Hong Kong Chief Executive John Lee Ka-chiu’s fruitful visit to Zhejiang drew widespread attention, with landmark cooperation on 51 projects in 13 strategic fields, such as artificial intelligence and finance. A dozen Zhejiang enterprises signed cooperation agreements with the Hong Kong Special Administrative Region, which is expected to usher in a new era of economic development to the region.

With the guidance of the central authorities overseeing Hong Kong affairs, Lee and his administration made a wise decision to initiate long-term cooperation with Zhejiang province, a key player in the Yangtze River Delta, in a timely manner. The logic for the initiative falls into four aspects:

First, Hangzhou, the capital of Zhejiang province, has impressed the world with its innovative companies, dubbed the “Six Little Dragons of Hangzhou”. As global benchmarks for tech-driven enterprises, the six giants — DeepSeek, Unitree Robotics, BrainCo, Manycore Tech, Game Science, and DEEP Robotics — showcase top-tier capabilities in AI and robotics. For the HKSAR, Zhejiang’s strengths in these promising sectors precisely dovetail with the city’s aspirations for a strong high-tech industry.

Second, both Zhejiang and Hong Kong are facing headwinds from global trade uncertainties. The former is a foreign trade province, while the latter has a strategic position in the international supply chain. Ever since the United States implemented the so-called reciprocal tariffs, the international trade order has been disrupted, and export-oriented enterprises have been thrown into a predicament. Zhejiang is taking active measures to prevent its foreign trade volume from dropping by expanding its market footprint through multiple approaches. Now the duo finds hope in cooperation, and Hong Kong serves as a critical springboard for Zhejiang enterprises to access overseas markets.

At a time when the traditional business model ceases to function, joint efforts are necessary for both Zhejiang and Hong Kong to mitigate the risks and outwit the challenges.

Third, Zhejiang and Hong Kong have laid a solid foundation for cooperation, with ample room for future collaboration. Hong Kong is Zhejiang’s largest source of external investment, its second-largest destination for outbound investment, and its top partner in the service trade.

Fourth, Ningbo, the second-largest city in Zhejiang province, has strong people-to-people ties with Hong Kong. A considerable number of Hong Kong entrepreneurs, including the prominent households of shipping magnate Pao Yue-kong, trace their ancestral roots to Ningbo. “Ningbo merchants” are regarded as “the backbone” of the nation, with a passion for patriotism and a track record of success in the business world.

Joining hands to serve the nation

Now that the practice of the “one country, two systems” framework has been ushered into a new era, Lee and his administration — the stewards of the city’s governance — have mapped out strategies to serve the nation well through systematic planning and out-of-the-box solutions. The visit focused on serving the nation with the joint efforts of Zhejiang and Hong Kong.

According to Lee, Hong Kong is deploying new supply chain services for Chinese mainland enterprises and facilitating their access to new markets amid the US containment. Hong Kong is ready to leverage its strengths in its ready-made global trade networks, operational know-how, diversified human resources, and world-class professional services.

The Zhejiang-Hong Kong collaboration is a way out of the dilemma caused by the US tariff policy. Against the backdrop of the US wielding its tariff cudgel and disrupting the global trade order, enterprises in Zhejiang, as well as those in the rest of China, are wading through unprecedented predicaments. In this regard, Zhejiang enterprises may find their way to the world through Hong Kong, which, in turn, will be a valuable reference for Chinese enterprises to follow.

In terms of scientific and technological development, the collaboration paves the way for China to be strong and self-reliant. Hong Kong’s strengths in research and development, financing, and global market outreach, combined with Zhejiang’s expertise in application-driven innovation, will make the collaboration a “perfect alliance” that will chart a road map and set a benchmark for the nation’s technological autonomy.

It is worth mentioning that Hong Kong’s young entrepreneurs are also encouraged by the visit. Hong Kong Secretary for Home and Youth Affairs Alice Mak Mei-kuen spared no time to promote Zhejiang province’s “vibrant innovation landscape” to the HKSAR’s young people, urging them to seize the opportunity to set up their businesses there to take advantage of the province’s ideal entrepreneurial ecosystem.

At the national level, the Zhejiang-Hong Kong collaboration drives interregional synergy between the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region. As both the Greater Bay Area and the Yangtze River Delta development are strategic national initiatives, the greater the synergetic integration between them, the more positive the effect on advancing domestic circulation and expanding domestic demand. As a core city of the Greater Bay Area, Hong Kong must not only fulfill its pivotal role within the region but also act as a catalyst for fostering connectivity between the Greater Bay Area and the rest of the country. The collaboration is a promising start, with more to come in the near future.

Xia Baolong, director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, has prioritized Hong Kong’s integration into the national development landscape. He has repeatedly reminded HKSAR officials that “integration” means more than the support from Beijing, and that the city should proactively align with mainland provinces for shared growth. 

The author is vice-chairman of the Committee on Liaison with Hong Kong, Macao, Taiwan and Overseas Chinese of the National Committee of the Chinese People’s Political Consultative Conference, and chairman of the Hong Kong New Era Development Thinktank.

The views do not necessarily reflect those of China Daily.