and technology, trade and investment, and service industry.

Since the first Beijing-Hong Kong Economic Cooperation Symposium was held in 1997, the platform has helped clinch more than 500 projects in the fields of science and technology, finance, trade, tourism, urban management and environmental protection.