Multiplying Effect: Experts View Dongguan-Hong Kong Industry Cooperation as Strong Thrust for Surrounding National and Regional Economies

HONG KONG, Sept. 21, 2018 /PRNewswire/ -- When in-depth cooperation on industries between an international manufacturing central city and a world financial center is made, what will the surrounding countries and regions benefit from? On the morning of September 21, the 2018 Joint Promotion Conference of Dongguan-Hong Kong Industry Cooperation was held in Hong Kong. In the view of experts, the constructing Guangdong-Hong Kong-Macao Greater Bay Area will produce a multiplying effect on cooperation between Dongguan and Hong Kong, which will be beneficial to the economic development of the Asia-Pacific region and the countries along the Belt and Road.

As an international manufacturing city, Dongguan has a solid foundation in industrial manufacturing. It is now home to more than 1 million market entities, including nearly 500 thousand corporate enterprises and 170 thousand industrial enterprises. Over 30 industries and 60 thousand types of products have completed its manufacturing system, of which electronic information industry and its supporting industries have accounted for 90% in ways to serve the need of any growing industry.

Hong Kong, however, represents a center of international trade, financial services, shipping and modern services. On top of the improved legal and judicial systems, it boasts an extensive global business network and talents familiar with both domestic and international markets.

At the core of China's Greater Bay Area, the two cities will better draw each other's strength and expand the scope of development as they continue to enhance inter-connectivity.

"Dongguan, gains an edge over the geographical location, space for development, supporting industries, operating cost, and the business environment," said Xiao Yafei, mayor of Dongguan city, organizer of the event. By making the best use of the important window for opening-up of Hong Kong, it will gather more factors of international innovation, advanced industries and high-caliber talents from the world to further the integrated development of the Greater Bay Area, he continued.

"Hong Kong and Dongguan should take a lead in forming a new cooperation mechanism and system to break the administrative barriers in the Greater Bay Area," noted Li Zhijian, president of Asia-Pacific Innovation Economic Research Institute. It is anticipated that with an increasing cooperation on various industries, a more diverse division of labor is emerging, eliminating a cooperative model that goods produced in Dongguan would be marketed in Hong Kong at a time when processing trade prevailed. Nowadays, by leveraging their own advantages to deepen cooperation, Hong Kong focuses more on R&D and services while Dongguan, commercialization of research findings and intelligent manufacturing.

Mr. Li believes that, industry cooperation between both cities will inject strong impetus into the growth of the surrounding countries and regions. Dongguan, for instance, has helped establish free trade ports or modern industrial parks for the countries along the Belt and Road in cooperation with Hong Kong. Specifically, Hong Kong is capable of making top-level planning for such industries as trade, logistics and financial services, while Dongguan gives full play to the manufacturing advantage in promoting the port-related industries and the real economy.

"The construction strategies of the Greater Bay Area has provided a new historic opportunity for Hong Kong and Dongguan to strengthen the already in-depth and diverse cooperation and compete with global counterparts at a higher level," noted Liang Weidong, Secretary of the CPC Dongguan Municipal Committee. In the growth of the Greater Bay Area's urban cluster, the cooperation between both cities should have a role of greater importance to play.

SOURCE The People's Government of Dongguan Municipality