Hong Kong and Alibaba’s hometown Hangzhou sign MOUs to cooperate in digital trade, Web3

The two cities have signed several memorandums of understanding to cooperate in digital trade expos, science and technology, and Web3

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Jacky Chung (left), director of Chinese Mainland at the Hong Kong Trade Development Council, and Hangzhou’s deputy mayor Sun Xudong sign memorandums of understanding in Hong Kong on April 12, 2023. Photo: Xinmei Shen

Published: 7:00am, 13 Apr 2023

Hong Kong and Hangzhou, the eastern Chinese city where technology giant Alibaba Group Holding is headquartered, have agreed to collaborate in areas ranging from technology innovation to Web3.

Government officials from Hangzhou, including deputy mayor Sun Xudong, as well as representatives from the Hong Kong Trade Development Council (HKTDC), signed two memorandums of understanding (MOUs) in Hong Kong on Wednesday, covering digital trade expos, and science and technology.

The two cities will work together in technological research and development, research commercialisation, and talent transfer, among other areas, Sophia Chong, deputy executive director at HKTDC, said at the InnoEX event, a tech industry exhibition hosted by the council.

Tourist boats at the West Lake scenic area in Hangzhou, east China’s Zhejiang province. The city has signed several memorandums of understanding with Hong Kong on digital collaborations. Photo: Xinhua

Separately, officials from Hangzhou and HKTDC on Wednesday also signed an MOU on Web3 industry collaboration during the Web3 Festival, one of Hong Kong’s largest blockchain-themed events since the city scrapped its Covid-19 restrictions.

The two cities will share with each other their respective experiences exploring Web3 opportunities and advance the sector’s cross-border development, officials said.

The collaboration plans come after travel between Hong Kong and mainland China resumed earlier this year following a three-year border closure during the pandemic. Hong Kong, a financial hub, has also recently embarked on a drive to become a global hub for technological innovation, including Web3.

Hong Kong’s finance chief Paul Chan Mo-po this year earmarked more than HK$10 billion (US$1.2 billion) to drive technology development.