HK bolsters role as springboard for mainland firms expanding overseas

The government is intensifying efforts to support mainland Chinese businesses venturing into international markets, according to Secretary for Commerce and Economic Development Algernon Yau Ying-wah.

Speaking at a Legislative Council committee meeting, Yau reported that approximately 340 enterprises have registered in Hong Kong since the establishment of a dedicated task force for mainland enterprise expansion last October. 

Several of these businesses are actively preparing to expand globally. Recent success stories include a mainland mining company exploring a joint venture in Uzbekistan and a traditional Chinese medicine firm partnering with a local university.

To support this initiative, authorities have hosted 20 promotional seminars across the mainland, attracting roughly 5,000 participating companies. 

Yau emphasized that mainland businesses often require Hong Kong's specialized professional services and global platform to navigate unfamiliar foreign legal systems, tax regulations, and business environments.

Additionally, Hong Kong's 15 overseas Economic and Trade Offices are actively gathering regional market intelligence to assist capable mainland firms with their overseas expansion plans.

During the same meeting, Secretary for Innovation, Technology and Industry Sun Dong addressed the government's long-term technology goals. 

The administration's inaugural five-year plan aims to raise total spending on local innovation activities to 3 percent of Gross Domestic Product after 2030, a target Sun noted was calculated using international benchmarks.

Sun explained that Hong Kong's previous research efforts were heavily concentrated in academic institutions rather than commercial development. 

While the government plans to steadily increase funding for basic research, it is simultaneously encouraging greater enterprise-led innovation. 

Authorities are particularly focused on attracting industry leaders to establish research centers in the city, with the Innovation and Technology Commission currently designing a scheme to support companies setting up local research and development facilities.

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