One of the mainland's most prosperous provinces is aiming to use Hong Kong's formula for success to move to the next stage of its economic development.

Zhejiang province wants to apply the "service in Hong Kong" concept to reinforce the quality associated with "made in Zhejiang".

The mainland's southeast land of abundance expects Hong Kong's experience in service industries to help it promote the transformation and improvement of its economy.

At the opening ceremony of "2010 Zhejiang Week" at the Grand Hyatt yesterday, Zhao Hongzhu, Secretary of Zhejiang Provincial Committee of the Communist Party, said although Zhejiang was traditionally a manufacturing powerhouse in China, there is an increasing consensus regarding the need to speed up economic restructuring within the province, which could not be achieved without effective support from services.

"Zhejiang is embarking on the route Hong Kong took in the past," Zhao said. "Hong Kong's service-based economy has contributed more than 90 percent to its local GDP. In a traditional business-oriented area, Hong Kong's private enterprises are playing increasingly dominant roles in the economy."

"Cities in the province, like Hangzhou, Ningbo and Wenzhou, have gradually developed into China's major commercial spots, which are keen to equip themselves with advanced management ideas and service experience."

Rita Lau Ng Wai-lan, secretary for commerce and economic development of the Hong Kong government, echoed the views of her mainland guests at the ceremony.

Lau said in 2008, investment from Hong Kong amounted to 48 percent of Zhejiang's total foreign investment. She hopes Zhejiang province will "bring in" more Hong Kong capital to accelerate its local development, while the SAR can assist more local companies in "going out" to the world.

"Hong Kong aims to improve its long-term competitiveness in the region. With its advanced experience in service, medicine, environment, education, certification and inspection, Hong Kong could help Zhejiang utilize our city as a platform to raise more funds and achieve mutual benefits for the two regions," said Lau.

During the "2010 Zhejiang Week", Zhejiang has introduced hundreds of investment promotion projects based on service sector and modern logistics industries, spanning the fields of infrastructure, cultural tourism, agriculture sciences and technology, as the province aims to create good investment and development opportunities for potential investors.

(HK Edition 01/13/2010 page4)