A Tianjin official has called on Hong Kong investors to help transform Tianjin's economy, which is dominated by troubled state-owned enterprises. Vice-mayor Wang Shuzu said the increased presence of Hong Kong companies would help spread the use of modern business management techniques in the developing the city's transport and financial services sectors.
There are 13,000 foreign-funded enterprises in Tianjin, with a total investment value of 8.5 billion yuan (about HK$7.9 billion). About half of them are owned by Hong Kong business interests whose investments total six billion yuan.
Mr Wang said past commercial ties with Hong Kong investors had mainly been focused in the real estate, trading, tourism and other service-based sectors. Attention has been paid recently to expanding ties to the finance and insurance, utilities, telecommunications and logistic sectors.
'The next step will be to continue expanding the ties in similar areas as I strongly believe Tianjin has lots of development potential in service industries for which Hong Kong has made itself famous worldwide,' Mr Wang said.
'To this end, I promise Tianjin municipal government will do everything within its power to help Hong Kong and Macau investors as our ultimate goal will be to establish the so-called Hong Kong Macau management model here.'