Chaoyang , one of the fastest growing districts in Beijing and home to the city's central business district (CBD), has set its sights on greater cooperation with Hong Kong for the development of its new industries.

As part of the 14th Beijing-Hong Kong Economic Cooperation Symposium opening in Hong Kong today, a seminar was held on Tuesday during which officials from the Chaoyang local government briefed media on the business opportunities in the district.

"Hong Kong are among the earliest overseas investors in Beijing," said Shui Yong, deputy director of the Beijing Investment Promotion Bureau.

This importance was underlined by continued investment made by Hong Kong investors in Beijing during the recent economic downturn, Shui added.

As one of the most developed districts in Beijing where foreign embassies, financial institutions and Fortune 500 companies are concentrated, Chaoyang accounts for 40 percent of Beijing's actually used overseas capital.

There were 2,681 Hong Kong-funded businesses in Chaoyang as of September. Hong Kong businesses have committed a total investment of $9.74 billion, which accounts for 32.5 percent of the total contracted overseas capital in the district.

"After decades of cooperation, Chaoyang, with its excellent investment environment, has been doing a great job in helping Hong Kong companies to grow," said Shui.

As Beijing's diplomatic window, Chaoyang has been growing at breakneck speed. The district economy maintained an average annual growth rate of 13 percent during the past decade.

But Chaoyang is now taking a look at the bigger picture, with a couple of new mega projects in the pipeline. One of them is an international trade and commerce center, which will become "a global trading center", said Chen Lianyuan, governor of the district.

"Hong Kong started early in its city development and has had a wide variety of financing channels. We'd like to provide an efficient financing platform and great talent to help with the development of new industries in Chaoyang," said Alex Fong, CEO of the Hong Kong General Chamber of Commerce.

China Daily

(HK Edition 11/24/2010 page3)