Beijing bus firm listing to lure HK investment
Mayor outlines push for greater co-operation with the capital
Beijing plans to list its public bus service in Hong Kong to attract investment from the city, the capital's mayor, Wang Qishan, said yesterday.
Speaking at the 10th Beijing-Hong Kong Economic Co-operation Symposium at the Convention and Exhibition Centre, Mr Wang also called for further economic and cultural co-operation with Hong Kong - one of Beijing's biggest trading partners - as well as a closer working arrangement on the 2008 Olympic Games.
The listing plan came as Chief Executive Donald Tsang Yam-kuen told the symposium the number of Hong Kong enterprises investing on the mainland had reached 8,492, with total investment of US$7.8 billion.
Mr Wang said one major issue he wanted to learn from Hong Kong was how it managed its transport and infrastructure. Traffic congestion was one of a series of problems that Beijing faced, he added.
'In the first half of this year, we started making preparations for listing the [Beijing] Public Transportation Corporation in Hong Kong,' Mr Wang told the symposium.
He said the authorities planned to double subsidies on public bus services in Beijing to 4 billion yuan as well as lowering fares next year as part of an overhaul of the loss-making corporation.
Mr Wang and Mr Tsang also attended the Hong Kong-Beijing Economic and Trade Co-operation Conference, where they stressed the importance of co-operation for the Olympic Games as well as seizing opportunities created by the nation's 11th Five-Year Plan.
Concluding the session, Mr Tsang said Hong Kong and Beijing had their own unique and 'irreplaceable' functions for the country and both were 'complementary' to each other.
He said Beijing officials hoped to enhance co-operation in four main areas: the Olympic Games, financial services, the Closer Economic Partnership Arrangement (Cepa) and cultural and creative industry.
Co-operation efforts include the Beijing Tourism Administration and Hong Kong Tourism Board signing an agreement today to promote multi-destination Olympic itineraries in major markets to attract visitors to Hong Kong and Beijing for Olympic events.
Hong Kong's Equestrian Committee will draw up a two-year publicity plan for the Olympic competitions, while officials from the Financial Services and the Treasury Bureau will lead delegates to Beijing next year to promote Hong Kong's financial services.
Meanwhile, the Legislative Council yesterday passed an amended motion calling for closer co-operation between Hong Kong and the wider Pearl River Delta area.
Measures legislators proposed in improving co-operation with the mainland included speeding up the building of the Hong Kong-Macau-Zhuhai bridge, tackling air pollution, cutting cross-border red tape, and protecting people from Hong Kong who work or live across the border.
Some legislators also called on the government to promote Hong Kong's rule of law in the interaction of the two sides to improve investors' confidence in setting up operations on the mainland.
