CBN丨Guangdong, Hong Kong firms sign trade deals worth 100 billion yuan

2024年11月26日 19:48 21世纪经济报道 21财经APP 李莹亮

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Guangdong and Hong Kong forge closer ties in an investment conference;
The second China International Supply Chain Expo kicks off today.

Here’s what you need to know about China in the past 24 hours

Guangdong and Hong Kong secured collaboration on projects valued at 100 billion yuan after a high-profile meeting on Monday between senior officials and business heavyweights.

The 126 projects, with 101 involving investment by Hong Kong entrepreneurs in Guangdong, span the financial, logistics, smart manufacturing, biopharmaceutical, and artificial intelligence sectors. They mark the first fruit yielded by a Hong Kong delegation’s three-day visit to Guangdong led by Chief Executive John Lee Ka-chiu.

The achievement was witnessed by Huang Kunming, Party secretary of Guangdong province, Wang Weizhong, governor of Guangdong, and Lee during the Guangdong-Hong Kong Deepening Economic, Trade and Investment Cooperation Conference held on Monday in Guangzhou.

Lee said that the agreements showcase the commitment of both regions to strengthen their economic and trade relationships.

He added that a significant portion of the projects involving investment from Hong Kong into the mainland reflect the dedication of Hong Kong’s business community to contribute to the development of Guangdong and the entire mainland.

“Hong Kong will fully leverage its roles as a superconnector and super value-adder to venture onto the world stage alongside Guangdong enterprises, while also attracting more domestic and international businesses to invest in the Greater Bay Area,” Lee added.

Speaking at the conference, Huang said the Greater Bay Area has unlimited prospects, with the size of the economy reaching over 10 trillion yuan last year.

The Hong Kong delegation, comprising over 80 senior government officials, business executives and heads of chambers, is scheduled to visit four more mainland GBA cities, including Foshan, Dongguan, Huizhou and Shenzhen. The tour is aimed at understanding the successful development of local districts, which the administration is planning to adopt for Northern Metropolis.

China will continue to take concrete actions to ensure stable and unimpeded global industrial and supply chains, Chinese Premier Li Qiang said Monday while attending a symposium with representatives of enterprises and organizations participating in the ongoing second China International Supply Chain Expo (CISCE). Present at the symposium were representatives of Apple, Rio Tinto, CATL and the US-China Business Council, among others. As the world's first national-level exhibition focusing on supply chains, the expo has attracted over 600 Chinese and foreign companies, marking a 20-percent rise in exhibitors compared to the previous edition. Themed "Connecting the World for a Shared Future," the expo, hosted by the China Council for the Promotion of International Trade (CCPIT), has kicked off in Beijing today and will run through till Saturday.

Greater Bay Area, Greater future

Prices for new and second-hand homes in Shenzhen edged up in October for the first time in 18 months and 13 months respectively. Prices of new homes rose by 0.1 percent while prices of second-hand homes rose 0.7 percent, the National Bureau of Statistics said.
Hong Kong’s property sales are expected to surge 33 percent month-on-month to 7,800 deals in November, marking a seven-month high, partly driven by interest rate cuts, according to data from Centaline Property Agency.

Next on industry and company news

Chinese tech giant Huawei Technologies unveiled its Mate 70 smartphone series on Tuesday, marking a significant step in its premium smartphone comeback while showcasing its own operating system. The Mate 70 is the first mainstream smartphone to include a satellite paging system, has an improved processor and runs on Huawei's own HarmonyOS Next, which together boost performance by 40 percent compared to previous models, said Richard Yu, chairman of Huawei's Consumer Business Group. The new lineup consists of four models and priced from 5,499 yuan.
Tesla announced said it will lower the Model Y price by 10,000 yuan to 239,900 yuan until Dec. 31, as well as offering a five-year zero interest financing deal with a down payment starting at 79,900 yuan. Meanwhile, Geely-backed EV maker Zeekr said that it will not follow Tesla by cutting prices and making equity adjustments to boost year-end sales, the VP of Zeekr said today.
Insta360, a Chinese action camera maker with backers including IDG Capital, is considering an initial public offering in Hong Kong, according to people familiar with the matter. The Shenzhen-based maker of 360-degree cameras and virtual reality devices could seek a valuation of at least 15 billion yuan in a share sale.
China’s air passenger trips rose 12.5 percent to 64.09 million in October from a year earlier, data from the CAAC showed yesterday. Among them, international passenger trips surged 76 percent to over 5.8 million, recovering to 96 percent of the level in October 2019.
34 Chinese mobile game publishers earned nearly USD1.9 billion last month, accounting for about 36 percent of the combined revenue of the top 100 companies, according to Sensor Tower. Tencent ranked first, followed by NetEase, Century Games, and Mihoyo.

Switching gears to financial news

Revenue at Chinese state-owned enterprises inched up 0.9 percent to 67.66 trillion yuan in the January to October period from a year ago, finance ministry data showed. Net profit fell 1.1 percent to 3.54 trillion yuan.

Wrapping up with a quick look at the stock market

Chinese stocks fell on Tuesday as the benchmark Shanghai Composite edged down 0.1 percent and the Shenzhen Component slid 0.8 percent. Hong Kong’s Hang Seng index barely moved and the TECH index dipped 0.3 percent.