Hong Kong Business News

Chief Executive John Lee, on a visit to Hainan, today met Secretary of the CPC Hainan Provincial Committee Feng Fei and witnessed the signing of a Memorandum of Cooperation between the Hong Kong Special Administrative Region Government and the Hainan Provincial People’s Government.

Meeting this morning, Mr Lee and Mr Feng discuss ways of enhancing co-operation between the two places.

Highlighting the close economic and trade ties between Hong Kong and Hainan, Mr Lee said Hong Kong has long been the major source of external investment in Hainan, with many Hong Kong enterprises conducting business in the province. In 2024, more than 700 Hong Kong enterprises were operating in Hainan, and the realised direct investment from Hong Kong was RMB15 billion.

Me Lee said that thanks to customs closure operation of the Hainan Free Trade Port and the implementation of preferential policies, Hong Kong enterprises and professionals will have more development opportunities in Hainan.

After the meeting, Mr Lee and Mr Feng attended a signing ceremony for the Hainan-Hong Kong Memorandum of Cooperation.

Signed by Deputy Chief Secretary Cheuk Wing-hing and Hainan Vice Governor Bater, the memorandum aims to deepen co-operation in five areas – trade and investment, finance, safe flows of data, tourism, and talent exchanges.

Mr Lee said that the Hong Kong SAR Government is fully leveraging the city’s unique advantages under “one country, two systems” of having strong support from the country while maintaining unparalleled connectivity with the world.

Hong Kong, he added, is committed to contributing to the introduction of international projects to Hainan and facilitating Hainan’s capital investments in overseas markets, with a view to jointly venturing into the global market with Hainan.

He stressed that the Hong Kong SAR Government will promote collaborative development and mutual benefits between the Greater Bay Area and the Hainan Free Trade Port, thereby contributing to the country’s high-quality development and high-level opening up.

In the afternoon, the Chief Executive met young people from Hong Kong who are working or starting businesses in Hainan to learn about their experiences. He encouraged them to study the memorandum of co-operation signed today and seize on the opportunities it presents to realise their aspirations.

He also urged them to contribute to fostering mutual engagement and integrated development between citizens of the two places.

In the evening, Mr Lee attended a dinner hosted by the organiser of the Boao Forum for Asia.