Shaanxi, HK strengthen ties in culture investments

At the Shaanxi-Hong Kong Cultural Industry Coopoeration Project Promotion Conference on Nov 14, 2018. Li Bin (second row, center), deputy director of Shaanxi's publicity department, witnesses the signing of investment cooperation contracts between Shaanxi cultural companies and their Hong Kong counterparts. [PARKER ZHENG/CHINA DAILY]

Cultural corporates from Shaanxi province and the Hong Kong SAR signed investment cooperation contracts worth 3.5 billion yuan (US$503.4 million) during the Shaanxi-Hong Kong Cultural Industry Cooperation Project Promotion Conference in Hong Kong on Wednesday.

The 14 signed projects — covering cultural tourism, creative design, film and television, and e-sports — consist of four contract projects worth 820 million yuan, and 10 agreement projects totaling 2.68 billion yuan.

Hong Kong, where Eastern and Western cultures converge, has myriad opportunities to cooperate with Shaanxi, said Li Bin, vice-minister of Shaanxi Publicity Department.

The special administrative region, with its excellent global vision, fast-expanding industrial capital, advanced market development experience and leading industrial management concepts, can greatly complement Shaanxi, which boasts rich resources in culture and professional talent, and a compatible environment for investment.

The SAR has always been an important trading partner for Shaanxi, said Li, adding that many Shaanxi companies have expanded their business footsteps through Hong Kong, such as Tang West Market, which was listed on the Hong Kong Stock Exchange along with over 10 other Shaanxi enterprises.

What's more, the investor structure of Hong Kong's capital market is more diversified than that of the Chinese mainland, with overseas investors in regions such as Europe and the United States contributing 40 percent of the city's trade volume.

As the "super connector" between the mainland and international markets, Hong Kong has huge potential for growth, and Shaanxi's cultural industry should seize the opportunity to take a larger slice of the pie in the capital market, said Zhang Bin, president of the Chinese Cultural Industry Association.

Shaanxi has a profound culture base and, joining hands with Hong Kong, has already had several wonderful cooperation and communication experiences in organizing cultural events, including movies and operas, said Elaine Yeung Chi-lan, acting deputy director of Hong Kong's Leisure and Cultural Services Department.

She hoped the two places could deepen cooperation and communications in the culture sector and more.

This promotion conference, as a part of the Eighth Shaanxi-Guangdong-Hong Kong-Macao Economic Cooperation Week, aims to continually make use of the advantages of Hong Kong and Shaanxi to further the two regions' communication and contact in the cultural industry, Li added, pointing out that both Hong Kong and Shaanxi are important areas of the Belt and Road Initiative.

Inaugurated in 2011, Shaanxi-Guangdong-Hong Kong-Macao Economic Cooperation Week has seen 484 projects in Shaanxi signed over the years, with total investment reaching 638.45 billion yuan.